Questions about our Internal
Audit Services?
Scott
McAuliffe Bob
Sommerville
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Internal Audit
Monitoring and measuring operating systems and
processes is time-consuming and complex. As a result, many companies find it cost effective
to engage Keiter Stephens for their internal audit needs.
Our Internal Audit Professionals can supplement your team or work as an independent
resource to include:
- Co-sourcing
- Outsourcing
- Conducting risk assessments
- IT internal auditing
- Providing quality assurance reviews
- Corporate governance
- Sarbanes-Oxley assistance
- Overseeing special projects
Before embarking on documenting internal control systems and business processes, our professionals
meet with management to create a tailored, risk based audit plan. Our engagements result in the development of collaborative solutions, that make sense, for
the issues identified.
As internal auditors, we help you ensure that your systems
of internal control are appropriate in design, are functioning properly, and
are effectively managing critical business risks.
Why would you need an internal audit?
According to the article: "Corporate Fraud Increases in Number
and Types" in the January 2006 issue of The Practicing CPA:
"Globally, the number of companies reporting fraud
increased from 37% to 45% since 2003, a 22% increase. The cost to companies
was an average U.S. $1.7 million in losses from tangible frauds, those
that result in an immediate and direct financial loss, such as asset
misappropriation, false pretences, and counterfeiting.
"Internal controls fail to detect economic crime
60% of the time in the United States; however, internal audit
is cited as the single most effective control mechanism, detecting
just over 30% of the reported cases in North America and 26% of the
reported cases globally."
With the passage of the Sarbanes-Oxley Act
and related regulatory actions, companies are placing renewed emphasis
on their internal audit functions.
Reported incidents of fraud and abuse within companies
are at an all-time high. How much remains undetected?
Related Services (Links for more information)
IT Controls Assurance
SOX Assistance
Fraud Investigation |
Success Stories
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| For a large utility company, we
reviewed expenses related to a joint venture agreement. We found
incorrect billings amounting to over 1% of total billings. We then
trained the client on techniques for reviewing joint venture expenses
so their personnel could detect future billing errors.
Our review of a large regional manufacturing
company's accounts receivable process resulted in centralizing the process. Through centralization the company was able to improve internal
controls, operating efficiencies, and optimized cash flow.
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