Forensic Accounting Experts Perform Internal Audit Quality Assessments

Certified professionals examine the process that produces data your business relies on

Your internal audits yield information you depend on for a number of managerial decisions. These impact your work force, products and services, client relations, resource allocation and business development. But is the data you rely on actually reliable? Can you say with certainty that your internal audit department or outside contractors have complied with professional standards and that their work product is free of material errors or omissions? As a fiduciary, you need to be absolutely sure, or it’s your head on the chopping block. This is why North American Forensic Accounting recommends a periodic quality assessment of your internal audit. Think of it as an audit of your audit, designed to deliver the certainty executives need in our hyper-competitive, highly regulated business environment. Our quality assessments are led by current and retired Chief Audit Executives who have decades of experience assisting businesses of all sizes. Our review of your audit activity can uncover lapses that put your company at risk, and put your company on the path to greater efficiency.

Reinforcing the accepted standards for internal audits

The Institute of Internal Auditors has set professional standards for performance in internal auditing. One standard that doesn’t always get the emphasis it deserves, says, “The chief audit executive must develop and maintain a quality assurance and improvement program (QAIP) that covers all aspects of the internal audit activity.” An effective QAIP contains essential elements, which include:

  • Broad scope encompassing all aspects of the internal audit activity
  • An assessment of compliance with IIA Standards and Code of Ethics
  • A candid evaluation of the internal audit’s efficiency and effectiveness
  • Detailed list of areas for improvement
  • Engagement with the company’s Board of Directions in oversight of QAIP implementation

In too many companies, the QAIP is more of an afterthought than a guiding principle. NAFA works with Chief Audit Executives to restore the QAIP to a place of prominence. Companies that have not set up a QAIP can use a NAFA internal quality assessment as their starting point. Our report sets benchmarks for your internal audit activity. From there, you can establish metrics, which will indicate whether and where your audit activity has improved.

Overseeing your internal audit assessment

Companies that want to perform an internal audit assessment can benefit from NAFA’s extensive experience. We assist company auditors who are unfamiliar with the process, so they can proceed in accordance with IIA Standards. Hurdles we help companies overcome include:

  • Ongoing monitoring of internal audit performance
  • Periodic self-assessments
  • External quality assessments every five years

Partnering with your internal audit department, NAFA helps you integrate ongoing monitoring into everyday operations. This gives you a day-to-day view of internal audit activity, so you can make incremental improvements on a regular basis.

Quality assessments provide peace of mind

Uncertainty is the bane of every business executive. There will always be outside factors you can’t control, but you can and must take control over your own internal processes. Failing to do so can expose you to liability for material errors and omissions If it’s been a while since you had a neutral party perform an assessment, now is the time to call NAFA. We can perform a quality assessment that will give your stakeholders peace of mind. Our leaders have extensive experience presenting to boards and can provide a report on results and next steps that will assuage their concerns.

Contact North American Forensic Accounting for reliable internal audit quality assessments

North American Forensic Accounting has certified experts ready to assess your internal audit processes. To learn more, call us at 347-286-4860 or contact one of our offices online to schedule an appointment. Headquartered in Harrisburg, PA, NAFA serves clients throughout the United States, including in Philadelphia, Pittsburgh, New York City, Atlanta, Charlotte, Miami, and the Tampa Bay Area.