Boost Your Bottom Line by Understanding Your Internal Audit
- Francois Houde
For many, the word “audit” conjures up images of tax auditors camping out in dark offices or reading intimidating letters from the IRS. But, the reality is that an audit — more specifically, an internal audit — can be an incredibly useful tool that business owners and executives can come to love.
Typically, internal audits cover the broad areas of governance, risk, controls, and compliance. The resulting data, strictly for internal use in evaluating a business’ strengths and weaknesses, can help validate whether a company:
Companies today do business in a complex and fast-changing world. The rapid pace of technology improvements brings with it significant technology-related risks — such as security, business continuity, and data integrity — that an internal audit can bring to light. Likewise, your financial statements are only as accurate as the accounting data that goes into them. An audit of your accounting function can help ensure the timely, accurate reports you need to make informed business decisions.
However, having sufficient staff and expertise to conduct a meaningful, regularly scheduled internal audit can be tough for smaller companies. Increasingly, family and closely held businesses are choosing to outsource — or “co-source” — internal audit functions to a CPA or consulting firm. These knowledgeable professionals join the internal audit team to help protect the company and reduce risks.
Finding the right internal audit firm can bring some significant benefits, including:
In the end, effective internal auditing can bring a systematic, disciplined approach to managing your business, allowing you to see how it operates and how you can improve it.
Our cross-functional team of trained internal audit advisors includes CPAs, IT consultants, and forensic accountants who can collaboratively strengthen your business while mitigating risk. Contact your local CRI office today to learn more about how our internal audit services – coupled with our in-depth industry expertise – can help you boost your bottom line.
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