Internal Audit Services
Organizations rely on internal audit to strengthen governance, manage risk, and improve operational performance through independent, objective assessments. Whether you need a fully outsourced internal audit function, co-sourced support, or specialized expertise, LBMC delivers practical guidance tailored to your organization’s risks, objectives, and regulatory requirements.
When Organizations Invest in Internal Audit
As organizations grow, expand into new markets, adopt new technologies, or face increased regulatory oversight, managing risk becomes more complex. Internal audit provides independent insight that helps leadership evaluate controls, strengthen governance, improve operational performance, and identify opportunities for continuous improvement.
Organizations commonly engage internal audit services when they are:
- Building or enhancing an internal audit function.
- Preparing for increased board, lender, investor, or regulatory oversight.
- Strengthening governance, risk management, and internal controls.
- Expanding through acquisitions, new locations, or rapid growth.
- Preparing for or maintaining Sarbanes-Oxley (SOX) compliance.
- Evaluating cybersecurity, IT controls, or third-party risks.
- Supplementing internal resources through co-sourced or outsourced internal audit support.
Need to Strengthen Your Internal Audit Function?
Whether you’re building an internal audit program, supplementing your existing team, or responding to new risks and regulatory requirements, LBMC can help you determine the right approach.
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How We Help
Organizations rely on internal audit to strengthen governance, improve internal controls, manage enterprise risk, and provide independent assurance to leadership and audit committees. Whether you need a fully outsourced internal audit function, co-sourced support, or specialized project assistance, LBMC delivers flexible internal audit solutions tailored to your organization’s objectives.
Internal Audit & Risk Advisory
Strengthen your organization’s governance, risk management, and control environment through independent internal audit services.
Services include:
- Enterprise risk assessments
- Internal control assessments and testing
- Operational audits
- Compliance audits
- Governance reviews
- Fraud investigations
- Internal audit function reviews
- Risk assessment facilitation
- Process and system documentation
- Targeted operational and process reviews
IT & Cybersecurity Internal Audit
Evaluate technology risks and strengthen IT governance through specialized internal audit services.
Services include:
- IT risk and cybersecurity assessments
- IT internal audit staff augmentation
- Stand-alone cybersecurity and IT audits
- IT process audits
- Vendor and third-party audits
- Documentation of IT processes and internal controls
- Targeted technology and cybersecurity reviews
- Cloud security audits
Internal Audit Delivery Models
Whether you’re building an internal audit function or expanding an existing program, LBMC provides flexible engagement models to meet your organization’s needs.
Options include:
- Fully outsourced internal audit
- Co-sourced internal audit
- Internal audit staff augmentation
- Project-based internal audit engagements
Related Audit & Assurance Services
Many organizations pair internal audit with other audit and assurance services to address financial reporting, regulatory compliance, and broader assurance needs.
Let’s Discuss Your Internal Audit Needs
If you’re navigating complex security, compliance, or risk challenges, LBMC’s cybersecurity advisors can help you prioritize next steps with clarity. Start with a conversation focused on your goals, risks, and operational realities.
Why Organizations Choose LBMC
An effective internal audit function does more than identify risks—it helps leadership make better decisions, strengthen governance, improve operational performance, and prepare for future growth.
LBMC combines experienced financial, operational, and IT auditors with a collaborative, risk-based approach that delivers practical recommendations aligned with your organization’s objectives.
Organizations choose LBMC because we provide:
- Flexible outsourced, co-sourced, and project-based internal audit solutions
- Deep expertise across financial, operational, IT, and cybersecurity risks
- Clear communication with management and audit committees
- Practical recommendations focused on long-term improvement
- Scalable support that evolves as your organization grows
Local Expertise, Wherever You Are
With offices in Chattanooga, Memphis, Louisville, Nashville, Knoxville, Philadelphia, and Charlotte, plus remote offices, LBMC partners with businesses across the region and beyond.
Industries We Serve
Every organization faces unique governance, operational, and regulatory risks. LBMC’s Internal Audit professionals bring industry-specific experience to help organizations strengthen internal controls, improve risk management, and support effective governance.
We regularly work with organizations across industries, including:
Our internal audit team also works with organizations across the financial services, nonprofit, insurance, technology, and professional services sectors. If you don’t see your industry listed, our professionals can tailor an internal audit approach to your organization’s unique risks and objectives.
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Internal Audit FAQs
What is a control environment?
A control environment is the foundation of an organization’s governance and internal control framework. It encompasses the policies, processes, ethical standards, and oversight that help manage risk, support compliance, and promote reliable financial and operational reporting. Internal audit evaluates the effectiveness of these controls and often works alongside SOX compliance initiatives and financial statement audits to help organizations strengthen governance and improve confidence in financial reporting.
How does internal audit differ from external audit?
Internal audit is an ongoing, independent function that evaluates an organization’s governance, risk management, internal controls, and operational effectiveness. Its goal is to help leadership identify risks, improve processes, and strengthen overall business performance.
A financial statement audit, by contrast, is an independent examination of an organization’s financial statements to determine whether they are presented fairly in accordance with applicable accounting standards. While internal audit focuses on improving the business from within, external audit provides assurance to lenders, investors, boards, and other stakeholders regarding the accuracy of financial reporting.
Can LBMC help us build or improve our internal audit function?
Yes. LBMC helps organizations establish, enhance, or supplement their internal audit capabilities through fully outsourced, co-sourced, and project-based internal audit services. Whether you’re building an internal audit function for the first time or expanding an existing program, we develop risk-based audit plans, strengthen governance, and provide independent assurance tailored to your organization’s objectives.
Depending on your needs, we can also integrate SOX compliance, IT and cybersecurity internal audit, and other Audit & Assurance services to create a comprehensive risk management program.
Should we outsource our internal audit function?
Many organizations choose to outsource or co-source their internal audit function to gain specialized expertise, improve flexibility, and access experienced professionals without the cost of building a full-time internal audit department. LBMC offers fully outsourced, co-sourced, and project-based internal audit services, allowing organizations to scale support based on their risk profile, regulatory requirements, and business objectives.
How often should an organization perform an internal audit?
There is no one-size-fits-all schedule. The frequency of internal audits depends on your organization’s size, industry, risk profile, regulatory requirements, and the complexity of its operations. Many organizations perform an annual risk assessment to develop a risk-based internal audit plan that prioritizes the areas with the greatest potential impact to the business.
If your organization is experiencing significant growth, implementing new systems, completing an acquisition, or facing increased regulatory oversight, more frequent internal audits may be appropriate.
How can internal audit help reduce organizational risk?
Internal audit provides independent insight into the effectiveness of your organization’s governance, risk management, and internal controls. By identifying control gaps, evaluating key business processes, and recommending practical improvements, internal audit helps reduce financial, operational, compliance, and technology-related risks before they become larger issues. Organizations often combine internal audit with SOX compliance and SOC audit services to strengthen their overall control environment and meet stakeholder expectations.
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Build a Stronger Internal Audit Function
Strong governance starts with independent insight. LBMC helps organizations strengthen internal controls, manage risk, and improve operational performance through flexible internal audit solutions tailored to their needs. Start a conversation with an advisor.