Internal Audit Co-Sourcing

Ongoing testing and evaluation of internal controls is an essential exercise to assess risk, enhance financial reporting and facilitate continuous improvement. While it is certainly an important risk management function, some are unable to maintain a robust internal audit function because of a lack of staff, resources, or in-house expertise. A poorly functioning process can lead to increased risk such as financial loss, compliance issues, and operational inefficiencies. In these situations, businesses turn to internal audit co-sourcing to manage the process. This arrangement not only allows companies to conduct effective internal audits but provides access to specialized knowledge and insights that create an additional dimension of value.

Co-Sourced Internal Audit Experience

PBMares has significant experience providing co-sourced internal audit services to businesses and credit unions. Our team of seasoned professionals has worked with dozens of organizations to conduct essential internal controls testing. Our custom audit process is intentionally designed to test key areas that represent the highest risk – based on your company’s framework. This leads to an audit report that is full of valuable insights, recommendations for improvement, and other valuable insights. Practically speaking this leads to enhanced corporate governance, more effective risk management, and insights into controls that protect against future risks.

“Took the time to understand our business and process. Therefore, reducing overhead on our end. Planning and execution were flawless.”

ATI SOLUTIONS, INC.

Internal Audit Services

PBMares conducts various types of co-sourced internal audits based on the needs of your organization, including:

Operational Audits

When the goal is to ensure effective, efficient operations, operational audits help ensure that each process is in alignment with internal procedures and industry best practices. An operational audit focuses on a process, procedure, or system to assess efficiency, effectiveness, risk management, internal controls, and compliance with policies, regulations, and industry best practices.

Departmental Audits

A departmental audit concentrates on the operations, processes, and activities within a specific department. Reviewing policies and procedures within that department verifies that they align with daily processes. The goal is to assess the department’s performance, alignment with policies, and overall effectiveness in achieving its objectives and determine how well the department is functioning and meeting its goals and responsibilities.

IT Audits

An information technology (IT) audit focuses on the information systems and security of an organization’s IT environment. Internal audit has a responsibility to assess and identify opportunities to strengthen IT security. Accordingly, it’s critical to involve audit professionals with the appropriate depth of technical skills and experience within the current risk environment.

Regulatory Audits

A regulatory audit often focuses on a concern or issue with a specific regulatory regulation, law, or process. Although such an audit concentrates on one regulation, the audit can involve various operations and departments within the organization.

Contact Our Internal AuditTeam

PBMares provides internal audit services to companies seeking assurance about risk management controls. If you have questions or need assistance with your internal audit needs, complete the form below and a team member will follow up with you shortly.