Internal audit is the backbone of risk management. Because of this, particular attention must be given to the health and capacity of an enterprise's internal audit function. There is no single template to follow. Rather, the structure and protocol of the internal control function must be a reflection of industry specifics and the regulatory and risk context of the company.
CohnReznick's Governance, Risk Management and Compliance Practice helps companies in a range of industries and life cycle points gain a fresh perspective on their audit function. We give them the assurance that their processes, systems, and other control system components are operating adequately and effectively. Our services include:
- Internal audit evaluation: We can conduct a full assessment and benchmarking of internal audit processes and procedures and identify opportunities for improvement and cost reduction. For enterprises establishing an internal audit function for the first time, we can work with senior management to design and implement a program that will be right-sized and best-practice based from the start.
- Audit committee advisory: We can work with audit committee chairs and their fellow directors and staff to review the committee charter and procedures, and help them ask the right questions in their oversight of the internal audit function.
- Staff augmentation and outsourcing: For a successful internal audit function, sufficient bandwidth and capability is essential. We can augment internal resources, or in cases when it is most cost-effective to outsource the function completely, act as the internal audit team, integrating closely with the appropriate senior management.