Internal Audit Services

Approach and Methodology

Our seasoned internal audit team has extensive experience in risk assessment, which is the backbone of the internal audit function. How we work with and for each client depends upon the client’s internal audit needs and capabilities. In some situations, we function as the client’s outsourced internal audit department. In this capacity, we work closely with both external auditors and audit committees to ensure that our procedures meet the needs of the organization in the most efficient and cost-effective manner.

We also have extensive experience working collaboratively with organizations that maintain an in-house internal audit department. In these co-sourcing arrangements, our internal auditors supplement the client’s internal audit team to provide additional manpower and/or specialized expertise that may be lacking internally.

KraftCPAs also provides assistance with remediating prior audit issues and documents follow-up results in our reporting process. While valuable to any business, the remediation process is particularly helpful to clients that must be prepared for regulatory exams. Working with clients in highly regulated industries, we are accustomed to regulatory scrutiny of our internal audit work.

Types of Engagements

KraftCPAs provides a variety of internal audit service options including, but not limited to:

• Complete Outsourcing
• Co-Sourcing
• Staff Supplementation
• Integrated Audits (Financial, Operational, IT)
• Special Projects
• Audits requiring specialized skills (Network Vulnerability, Penetration testing, Social Engineering, Database)
• Internal Audit Department Quality Assurance Reviews

Learn more about the types of internal audit engagements that KraftCPAs offers.

Standards

Internal audits are performed in accordance with the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors, ISACA (Information Systems Audit and Control Association) standards and FFIEC for financial institutions internal audits.

Cost Savings and Opportunities for Other Efficiencies

• Industry-Specific Audit Programs and Staff Training
• Continuity, Specialists, and Access to Various Levels and Skill-Sets
• External Audit Assistance
• Best Practices and Benchmarking
• Sarbanes-Oxley (SOX) Testing Coordination