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Guide to Internal Audit Solutions

Find financial problems before they show up in public
By Tom Nutile

Internal audits play an essential role in making sure your business is running properly. By monitoring corporate procedures, controls, and accounting activities, you can find and fix any irregularities before they show up in a very public, embarrassing, and potentially costly way in your annual audit. An internal audit can reveal whether your company:

Has reliable and accurate financial reporting.
Complies with applicable laws and regulations for your industry.
Has adequate controls to guard against theft either from inside the company, from vendors or external business partners.

Action Steps

The best contacts and resources to help you get it done

Hire a specialized firm An effective way to handle an internal audit is to hire outside help, usually from an accounting firm. Some firms specialize in internal audits or have dedicated units for that function. Don't hire the same firm that does your regular audit, of course, because that firm is prohibited from conducting an internal audit for the same company. Remember, the whole point of an internal audit is to monitor activities to complement the regular audit process.

I recommend: Get outside help on internal audits through an audit or accounting firm such as BKD Advisors, Navigant Consulting, PricewaterhouseCoopers, Hudson Financial Solutions or Case Sabatini. The Controller Group can help with an internal audit by bringing one of their staff in-house to assist you.

Check out internal audit software Several software companies provide internal audit software that can help you conduct the review without engaging external help. Software can help you organize systems with appropriate checks and balances.

I recommend: Get internal audit software from Pentana, ApexAnalytix, Buy risk management or internal audit software from Methodware.

Develop written internal policies to guide your internal audit Well-documented internal control procedures help you both conduct the audit and communicate your operating guidelines to all staff. A good internal audit will also highlight the weaknesses in your policies.

I recommend: CPA firm Harrison & Jump provides a list of internal controls intended to protect your assets and keep your firm financially ship-shape.

Conduct an internal information technology audit With increased reporting requirements from regulators, and increased Sarbanes-Oxley reporting, your company must have a robust IT system with software that can handle a variety of tasks with ease. Consider conducting an internal IT audit to make sure your IT system is doing all it should.

I recommend: You can conduct an internal IT audit with the help of UHY Advisors, or Stout Casey Consulting, or other IT audit specialists.

Tips & Tactics

Helpful advice for making the most of this Guide

To make the audit effective, select a wide range of transactions and activities over a sufficient period of time – at a least a month, if not a quarter.
Ensure that the methodology and findings are appropriately documented and clearly state ways in which you can improve.
Always implement the findings. No audit is effective without follow up and corrective action.
If the audit uncovers serious problems or theft, report to senior management and to the board of directors, if you have one, and alert your external audit firm immediately.

Internal Audit

Guide to Internal Audit Solutions

Action Steps

Tips & Tactics

How-To Guide from WORK.COM

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