Internal Audits
The Challenge
- Develop standards for documentation, testing and reporting testing status and testing results across the business lines
- Provide a mechanism to report identified exceptions for evaluation and remediation requirements
- Timing of test procedures and liaising with process owners
The Approach
- Identifying and evaluating the organization’s risk areas and providing input into the development of the annual audit plan
- Performing audit procedures, including identifying and defining issues, conducting testing, and concluding on testing results
- Conducting interviews and walkthroughs, reviewing documents and evidence, and preparing working papers
- Identifying, developing and documenting audit issues and recommendations using independent judgment concerning areas being reviewed
- Communicating the results of audit results via written reports and verbal presentations to management
- Working with the internal audit group to perform internal control procedures, understanding and documenting client processes and procedures, identifying and defining issues, conducting testing, and concluding on testing results
Accomplishments
- Ability to access the deficiencies across the business and place checks and balances
- Assessed potential and likelihood of misstatement of various errors
- Identified compensating controls to mitigate the risks