It is important that the internal audit function be tailored to the specific needs of each client so that important objectives are obtained efficiently and effectively. Our proven process and methodology includes considering the following basic steps and modifying each to meet the specific needs of the company.

• Gain an understanding of the company’s financial condition, internal controls and basic processes.
• Assist the company in formalizing the goals and objectives of its internal audit function.
• Perform a detailed review of the design of the company’s controls over financial reporting and identify strengths and weaknesses.
• Summarize Key Controls, Deficiencies in internal control and Major Corporate Risks and report to Management Group or Audit Committee.
• Establish a “Rotation of Audit Emphasis” for ongoing review of controls and compliance testing and present to the Management Group/Audit Committee.
• Test internal controls for compliance.
• Assist with annual financial reporting and external audit requirements.
• Perform special projects for Management Group/Audit Committee upon request.

Individual steps are often deleted and additional steps are often added to meet the specific risk profile of each business. The goal is to assist the company in mitigating risks in an affordable, targeted and consistent manner each year.

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