The first step in performing internal
audit services is to understand the
audit universe at the macro-level,
including the assessment of both
internal and external risk factors. Our
risk model is designed to develop a risk
rated internal audit universe to specify
the frequency or cycle of internal audit
requirements for each of the identified
audit areas of a company. This is the
basis of the annual internal audit plan.
An internal audit plan can then be developed and approached in phases with the
first phase addressing internal audit areas that have been identified as high risk
and/or significant. Internal audit activates focus on asset protection, loss
prevention, compliance, internal controls and/or fraud.
The key steps in our internal audit service methodology include:
• Review the risk model
• Review the risk assessment for each audit area
• Timing and performance of audit procedures
In performing an internal audit, we work closely with management to develop an internal audit plan designed specifically for the stated objective. After assessing the internal audit procedures and findings, we compile the
results of the audit and report preliminary issues to management as either
1) a significant reportable issue, 2) other reportable issue or 3) discussion issue.
The formal report then includes recommendations for each reportable issue and contains an internal control environment rating for each of the areas audited.
Additional Internal Audit Service resources
For more information about our internal audit services, contact:
Alyssa Martin, CPA, Partner, Risk Advisory Services at 972.448.6975.