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?