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Internal Audit Outsourcing & Enterprise Risk Assessment


In a world of market volatility, corporate scandal, and unpredictability, the need for effective internal controls and enterprise risk assessment is evident. Additionally, increasing governmental and stock exchange regulations are requiring companies to implement processes and controls to address the related emerging risks. Primarily serving the purpose of helping organizations mitigate errors and fraudulent activities, internal controls are also essential to safeguarding corporate assets, ensuring financial information is accurate and reliable, and ultimately driving your business objectives.

To bring peace of mind and help ensure compliance, many companies need an internal controls/risk assessment professional service provider with a wide breadth of experience and industry specialization. Delap is that firm. We are registered with the Public Company Accounting Oversight Board (PCAOB) and have extensive experience with the many aspects surrounding internal controls. Beyond compliance, our team strives to provide our clients with a foundational internal control/risk assessment structure that will provide long-term organizational stability and value.

Services

  • Internal audit outsourcing
  • Sarbanes-Oxley (SOX) 404 compliance
  • Information technology (IT) risk assessment and compliance

Internal Audit Outsourcing

Our internal audit outsourcing services can be on a company-wide basis or on an account by account basis. We can develop an overall risk-based approach to testing your financial reporting systems and controls to help you determine the most efficient and appropriate course of action. We can interview your personnel and analyze your operations to appropriately assess and test the current state of your internal controls to identify areas for improvement and optimization. These identified areas can then be prioritized and controls can be re-designed and improved, as appropriate. Delap’s goal is to provide you with helpful, cost effective recommendations to improve internal controls, allowing you more time to focus on running your business.

The following are just a few examples of where we can provide you with specific internal control evaluation, testing, and recommendations:

  • Cash disbursements and receipts
  • Revenue
  • Inventory
  • Payroll
  • Accounts payable
  • Accounts receivable
  • Equity

  • Fixed assets
  • Taxes
  • Expense reporting
  • Intangible assets
  • Debt
  • Leases
  • Investments

SOX 404 Compliance

As a result of being a PCAOB registered firm, we are very familiar with the importance of internal controls to a publicly-held company. We can either assist with developing a top-down, risk-based internal control testing approach or provide input on your existing controls matrix. We can assist in narrative and flowchart system documentation, and we can provide insight and recommendations regarding the proper identification of “key controls”. We can formulate appropriate sample size and selection criteria and test the identified “key controls” to meet the required standards. In addition to controls surrounding key account balance areas such as those noted above under Internal Audit Outsourcing, we can help with the documentation and testing of entity level controls including such areas as:

  • Tone at the top
  • Financial close
  • Vendor management
  • Board governance/audit committee reporting

 

  • Change management
  • Whistle blower policy
  • Disclosure committee
  • Code of conduct

IT Risk Assessment and Compliance

Delap’s IT experts are available to provide guidance and assistance in many aspects. The following are just some of the areas where we can assist you and your company as it relates to your IT internal control environment:

For more information about these services click here.