Internal Audit

We understand the establishment and maintenance of a risk-focused internal audit function can be challenging in any environment. We are dedicated to maximizing the effectiveness of internal audit and helping clients address business matters which most impact their vision and goals.

Our customized approach leverages industry best practice standards and internal audit benchmarks to address operational, compliance, and financial risks. Once the internal audit plan is created, we help management prioritize primary risks and map them across organizational structures, processes, and systems. We can also assist with the creation of internal audit charters, policies, and procedures and help in the managing and training of personnel.

For companies with global operations, it is important to be compliant with the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. Ensuring the company has a current and effective FCPA program sets the tone and communicates a “top down” compliance approach.

Engagement ExamplesPotential Benefits

  • Procurement
  • Improve cycle time from initial purchase request to receipt of materials
  • Identify opportunities for improvement in policies and procedures
  • Reduce risk of fraud or misappropriation

  • Vendor Audit
  • Identify inappropriate financial transactions that could result in excess cost exposure
  • Reduce risk of fraudulent payments
  • Improve 1099 payment process and payment processing
  • Identify recoverable overcharges
  • Identify potential conflicts of interest due to employee and vendor relationships
  • Establish appropriate access to vendor master file; creation and maintenance of vendor information
  • Examine client relationship management and determine potential improvements for invoice review/approval

  • Warehouse and Inventory
  • Reduce costs due to loss, theft, or inaccuracies
  • Reduce inventory outages with more accurate and timely inventory accounting
  • Improve inventory tracking and management

  • Construction Management
    and Construction Cost
  • Consistent project estimates and justification analysis procedures
  • Improve consistency and compliance in bidding/contract selection processes
  • Reduce unforeseen or unapproved cost and schedule overruns
  • Reduce errors or inefficiencies in purchase activities
  • Increase probability of on time and on budget completions

  • Accounts Payable Audit
  • Ensure vendor discounts are provided consistently to appropriate business units
  • Identify duplicate payments to vendors and improper former employee/company vendor relationships
  • Find process inefficiencies and address missed discount opportunities
  • Recommendations for improvement in accounts payable process
  • Develop continuous auditing techniques and reports to timely monitor activities

  • Contract Administration
  • Improve processing and tracking of contracts and agreements
  • Decrease exposure of conducting business without properly executed contracts
  • Increase billing and invoicing accuracy
  • Reduce risk of fraud or unauthorized contract access/alteration
  • Identify opportunities for improvement in policies and procedures

  • Payroll Process Audit
  • Identify “ghost” employees, high overtime situations, and duplicate employee payments
  • Develop continuous auditing techniques and reports for timely activity monitoring
  • Discover areas for process improvement and avoid underutilization of existing workforce

  • FCPA Compliance Program
  • Identify potential third party agent red flags and determine root causes
  • Improve contract consistency for each type of agent
  • Develop thorough due diligence processes, including questionnaires, business cases, and research
  • Enhance FCPA training and establish guidelines for appropriate participants

  • FCPA Transaction Review
  • Identify high risk transactions with insufficient monitoring
  • Discover unknown agents or those from fictitious shell companies
  • Identify cash payments to Customs officials without receipts

  • Quality Assurance Review of
    Internal Audit Department
  • Review internal audit current practices, including technology, charter, annual audit plans, workpapers, staffing, and administrative processes
  • Benchmark policies and procedures relative to the Institute of Internal Auditors (IIA) Professional Practices Framework (Standards) and industry best practices
  • Evaluate IIA Code of Ethics compliance and identify improvement opportunities