The passage of the Sarbanes-Oxley Act of 2002, a new exposure draft of the COSO Internal Control-Integrated Framework and recent rules instituted by the Securities and Exchange Commission (“SEC”) have increased emphasis and awareness of auditor independence. While current rules expressly preclude publicly traded companies from using the same CPA firm to perform external and internal audits, similar provisions may be extended to other entities as well.
In the dynamic landscape of the regulatory and business environment, Cherry Bekaert stands positioned to provide you quality and objective financial, operational and special project internal audit services. Our regional reach and broad array of resources enable us to bring value, independence and perspective to your organization.
Structuring Our Service Delivery to Meet Your Needs
You can receive experienced and fully qualified internal audit professionals to address a variety of needs for your organization, whether it is filling in for temporary staff shortages or providing assistance for a specific project, industry or technical audit need.
We can assist management in providing a full-service internal audit team reporting to your Audit Committee. Your management will receive tailored services to to help develop and implement an internal audit plan that meets your organization’s specific needs.
Financial and Operational Audit Services
In recent years, more organizations have co-sourced their internal audit and regulatory compliance. The trend is partially due to the increased skillsets expected of the risk management staff and management’s desire to have these individuals function as business consultants. Economics also play a big role in the co-sourcing decision, with many companies reducing overall audit and compliance costs through co-sourcing. By co-sourcing, your organization could experience benefits such as added industry expertise, lower costs and reduced risk.
The regulatory and technological environments are highly complex and require that internal audit and compliance staff to spend considerable time identifying, understanding and becoming proficient in various risk areas and technical functions. It is difficult for a small staff to maintain the appropriate knowledge base for all facets of their industry. Cherry Bekaert’s key internal audit and compliance staff have a breadth of knowledge across a number of industries.
Co-sourcing can often be more cost-effective than employing internal staff. By co-sourcing specialty needs and short-term staffing shortages, you eliminate the costs of salaries, benefits, vacations, holidays, social time, training and supervision. We accept the personnel risk, and you pay for professional services only. One hundred percent of your costs go toward completing internal audits and compliance matters.
We work with your management to identify the internal audit areas and compliance issues that represent the highest risk to your organization and focus detailed testing in these areas. This approach allocates more of your co-sourcing dollars to your most critical issues and reduces your overall risk.
Co-sourcing is not meant to replace management’s diligence and responsibility for the monitoring of internal controls of your organization. Cherry Bekaert views co-sourcing as a support mechanism by which we provide ongoing review and reporting to management and your Audit Committee. Our work is scheduled to avoid disrupting your operations or burden to management and staff. To maintain independence and objectivity, we are not involved in your management’s decision making.
As your internal audit team and partner, we can provide a number of services, including:
- Finance, Operations, Compliance Process Audit
- IT Audit
- Process Controls Assessment and Optimization
- IT Controls Assessment and Optimization
- Compliance Advisory Services
- Policy & Procedure Development/Review