Internal Audit and Risk Assessment
Internal Audits and Risk Assessments
Why should my company invest in internal audit services?
Simply put, the REDW Internal Audit team looks for ways you can improve your organization’s operations. You get an external “fresh set of eyes” to examine your processes, controls, and areas which carry the highest risk of fraud or error. At the same time, our internal auditors help you identify revenue opportunities and cost-saving strategies. We accomplish these goals and more by bringing systematic, disciplined and innovative approaches that make your risk assessment and management activities more effective. One last benefit—we have found that our presence in your environment not only helps to detect fraud, but ongoing scrutiny and tightening of internal controls act as deterrents against potential abuse.
For example, have you ever encountered the following situations in your organization?
Issue: We suspect there are glitches in our new billing system.
Solution: Whenever you undergo a major upgrade to your billing and collections, payroll and timekeeping, or other financial systems, you run the risk that key processes will be eliminated, overlooked, incorrectly implemented, or poorly translated into the new system. Our internal auditors can identify significant issues in your pre- and post-conversion systems to make sure your accounts receivables and other processes continue to be adequately controlled.
Issue: We suspect that someone may be stealing funds from the company.
Solution: One area REDW’s internal auditors routinely examine are the key controls over your fund disbursements and fund receipts cycles. We ensure that your funds are being correctly tracked and properly secured and that significant controls are functioning properly.
Issue: Other departments don’t cooperate with our Finance group.
Solution: REDW’s internal auditors are skilled at collaborating with management in all departments. Our approach is to present the internal audit function as an opportunity to help management succeed, and not a fact-finding mission to get employees in trouble. When we identify high risk areas and help you correct or minimize risks, everyone wins.
Issue: We don’t have the expertise in-house to address technical issues as they come up.
Solution: REDW offers a wide variety of services to support our internal audit team and assist us in solving problems for clients. Our experts include experienced staff in fraud investigations, litigation support, tax, IT audits, financial software, benefits administration, and investment services.
Issue: We want to examine whether we are correctly compensating our high level executives and company owners.
Solution: REDW specializes in the analysis of compensation for partners and owners, including testing calculations for accuracy, determining if compensation amounts are supported, and evaluating the appropriateness of compensation methodologies. Our experts conduct compensation studies which are benchmarked by industry, geography, and other types of demographic analysis to help organizations make informed decisions regarding salaries and benefits packages.
But aren’t internal audit services expensive?
We offer a wide variety of internal audit resources that will fit any budget, from small scale one-time engagements, to internal audit assistance or supplemental management staff, to training to fully outsourced internal audits. Weak controls, fraud and loss of inventory, cash, and time can cost you much more, especially when you’re not aware of the scope of your problem. At REDW, we believe in preventing problems—before your hard-earned revenues, limited resources, and health of your bottom line are affected. Our team will help you identify and track the level of risk present in your operations—including inherent risk, control risk and detection risk—then develop strategies to help you mitigate these risks.
Business Continuity and Disaster Recovery Plan Consulting
In the unfortunate and often unpredictable occurrences of disaster, REDW can help you design a protocol to ensure IT and business operations continuity during unexpected changes and conditions, or assess your current plan. At REDW, we put our clients first and find fulfillment in the opportunity to develop recovery strategies for a wide array of difficult scenarios that prepare you in the event of natural disasters, storms, accidents, loss of key personnel, equipment and system failures, internet crime, and more. Our experts will design business continuity strategies and train your employees to carry them out effectively.