Print This Page Print This Page

Internal Audit Consulting

Given the sweeping overhaul of corporate financial reporting guidelines, stock exchange requirements and the Institute of Internal Auditor standards, many companies are struggling to find skilled resources. While the majority of midsized companies continue to use their internal audit staff for traditional functions, the passage of the Sarbanes-Oxley Act of 2002 (SOX) has raised the profile and responsibility of internal auditors at both publicly and privately held companies. Internal auditors are now being asked to assume a more strategic role — one that is tied to the overall assessment of risk.

But transforming the role of internal audit is easier said than done. It presents a human resource challenge for many businesses. Auditors are being asked to take on new responsibilities and leadership roles that not only require additional staff but different skill sets as well, both of which are in high demand. Rather than constantly struggle to hire, train and retain internal resources, many organizations have begun to outsource the entire function or co-source with an outside firm to supplement for their specialized needs.

Internal Audit Outsourcing

Outsourcing the internal audit function enables management to hire dedicated internal audit professionals without the day-to-day managerial requirements. Outsourcing also allows the company to monitor key areas within the organization — giving high quality assurance to the board that risks are being monitored effectively and objectively. Other companies prefer to maintain ownership of the internal audit function and look to outside firms to supply professionals for critical projects or specialists on an as-needed basis. The specialists typically possess expertise related to large project management, logical security, fraud and specific software packages. In either case, choosing the right firm and model to address your internal audit needs is a complex decision.

How we can help

Freed Maxick has qualified internal audit resources to assist you in whatever extent you desire. There are several benefits from working with our internal audit professionals:

  • Enables you to leverage your in-house resources more effectively
  • Allows management to focus on business operations
  • Raises the awareness of management’s support for a sound internal control structure

CONTACT US to learn more about our Consulting Services.

ABOUT US: Freed Maxick CPAs is Western and Upstate New York’s (NY) largest public accounting firm and a Top 100 firm in the U.S. Freed Maxick provides audit, tax and consulting services to closely-held businesses, public (SEC) companies, not-for-profits and governmental entities in Buffalo, Rochester, Syracuse, Albany and NYC, New York.