Internal Auditing Services | Compliance

Experienced Internal Audit Services & Consulting

I.S. Partners’ auditing consultants can assist companies by performing internal audit preparedness engagements, and helping them create effective self-assessment programs.

Our internal audit services are designed to help companies develop, fulfill, and maintain their ongoing internal audit function.

Support

Augment a company’s existing auditing staff

Develop

Lead the development of a company’s internal audit function

Assure

Perform quality reviews of a company’s internal activities

Advise

Consultation for committees and management

How Are I.S. Partners’ Internal Audit Services Different?

Our auditors are required to be certified by the American Institute of Certified Public Accountants (AICPA) and their performance is regularly and rigorously reviewed. Getting audited can cause anxiety, that’s why we guide our clients through every step of the internal audit process.

When you work with I.S. Partners, we start the process by getting to know your company and the goals to be accomplished with auditing services. Then, we perform a risk analysis, define the scope of the assessment, carry out testing, and report the findings. At that point, we provide full advisory services to discuss the findings and help your team make a plan for remediation.

In this way, we are constantly focused on your company’s ongoing improvement and preparing effectively for any eventual external audit. At I.S. Partners, LLC., we are ready to step in and help out. Whether you simply need another skilled auditing team member to alleviate pressure during busy periods, or you need someone who continually studies regulations in your industry, we can help.

Our Continuous Assessment Approach

Today’s businesses demand a continuous approach to internal auditing services. Why? Because ongoing auditing processes provide IT departments with more lead time to anticipate problems, issues can be detected and mitigated sooner, and it’s a more effective way to assess a system’s risks and controls.

A continuous monitoring program maintains an accurate picture of an organization’s security risk profile, makes use of automated data feeds to determine risk, and ensures that security controls are appropriate over time. Relevant auditing data is collected continually and results are tracked and compared from one period to another. This process enables businesses to concentrate on continual improvement through periodic sampling and testing of control effectiveness.

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FAQs about Internal Audit Consulting Services

What is an internal audit?

It’s an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, corporate governance, and governance processes.

As a result of the Sarbanes-Oxley Act of 2002, privately held companies, in addition to publicly held companies, have become more focused on the structure of their internal controls, and are now considering the financial and logistical demands of performing risk assessments, process documentation, and validation testing on various aspects of their internal control environments.

What do internal audits cover?

Internal audits are meant to assess the state of risk, control, governance, and monitoring activities for an organization. The scope of examination may include regulatory compliance requirements, policies and procedures, operational controls of processes and systems, financial statements and accounting statements, as well as information technology applications, operating systems, databases and infrastructure, as well as due diligence engagements.

What’s the difference between an internal audit and an external audit?

In short, with an external audit, auditing consultants perform the audit and issue the report, which usually only reports on exceptions. When doing an internal audit, consultants work with the business to form remediation plans, validate those plans, implement corrective actions, and develop stronger controls. Additionally, an internal audit will also point out weaknesses in a process, which might not technically be a control deviation, but by addressing them the company can improve its security posture, efficiency, or simplify compliance efforts.

How can we decide what type of internal audit our organization needs?

Internal audits are typically not required, but they are a powerful tool in discovering deficiencies and inefficiencies in your company’s operations. This gives the company an opportunity to address issues in internal controls, corporate governance, compliance, and accounting processes before an external audit.

How is the scope of an audit determined?

Setting the scope for an audit must start with discussion with the organization’s management and gaining a detailed understanding of their goals. Then, performing a risk assessment can be an effective way for an organization and its internal auditors to understand where efforts need to be concentrated. It provides crucial information that will help determine the focus and scope of an internal audit.

Are internal audits only performed by staff auditors?

No, internal audits can also be performed an external auditor. The name ‘internal’ refers to the fact that the results are reported within the organization, but that does not mean that the audit must be carried out by an employee of the same organization. Outsourcing internal audit services can be an efficient and cost-effective way to get outside expertise on current processes and policies.

What types of arrangements are possible for internal audit services?

In-House. A company maintains its own internal audit department.
Outsourced. An internal audit service provider, or independent accounting firm, comes in to conduct the specific internal audit function.
Co-Sourced. The internal audit is carried out through a partnership with a company’s in-house internal audit department and an externally hired internal audit service provider. Co-sourcing allows for the internal audit department to work with a trusted internal auditing firm.

What is the goal of continuous internal auditing services?

The main goal of ongoing audits is to protect the organization’s assets and properties from loss, waste, and fraud. It works to do this by ensuring that the relevant internal controls are in place throughout all the company’s activities.