Internal Audit
Company employees who work in in internal audit department are tasked with evaluating the company’s risk exposures in respect to the company’s accounting policies and procedures, business and IT...More
systems. Internal auditors assess the company’s relative efficiency and soundness of the company’s business and financial operations in addition to ensuring the company’s compliance with relevant laws and regulations.
After assessing specific areas of company operations, which involves much direct interaction with fellow company employees who work in these areas of focus, a formal report is often produced that identifies areas for improvement in addition to a specific action plan as to how to address any issues. The internal auditors are how the company’s audit committee ensure that the company’s internal controls are working as designed and effective in identifing and mitigating risk exposures.
In the case of financial audits, internal audits are conducted on some level to ensure that company practices are “up to speed” before being reviewed and accessed in a formal external audit or to ensure that the company is abiding by and adhering to any of its auditable policies and procedures. A primary focus of internal auditors is on the quality of the financial statements produced for both internal and external consumption for the company. Less
After assessing specific areas of company operations, which involves much direct interaction with fellow company employees who work in these areas of focus, a formal report is often produced that identifies areas for improvement in addition to a specific action plan as to how to address any issues. The internal auditors are how the company’s audit committee ensure that the company’s internal controls are working as designed and effective in identifing and mitigating risk exposures.
In the case of financial audits, internal audits are conducted on some level to ensure that company practices are “up to speed” before being reviewed and accessed in a formal external audit or to ensure that the company is abiding by and adhering to any of its auditable policies and procedures. A primary focus of internal auditors is on the quality of the financial statements produced for both internal and external consumption for the company. Less
Recent Activity
Tim Williams (Treasurer, NA)
The Board of Directors at my company has requested a comprehensive external audit of our company. Does anyone have any tips for preparation? Any free resources you can share for common audit findings? As background, we are a technology company and our revenues are...
Margaret Hsia (Financial Consultant)
My understanding is that audit/tax fees no longer need to be accrued for a monthly basis but expensed in the period incurred. Do you have a guidance reference that supports this?
Kurt Morrow (Marketing Coordinator, Proformative)
This question was asked by an attendee at a recent Proformative SAS 70/SSAE 16 event: Do the changes from SAS70 to SSAE16 effect internal auditors audits and reports that are in accordance with Yellow Book Standards?
Anonymous (Marketing Coordinator)
This question was asked by an attendee at a recent Proformative SAS 70/SSAE 16 event: Our internal Audit Department needs to obtain a report from our financial institutions in order to understand their controls related to compliance operations. An SSAE16 SOC 2 report seems...
Jane Levin (Corporate Controller, Private)
My company provides some services to our customers which they rely on to get their work done as a company. We recently had a customer ask us whether we had a SAS 70 audit and could they see it. In short, we do not and this is the first request we have received. I would...
Katherine Motlagh (Vp Finance)
Hi, looking for some input from those of you who has gone through the change of auditors. Would be interested in feedback on reasons to change, RFI process, timing, selection criteria. thanks, Katherine
Glenn Robertson (SVP-Internal Audit, Wyndham Worldwide)
SOX derailed many Internal Audit departments from continuing on a path of providing a value-added, consultative service. Since SOX has become more 'routine' over the past few years, IA departments are again striving to morph into a business support...
