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Internal Audit

Our Approach

In today’s ever-changing business world, companies are operating in an environment of increased risk. Think: Misappropriation of funds, defalcation of company records or control systems that have not kept pace with cybersecurity and other threats. Our internal audit specialists have decades of experience serving a wide range of industries, and we work closely with your team to evaluate the adequacy, effectiveness and efficiency of your internal controls and the quality of your ongoing operations.

Services

We can assist your organization in setting up financial and operational internal audit functions, as well as help you mitigate risk and improve your internal processes and operations:

Operational Audits: Typically, our operational audit program begins with a top-level evaluation of risk inherent in your operations. Using this analysis, we provide you with a risk rating, prioritizing the processes, functions and cycles requiring an internal control review. Once the review is complete and our recommendations implemented, we will conduct periodic internal control audits to ensure the internal control procedures are in place and functioning as designed.

Internal Controls Evaluations: Our team works to analyze specific cycles or segments of your operations in an efficient and cost-effective manner. Much like an operational audit, we will provide you with a comprehensive analysis of the areas reviewed, including recommendations for strengthening the internal control system and improving the efficiency of the process. Internal control evaluations can be used to:

  • Review the cash receipts cycle including accounts receivable, sales and deposit processes
  • Review the accounts payable cycle including purchasing and vendor payment processes
  • Review the relationship between sales, purchases and inventory
  • Ensure the safeguarding of cash and other assets

Overall, we work with you to address risks and identify places where additional improvements can be made to benefit your organization.

Experts

Resources

Simple Processes Can Strengthen Cybersecurity

As the risk of a hack continues to rise, smaller organizations can protect their sensitive data by implementing some simple and inexpensive cybersecurity processes.

How to Detect & Reduce the Risk of Fraud

When it comes to your nonprofit, it is important to be on the lookout for the warning signs of fraud. implementing strong financial controls can help protect your organization.

FASB Delays Landmark Revenue Recognition Standard

On July 9, 2015, the FASB officially deferred implementation of the landmark global revenue recognition accounting standard by one year; IASB followed suit on Jul ...

co1535-industry-feature

Recent FASB guidance simplifies the way private companies account for some intangible assets in a business combination.

FASB Issues ASU on Pushdown Accounting

On November 18, FASB issued Accounting Standards Update (ASU) 2014-17, giving an acquired entity the option to apply pushdown accounting when there is a change-of-control event.

Internal Controls: Make Your List and Check It Twice

Nonprofits that don’t exercise constant vigilance in adhering to internal controls open the door for fraud.

Internal Controls Fight Technology-Related Fraud for Nonprofits

The ability to accept and make online payments and maintain databases with detailed profiles of constituents offers obvious benefits to nonprofits, but it may also be subject to fraud attempts that can dodge your traditi ...

Fraud May Come From Those You Least Suspect It

When finding ways to increase an individual's income to make ends meet proves difficult, a convenient way to relieve financial stress is through fraud.