Internal_Audits

Internal Audits

Why is an internal audit function a good investment for you?

Given the current economic environment, internal controls are more vital to an organization’s health than ever before. Without good internal controls the possibility for internal fraud increases, errors may go undetected which become costly to the organization, and policies and procedures may not be followed. Implementing an internal audit function aids you in mitigating potential breakdowns in internal controls and effectively navigating and averting dilemmas associated with a lack of internal controls.

What type of coverage does internal audit include?

Internal Audit reviews internal controls, tests the internal controls to ensure they are functioning as intended, assesses compliance with board policy statements, conducts operational audits to assess business process improvement needs, provides specialty coverage of high-risk areas, possible fraud activity, and special projects as requested by the audit committee.

What benefits does internal audit provide to my organization?

An organization cannot achieve its objectives and sustain success without effective risk management, control, and governance processes.

Internal audit’s focus includes:

A review of operational effectiveness and efficiency of business processes;
Reliability of information systems and the quality of the decision-making information produced by those systems;
Safeguarding assets against loss, including losses resulting from management and employee fraud; and
Compliance with organization policies, contracts, laws and regulations.

The Internal audit function helps the organization achieve its business objectives by evaluating and improving the effectiveness of risk management, control, and governance processes.

Why Choose Us?

Financial institutions need an experienced team of accountants and professional advisors with the knowledge and skills to help capitalize on opportunities and guide them when complex issues arise. Harding, Shymanski & Company, P.S.C. is that team.

In addition, we are a member of McGladrey Alliance and have access to the resources of RSM McGladrey & Pullen, LLP. McGladrey Alliance serves more than 2,000 financial institutions across the country, which includes banks, savings institutions, credit unions, finance companies, leasing companies, trust companies, and mortgage banking companies.

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