Internal Audit
Internal auditing has been historically performed as an in-house function, which cost companies large amounts of funds to administer. The emerging universal trend is for companies to outsource the internal audit function to professionally qualified internal auditors to minimize the cost and to obtaining professional feedback on the financial and control environment.
We understand the risks organizations face and have the technical expertise to help them manage those risks effectively. We employ a risk-based approach tailored to each organization. This allows management to zoom in on those areas that are most critical to the operational success.
Baker Tilly supports you on the following types of internal audit:
Financial
This represents a study of the current financials to evaluate the fair presentation of your financial position as reported on the balance sheet, income statement, and the statement of cash flows. We complement the work of the external auditors in reaching a fair financial statement presentation.
Operational
The operational audit is an extension of the financial audit. Whereas the financial audit tells the management where they were and where you are, an operational audit answers why you are where you are and how you got there. The operational audit evaluates the four functions of management:
Planning
Organizing
Directing
Controlling
Functional
The functional audit focuses on auditing a function or department. Baker Tilly ensures that the operational functions and departments are operating as intended.
Contracts
We review and evaluate contract terms and conditions with the related financial transactions. This is mainly preformed on contracting agreements to confirm that contract articles have been properly observed and adhered to.
Leverage Industry Specialized Internal Audit for Organizational Success
Baker Tilly uses a forward-looking, industry-fluent approach to help you address emerging risks, streamline business processes, and strengthen internal controls.
Organizations today operate in fast-paced environments with an increased focus on governance and a constantly evolving risk landscape. Assessing an organization’s top risks and the appropriateness of response is critical. This is where internal audit proves to be essential. A high-performing internal audit function can:
- Play a critical role in strengthening overall risk management, compliance, and control environment
- Help identify, prioritize, and mitigate existing and emerging risks affecting an organization
- Provide assurance that an organization’s risk mitigation strategies are effective and contributing towards meeting organizational goals
Baker Tilly takes a strategic industry-forward approach to enable board members and senior management accelerate change that aligns with and supports the goals and objectives of the organization. We help clients anticipate future needs and emerging risks now, for tomorrow.
Leveraging our extensive experience as internal auditors, we focus on risks at the strategic, operational, and business line levels for the organization. We help you determine if adopting agile auditing principles and methods is a good complement to your organization’s current internal audit procedures and methods. Whether you seek an in-sourced team, a co-sourcing model, or a shared services approach, you can count on Baker Tilly to provide sound strategies, processes, and recommendations that furthers the organization’s strategic objectives.