Home > Management Consulting > Internal Audit Services
Internal Audit Services
|
|
|
Protecting and safeguarding company assets is a major responsibility of executive leadership and management teams. The pressures of today’s economic environment have forced staff reductions and a reshuffling of tasks in order to remain competitive. Organizations are required to produce more with less and staff are performing tasks that may not be adequately segregated. Unfortunately, internal controls are often neglected in this process.
Now, more than ever, you need to do everything to ensure company assets are safeguarded and being used to achieve the organizational goals and objectives.
Whether you are creating a new internal audit department, considering outsourcing your internal audit function, supplementing existing staff, or you just need help with a specific audit or assessing your internal controls, MJLM has the skills and expertise to meet your objectives. With each engagement, MJLM is committed to delivering unmatched service and uncompromising value. Our audit methodology and toolbox go beyond traditional auditing to provide you with a cost-effective solution for your internal audit needs.
Our professionals abide by the International Standards for the Professional Practice of Internal Auditing promulgated by the Institute of Internal Auditors and the Government Auditing Standards (Yellow Book). Additionally, we have the technical knowledge and expertise to assess internal controls according to additional financial reporting requirements that impact governmental agencies such as the Chief Financial Officers Act of 1990, the Federal Financial Management Improvement Act of 1996, and the OMB Form and Content guidelines.
|
|
Internal Audit Outsourcing and Co-Sourcing
Sarbanes-Oxley (SOX) Services
Enterprise Risk Assessments
Audit Readiness Assessments
Fraud Risk Assessments
Internal Control Assessments
Internal Fraud Investigations
International Financial Reporting Standards (IFRS)
|
Internal Audit Outsourcing or Co-Sourcing
Whether you are looking to start an internal audit function, need to reduce costs, or just want a new perspective, MJLM has your solution. With a wealth of internal audit and operational experience in multiple industries and segment sizes, our professionals bring the technical expertise and knowledge to enhance your internal audit function. We can scale our internal audit service offerings to meet your business needs and budget.
Our professionals have the technical expertise and resources necessary to conduct risk assessments and evaluate the presence and effectiveness of internal controls in all areas of your operations, not just financial reporting. We use the risk assessment results and management input to develop customized long-range and annual audit plans that provide the best value to your organization.
MJLM’s methodology has the flexibility to customize each internal audit to your business needs in the most effective and efficient way possible, but most importantly, MJLM professionals are motivated, knowledgeable, courteous, client oriented, and approach your staff with the respect they deserve NOT with an “I gotcha” attitude.
return to top of page
Sarbanes –Oxley (SOX) Services
Sarbanes-Oxley (SOX) has proven to be extremely expensive for organizations to implement and sustain. MJLM can help you reduce Section 404 compliance costs.
MJLM has seasoned professionals that can provide project management to steer your SOX compliance efforts, report on the progress, identify potential deficiencies and corrective actions required, and facilitate implementation.
In accordance with the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5, MJLM applies risk-based analysis and mapping of processes and controls to the financial statements. Our methodology takes a top-down, entity-wide approach to identifying, documenting, and testing internal controls. Our methodology also incorporates the COSO framework into this approach.
return to top of page
Enterprise Risk Management (ERM)
Organizations continually employ a series of interrelated activities to achieve their objectives. Numerous internal and external events pose risks to an organization, both negatively and positively. Senior leadership and executive management is responsible for identifying these risks, assessing the likelihood and magnitude of impact, determining a risk response strategy, and progress monitoring. Instituting Enterprise Risk Management (ERM) within your organization has many benefits including:
- Defining risk tolerances;
- Providing guidance on how to respond to threats and opportunities;
- Providing guidance mitigating risk;
- Enabling you to achieve objectives; and
- Facilitating value creation for your stakeholders.
Has your organization instituted ERM? MJLM can assist by facilitating ERM workshops, evaluating risk assessment methodology and assumptions, identifying improvements, and monitoring your ERM plan.
return to top of page
Audit Readiness Assessments
Are you about to undertake your first financial audit? Have you received a qualified opinion and need an assessment to determine if corrective actions are adequate? Are you looking for ways to reduce audit fees? MJLM's skilled professionals assess an organization’s transaction recording and financial reporting processes and provide you with detailed improvement strategies that result in accurate and timely submission of financial statement information. If you are looking for an audit readiness assessment, need help in preparing for your audit, or just need supplemental staff to get you through the audit while enabling you to provide uninterrupted service to your organization, MJLM has the seasoned professionals that can assist you.
return to top of page
Fraud Risk Assessments
The Securities and Exchange Commission (SEC) and PCAOB require organizations to conduct fraud risk assessments. These assessments include identifying potential fraud scenarios and the respective exposure to the organization, identifying related or mitigating internal controls and describing actions taken. Our team of Certified Fraud Examiners, Certified Internal Auditors, and Certified Public Accountants can conduct this assessment for you and document the results to facilitate compliance with these requirements.
return to top of page
Internal Control Assessments
Internal controls serve an important function yet often go unmonitored in small organizations or in challenging economic times. Perhaps you do not have an internal audit department, but are responsible for establishing or monitoring internal controls and need some assistance. MJLM can help. Our experienced professionals can:
- Assess internal controls for applicability or obsolescence to your current operating environment;
- Determine if the appropriate controls are in place and effectively working; and,
- Develop additional controls where necessary.
return to top of page
Internal Fraud Investigations
Do you suspect something is amiss in your operations? Whether you have uncovered a fraud, have received a tip that something is going on or suspect fraud is occurring our team of Certified Fraud Examiners, Certified Internal Auditors, and Certified Public Accountants can conduct a review to determine the absence or presence of fraud indicators. We can also conduct a full internal review to determine the nature and extent of fraud that may have occurred. While fraud is never a pleasant thing to suspect or uncover, MJLM is here to help you.
return to top of page
International Financial Reporting Standards (IFRS)
Sarbanes-Oxley (SOX) is finally implemented and now you are being asked to prepare for the International Financial Reporting Standards (IFRS). Where do you begin? How can you possibly manage both directives with limited resources and still conduct business?
MJLM can help you. We can map your processes to SOX and IFRS, identify any gaps, and assist you in determining priorities. We can also provide project management to ensure that objectives, goals, and IFRS is successfully implemented on-time and on-budget.
return to top of page
|
