Internal Audit is a critical function within any organization. Often internal resources can lack the capacity, objectivity or specialized technical skills to address the organization's evolving needs.
Frazier & Deeter offers flexible access to resources and expertise to support or improve your Internal Audit function.
Internal Audit Co-sourcing & Outsourcing
Frazier & Deeter’s Process, Risk & Governance (PRG) professionals are available to help you meet internal audit requirements. Our team can:
- Provide audit professionals with extensive internal audit experience to deliver your audit needs
- Supplement your current Internal Audit function to address issues of capacity or technical knowledge
- Satisfy third party regulatory requirements
- Design improved internal processes and controls
- Assist in implementing consistent policies and procedures company-wide
- Work with business process auditors to ensure adequate understanding of business risks
Watch a brief video about Outsourcing or Co-sourcing Internal Audit.
SOX Readiness and Compliance
Like any project, a Sarbanes-Oxley Section 404 effort is executed in multiple stages. Frazier & Deeter provides comprehensive guidance or assistance in any stage of the project:
- planning and scoping
- documenting significant processes and controls
- evaluating internal control effectiveness
- identifying issues and designing corrective actions
- implementing solutions and remediation efforts
- internal control reporting
Our firm's deep collective Sarbanes-Oxley experience enables us to take advantage of current practices and tools to improve the overall compliance efforts and experience for our clients. We also have several members of our firm that have worked at the Public Company Accounting Oversight Board (the PCAOB) and assisted in the development and writing of the inspection guidance for Internal Controls over Financial Reporting.
Quality Assurance Reviews (QAR) & Transformation
Conforming to the Institute of Internal Auditor’s International Standards for the Professional Practice of Internal Auditing (IISPPA) is a critical requirement. Frazier & Deeter’s professionals perform a detailed analysis of every aspect of your Internal Audit department, including its organizational structure, technical competency and staff performance. We provide recommendations and strategies that improve performance and increase value to the organization.
Business Process Improvement
Our professionals design and implement solutions to improve internal and external business performance. We examine technology, resources, processes and procedures, adopting and implementing best practices in accordance with the needs of the organization.
Audit Committee Advisory Services
Our professionals optimize the effectiveness of communication with Audit Committees by:
- Providing guidance on emerging audit, risk management and governance topics
- Increasing awareness of audit and risk management concepts that improve corporate governance results
- Communicating regulatory best practices
Internal Audit Tools & Technology
As the organization evolves, the need often emerges to update tools, methodologies and technologies. We offer an informed and objective team to help you identify relevant risks, assist in the design and testing of your controls to address those risks and effectively report results to management.
Contact us to discuss your specific situation.