An effective internal audit plan addresses processes, risks, and controls under the lens of four foundational elements that must be addressed to enable efficient and effective operations; people, process, technology, and strategy.
Based on risk assessment results, management concerns, or compliance requirements, we collaborate with you to determine the scope of the audit and identify the key stakeholders. From there, we conduct our internal audit:
- Conduct detailed, corroborative interviews/walkthroughs with key stakeholders to gain an understanding of the current state of implemented controls and identify and potential control/process gaps
- Perform substantive testing and data analysis of key internal controls and processes to determine the sufficiency of design and operating effectiveness of implemented controls
- Report on the potential risks and impacts of identified deficiencies, utilizing specific and measurable attributes to best estimate the impacts in an actionable format
- Provide recommended corrective action plans to jumpstart the remediation process for the identified deficiencies
