Internal Audit

• Proactive Control: Proactive companies use internal audit functions to help establish and maintain an effective control environment. Internal audit provides significant knowledge and expertise in risk identification and control implementation.
• Continuous Improvement: An internal audit function helps promote continuous process improvement within all significant areas of a company’s operations, ultimately protecting shareholder value.

There are several ways to create an internal audit function:

• Internal Resources: An internal audit function staffed entirely with internal resources.
• Hybrid: A function staffed with a mix of internal and external professionals.
• Outsourced: A fully outsourced function to a professional services firm.

Regardless of how it’s created, your company will reap the benefits of an internal audit function.

Financial Audit Services

• Risk Management Evaluation: We assess the effectiveness of your organization’s risk management processes, ensuring potential threats are identified, analyzed, and managed appropriately.
• Internal Control Assessment and Testing: Our team evaluates internal control systems to ensure they are effective, reliable, and aligned with organizational goals.
• Compliance Audits: We review compliance with applicable laws and regulations, helping organizations avoid legal pitfalls and maintain integrity.
• Operational Audits: We assess operational efficiency and effectiveness, identifying areas for improvement and recommending actionable solutions.
• Fraud Investigations: Our team is equipped to conduct proactive fraud audits and investigations, helping safeguard your organization’s assets and reputation.
• Governance Reviews: We evaluate and enhance governance structures and processes, ensuring they align with best practices and organizational objectives.
• Internal Audit Function Review: We perform “best practices” reviews of your existing internal audit function to identify areas for improvement.
• Facilitation of Risk Assessment: We facilitate the risk assessment process with company management, helping identify and prioritize key risks.
• Process and System Documentation: Our team documents process and/or system flows to better understand and improve internal operations.
• Tailored Reviews: We target specific processes based on requests from management and the audit committee or based on the results of your risk assessment.

Cybersecurity Audit Services

• IT Risk and Cybersecurity Assessments: We assess your organization’s IT risks and build related audit plans to mitigate those risks.
• IT Internal Audit Staff Augmentation: We provide experienced IT auditors to augment your internal audit team, offering additional expertise and capacity.
• Sarbanes-Oxley Readiness and Compliance: Our team helps you prepare for and maintain compliance with Sarbanes-Oxley requirements.
• Stand-alone Audits: We perform focused audits on areas like cybersecurity, IT general controls, and security configurations.
• IT Process Audits: We review specific IT processes, such as vulnerability management, threat management, and project implementation.
• Vendor Audits: We assess your vendors’ IT controls and processes to ensure they meet your organization’s standards.
• Documentation of Processes and Internal Controls: Our team documents IT processes and internal controls to enhance oversight and compliance.
• Targeted Process and Technology Audits: We conduct targeted audits based on the results of risk assessments or at the request of management and the audit committee.

At LBMC, we design our Internal Audit Services to greatly enhance the efficiency and effectiveness of your internal controls and auditing processes. Our approach is comprehensive, covering a wide array of critical areas crucial to your business operations. We tailor our services to meet the specific challenges and opportunities of your business, ensuring a detailed and effective audit that aligns with your strategic goals.

• Streamlined Communication: Ensuring cohesive strategies and interactions across financial and cybersecurity disciplines.
• Unified Methodology: Applying consistent auditing standards across all internal audit functions to enhance reliability and trust.
• Broadened Insight: Offering a wider perspective on internal controls that cover both financial integrity and cybersecurity resilience.

Financial Internal Audit Benefits

• Accelerated Audit Timelines: Leveraging additional resources and expertise to streamline the audit process.
• Enhanced Technical Expertise: Access to specialized knowledge not typically available within internal teams.
• Holistic Audit Value: A comprehensive understanding of audit benefits, extending beyond mere issue identification.
• Industry-Leading Practices: Utilization of best practices for thorough and effective audits.
• Sector and Compliance Specialization: Expertise in addressing unique industry and regulatory challenges.
• Cost-Effectiveness: Competitive rates paired with unparalleled industry experience.
• Risk and Compliance Management: Including Sarbanes-Oxley compliance, risk identification, and internal control assessments.

Cybersecurity Internal Audit Benefits

• Access to Cybersecurity Experts: Drawing on the extensive knowledge of LBMC’s cybersecurity professionals.
• Targeted Expertise: Addressing specific cybersecurity challenges with industry-leading insights.
• Comprehensive Risk and Control Evaluations: Identifying weaknesses and providing actionable recommendations.
• Updated Technological Practices: Ensuring that audits reflect the latest in cybersecurity advancements.
• Enhanced Security Posture: From initial risk assessment to ongoing compliance and security management.

• Enhanced Risk Management: Internal audits help identify and manage risks before they become critical issues, allowing organizations to proactively address challenges and seize opportunities.
• Improved Governance: By assessing and enhancing governance processes, internal audits support organizational integrity and accountability.
• Operational Efficiency: Internal audits identify inefficiencies and recommend improvements, contributing to more streamlined and effective operations.
• Independent Assessment: An internal audit function provides independent assessments of key processes, systems, and transactions. This ensures that the audit committee and board of directors have the information necessary to perform their roles effectively.
• Enhanced Control Environment: An effective internal audit function improves the overall control environment by overseeing financial, operational, and compliance areas. This helps prevent fraud and ensures adherence to directives from management and the board.
• Talent Development: Internal auditors learn a lot about important processes and systems, making them great choices for key roles in the company after they leave the internal audit area.