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Clients Area

Client Area

Internal Control Audits

Teuscher Walpole provides Internal Control Audit services to help organizations assess the effectiveness and reliability of their internal control systems. Our experienced auditors evaluate the design, implementation, and operating effectiveness of internal controls to identify areas of weakness, improve processes, and mitigate risks.

Here's an overview of our Internal Control Audit services

Risk Assessment

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.

Internal Control Framework Evaluation

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.

Control Testing

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.

Segregation of Duties Analysis

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.

Documentation and Process Mapping

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.

Identification of Control Weaknesses

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.

Remediation Assistance

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.

Internal Audit Function Enhancement

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.

Compliance with Regulatory Requirements

We evaluate the organization's compliance with applicable laws, regulations, and industry-specific requirements.

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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.