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Internal Audit

Have you ever wished that you had an internal auditor on staff that had worked for over 80 different financial institutions and understood the most efficient ways of operating a community financial institution?  At Scott - Riddle Consulting, we recognize that for smaller institutions, economic reality may prohibit having a full-time internal auditor on staff.  Our years of experience working with community financial institutions ranging in asset size from under $25 million to over $1 billion can help improve the quality of your operations.

We offer various levels of outsourced internal audit services that provide a high quality of service at an affordable price.  For significantly less than you might pay a qualified full-time internal auditor, you gain year round access to our knowledge and expertise.  A sound internal audit function can serve as the backbone of your institution’s overall internal control environment.  We will work with you to not only identify potential internal control weaknesses, but also to assist in improving the overall efficiency of your operations.  Additionally, our internal audits are performed in compliance with the March 2003 Interagency Policy Statement on the Internal Audit Function and its Outsourcing.

We will work hand in hand with you and your audit committee.  As your internal auditor, we believe that good customer service doesn’t just entail coming to your institution and performing internal audit work, it also includes always being on call to answer any questions you have, address any special needs, and assist you with new projects or opportunities that arise.

At the end of each fieldwork cycle, we will meet with the audit committee and institution personnel to discuss our procedures performed, findings, and recommendations to improve your operations.  You will also receive a report that explains in detail the nature of procedures performed, our findings, and our recommendations. The report will also include management’s response to our recommendations.

Our personnel include Certified Public Accountants (CPA), Certified Internal Auditors (CIA) and Certified Financial Services Auditors (CFSA).  The firm is a member of the American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA).  The Interagency Policy Statement on the Internal Audit Function and its Outsourcing states that “Directors should be confident that the internal audit function addresses the risks and meets the demands posed by the institution's current and planned activities. To accomplish this objective, directors should consider whether their institution's internal audit activities are conducted in accordance with professional standards, such as the IIA’s Standards for the Professional Practice of Internal Auditing. These standards address independence, professional proficiency, scope of work, performance of audit work, management of internal audit, and quality assurance reviews.”  You can rest assured that if you choose Scott - Riddle Consulting for your internal audit needs, the work will be performed in compliance with the IIA standards.

We will be happy to meet with you at your convenience and discuss with no obligation how Scott - Riddle Consulting can begin enhancing your internal audit function today.