Auditing is the independent verification of financial data for management and outside parties and includes:
- Independent examinations of financial statements in accordance with generally accepted auditing standards
- Performance of audit, review, and compilation services
- Recommendation letters to management based upon the results of independent examinations
- Reports based on agreed upon procedures
- Special purpose examinations and reports
- Reviews of internal controls and accounting procedures
- Investigations of possible mergers and acquisitions
Companies of all sizes are increasingly recognizing the need for an internal audit function and the value of partnering with a third party provider. Semple, Marchal & Cooper, LLP provides a risk-focused approach to internal auditing. We can quickly and efficiently bring internal audit skills to your organization.
We partner with client management teams to identify risks that result from implementing business strategies, and bring a systematic and disciplined approach to evaluating and improving the effectiveness of a company's risk management and internal control processes.
Internal Audit Outsourcing
Semple, Marchal & Cooper, LLP can customize a fully outsourced internal audit function for your company. Large companies often find the flexibility to expand or contract the size of the outsourced function to be a significant benefit. For smaller companies, outsourcing often allows access to more experienced auditors than could be hired on a full time basis.
Semple, Marchal & Cooper, LLP can assist companies in the creation of a risk-based internal audit plan via the performance of a risk assessment exercise. We provide a structured approach to identifying and understanding your key business risks. This process ensures that management reaches consensus on the key risks and allows resources invested in internal audit to be focused on those areas.
Using flowcharting software, we map your critical processes in order to help you better understand process flows. We identify key control points as well as potential control weaknesses and work with you to develop practical, actionable improvements to your processes. This results in stronger internal controls and/or more efficient processes. Having an understanding of the design effectiveness of critical processes is the first step to assessing the strength of your control environment.
Semple, Marchal & Cooper, LLP can test the operating effectiveness of your critical business processes by comparing the flow of actual transactions to your documented process flows. This includes a review of the operation of key internal control points within the process flow.
Semple, Marchal & Cooper, LLP can help evaluate the risk of fraud at your organization. This review includes an assessment of your susceptibility to fraud as a result of your organizational structure. It also includes a review of transactional data to pinpoint areas where fraud may have occurred.
Companies typically have the "right to audit" a variety of services provided under contract by third party vendors. Organizations that do not take advantage of this right run the risk of being over-billed or underserved. Semple, Marchal & Cooper, LLP can review the vendor's performance under the terms of the contract as well as review your controls over the contracting process, approval of the invoices and services being provided.
Internal Audit Staff Augmentation
Semple, Marchal & Cooper, LLP can provide experienced, motivated auditors to established internal audit functions to help meet short term staffing needs created by turnover or other events. These auditors work side by side with your in-house audit team under the supervision of your managers.
These services can be provided on an individual project basis, co-sourcing basis, or under full outsourcing arrangements. In all cases, we provide solutions to our clients' internal audit needs that are flexible, cost effective, and responsive.