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We conduct a comprehensive risk assessment to identify and prioritize the risks that could impact the achievement of organizational objectives. This includes understanding the organization's business environment, operations, and critical processes. The risk assessment helps us focus on areas with the highest risk exposure and determine the scope of the internal control audit.
We evaluate the design and implementation of the organization's internal control framework. This may include assessing the control environment, risk assessment processes, control activities, information, and communication systems, and monitoring mechanisms. We consider applicable frameworks such as the Committee of Sponsoring Organizations (COSO) Internal Control Framework to guide our evaluation.
We perform testing procedures to assess the operating effectiveness of internal controls. This involves evaluating whether controls are appropriately designed, implemented, and consistently applied. We test a sample of transactions, processes, or controls to determine if they function as intended and effectively mitigate identified risks.
We review the segregation of duties within the organization to identify potential conflicts that could compromise the integrity of internal controls. We assess the adequacy of separation between authorization, custody, and recording functions to minimize the risk of fraud or error.
We assist organizations in documenting their internal control processes, including process flows, control descriptions, and control matrices. This documentation helps enhance transparency, facilitate knowledge transfer, and identify gaps or inefficiencies in control design.
We identify and communicate control weaknesses or deficiencies within the organization's internal control system. Our findings and recommendations are presented clearly and promptly, enabling management to address and remediate control gaps effectively.
We provide guidance and recommendations to help organizations strengthen their internal control systems. Our team assists in developing and implementing action plans to address control weaknesses, enhance controls, and improve overall risk management processes.
We support establishing or enhancing internal audit functions within organizations. This includes developing internal audit charters, risk-based audit plans, and methodologies for ongoing monitoring and testing of internal controls. We can also provide outsourced internal audit services if needed.
We evaluate the organization's compliance with applicable laws, regulations, and industry-specific requirements.
Teuscher Walpole’s Internal Control Audit services are designed to assist organizations in assessing and improving their internal control systems. Our experienced auditors deeply understand internal control frameworks, risk management, and regulatory compliance.
Contact us to learn more about how our Internal Control Audit services can help strengthen your organization’s control environment and mitigate risks effectively.