Internal Audit/Internal Control/IT Audits
Organizations can leverage internal audit’s knowledge of the organization and its processes and controls to identify risks to achieve strategic objectives, opportunities for improvement and support management’s decision-making processes to maximize return on investment.
In the past, internal auditors typically were seen by senior management as a “necessary evil,” professionals concerned about matters that were not expected to contribute to the objectives of the organization. Those expectations have changed to where internal auditors now should be involved in the assessment of the risk management function and as value-adding advisers.
Your management, investors and other stakeholders need to make strategic decisions based on information communicated outside financial statements, and it’s vital to ensure the foundation of your audit does not have any “cracks.”
Your internal audit function should be involved in every strategic transaction, as the results can provide you more value than just assurance on internal controls. The internal audit function can be used in the strategic risk assessment process to evaluate new policies, performance metrics, business ventures, etc.
An effective internal audit will determine the level of risk in decisions relying on information systems, prepare a response that finalizes a strategy to address gaps, ensure the resources available are adequate, finalize a model for conducting data analysis activities, and monitor and improve activities to ensure that desired outcomes are reached.
The Ericksen Krentel team can help you with the following internal audit services:
- Co-sourcing: We will create a collaborative approach to support existing internal audit organizations. You maintain control and responsibility for your internal audit functions while we provide on-demand advice and specialized capabilities.
- IT Internal Audit: Our team will help you extend your internal audit oversight and performance by addressing IT risks and focusing on emerging IT audit, security, governance and risk issues.
- Internal Audit Analytics: We can work with to provide continuous auditing and monitoring, project analytics, and sophisticated risk analysis and monitoring.
- Outsourcing: Sometimes it becomes necessary to completely outsource all of your internal audit functions.
- Strategy Assessments: Our team can assist you with assessing alignment to your business structure, risk profile and Institute of Internal Auditors standards, identifying strategic orientation, and detecting and mitigating risks.
Our professionals can also help you and your team examine:
- Communications not traditionally subject to assurance including:
- Performance information communicated outside of financial statements
- Sustainability and social responsibility reporting
- Operational reporting between business units
- Environmental, health and safety (EHS) risks
- Internal Audit’s use of data analytics, including
- Identify the components needed for a data analytics program
- Fill the gaps that could derail a data analytics program before implementation
- Stakeholder involvement
- Approach documentation
- Interpersonal dynamics, including:
- Soft skills professional development
- Recognize the impact of organizational culture
- Seize opportunities to improve organizational culture
In a digital world, now is the time for internal audit functions to embrace analytics, as the value of data analytics continues to gain a foothold in internal auditing – 66 percent of all respondents to Protiviti’s 2017 Internal Audit Capabilities and Needs Survey indicated their internal audit departments were using data analytics; however, only 16 percent of internal audit departments have a dedicated data analytics function.
Working with the Ericksen Krentel team can help you develop and maintain self-assessment program that includes testing and provide internal controls and risk assessment training for staff.
Your knowledge source for achieving your business and personal financial goals.
Ronald H. Dawson, Jr.