Medium to Large Corporations: Internal Audits
Internal audits are meant to assess a corporation’s internal controls. They offer a systematic and disciplined approach for assessing and improving risk management, governance, and control processes.
Medium to large corporations need internal audit departments to ensure they adhere to industry standards and regulations. Handling internal audits in-house can prevent penalties associated with non-compliance. However, internal audits need to be independent and objective.
That’s where internal audit professionals like Corporate Investigation Consulting come in. What’s more, internal audits can be triggered by regulators, law enforcement authorities, and other parties in unique cases like investigations. Medium to large corporations need professionals like us to navigate such investigations.
Corporate Investigation Consulting can handle all internal audit matters involving medium to large corporations nationwide. We understand the requirements and internal processes that corporations must have. We can also defend abrupt internal audits that end up in lawsuits, hefty fines, among other negative consequences. Call our internal audit team now for a free, confidential consultation: 866-352-9324.
Why Medium to Large Corporations Need Internal Audits
Risk management: Regardless of the size of a corporation or the industry in which the corporation exists, it is crucial to be proactive about risk. Internal audits initiated within a corporation are important for identifying any internal process errors or mistakes that have happened or could happen. The size of medium to large corporations comes with notable risks. Internal controls can’t eliminate all risks.
Our internal audits are critical for safeguarding against staff risks, among other risks (i.e., cybersecurity threats and more) that would go unnoticed if audits aren’t done.
For compliance: Internal audits also ensure compliance. Medium to large corporations in every industry are supposed to comply with certain state and federal laws. Non-compliance comes with consequences like fines, lawsuits, and licensing problems.
Our internal auditors understand compliance laws across all industries and states nationwide. We can assess a corporation’s internal controls and ascertain compliance. Whether it’s a healthcare company interested in ensuring HIPPA compliance or a pharmaceutical multinational keen on complying with Medicare guidelines, Corporate Investigation Consulting is here to help.
To boost productivity: Since internal audits demand full transparency, the process keeps employees and management working optimally. Staff members who know their work is being tracked constantly have no option but to work as expected or beyond expectation.
Measure progress: Internal audits offer an accurate analysis of the progress being made by a corporation. When a corporation makes big decisions on business development, cost-cutting, hiring, etc., the best way to assess the effects of such decisions is through an internal audit process.
Our audits have helped many corporations nationwide make informed decisions on many aspects from staffing to product/service development, budgeting, internal policies, and more.
The Role of Internal Auditors
When it comes to auditing medium to large corporations, internal audits have certain responsibilities. Whether audits are conducted by in-house employees or by professionals (consultants) like us, auditors must do the following:
- Assess, analyze and monitor internal controls of a corporation
- Assess, analyze and monitor risks
- Review a corporation’s compliance with state and federal regulations
- Offer solutions, recommendations, or opportunities for improvement based on the results or information found after conducting audits
We begin the audit process by gathering information about a corporation’s internal processes then use this information to identify areas of interest. We analyze such areas and identify errors and/or opportunities that need improvement. Our audits are done objectively in strict accordance with applicable data and privacy regulations.
In-house auditors with a personal connection to a corporation are prone to offer biased results or focus on certain aspects only. Corporate Investigation Consulting offers an objective and fresh perspective important for assessing internal controls accurately.
Is it Time to Conduct an Internal Audit?
The importance of internal audits is clear from the above information. However, when should an internal audit be conducted? There are two main factors that warrant an audit in medium to large corporations.
First and foremost, internal audits should be part of a corporation’s processes. Audits must be done systematically on a regular basis. The frequency of audits is determined mainly by the probability or potential severity of a risk. For instance, if a corporation is at great risk of non-compliance related failures, more audits should be done. This includes periods after new legislation is passed or when a corporation is about to be subjected to new guidelines.
Audits should also be done when there are pressing issues. Events that can trigger an audit depend on factors such as a corporation’s line of business, scope of operations, risk, etc. The extent and nature of potential issues is also important. For instance, consumer complaints on product quality usually trigger an inquiry, and a product compliance officer may not ask for a rigorous audit. However, suppose the concerns are about adverse health effects suffered from using a corporation’s product, such an instance should warrant a comprehensive compliance audit into the internal processes that govern the sourcing and production of goods.
Negative Internal Audit Results. What to Do?
Medium to large corporations are bound to have audit reports with many findings. Part of our job is to highlight serious issues and present solutions to a corporation’s management or board. We also take the appropriate steps to fix internal audit problems.
While listed corporations must conduct audits as part of the compliance regulations, privately owned corporations have less stringent audit compliance guidelines. Nevertheless, it’s prudent for private corporations to hire audit professionals like us periodically to avoid common problems discussed above.
Corporate Investigation Consulting can handle audit problems ranging from compliance issues to investigations and legal suits. We have legal experts, former intelligence officers, prosecutors, private investigators, and other handy professionals needed to solve all problems arising from internal audits in corporations.
We offer highly specialized services that enable us to investigate specific areas of operations at any frequency or depth. Call us at 866-352-9324, or contact us online for a free, confidential & non-obligatory consultation highlighting more of what we can do for your business.