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Use Cases: Internal Audit Management

Program Design and Implementation

There are a number of reasons an organization may be starting a new internal audit program: They’ve decided to bring the internal audit function back in-house, they’re going through a restructuring, they’re adding or eliminating entities, they’re pre-IPO, post-merger, or acquisition, or they’ve brought in a new Chief Audit Executive to take the organization to the next level.

But where to start?

Verracy’s team has developed numerous baseline internal audit programs and can help you develop a strategic multiyear plan and budget while achieving measurable first-year results.

Audit Transformation

The Internal Audit function has seen a significant evolution over the last decade. Even in the past five years, we have seen major changes in expectations for professionals. As internal auditors, your team is expected to be experts in auditing, fraud prevention, accounting, technology, and business processes, all while providing strategic value to your organization—and doing it within budget.

Is it all really possible? It is. But it requires the right organizational structure, the right technology, the right skill sets, and the right game plan. We have done it. And we can help you get there.

Project Management, Co-Sourcing, and Outsourcing

Co-Sourcing and Outsourcing: Whether you just need professional staff to support your team or want proven and experienced leadership to manage the internal audit function, Verracy can provide the resources with as little or as much help as you need. We offer short-term temporary help to fill specialized needs on a project basis or longer-term solutions to auditing needs.

Project Management: Filling an internal audit leadership vacancy can be a lengthy process. Don’t settle for a candidate because you feel the pressure to fill the seat. Verracy can provide short-term project management or provide an interim Chief Auditor to augment your team while you find the best candidate. We can help you with candidate selection and the onboarding process as well.

Internal Controls and Business Process Improvement

Internal Controls are one of the foundations of managing risk. Periodically using an external, independent resource can provide insights otherwise missed or overlooked.  Verracy can review existing internal controls to assess their design adequacy and operating effectiveness, identify control gaps, and determine process improvements.

Verracy has the knowledge and experience to help organizations create a streamlined yet robust internal control environment that adheres to an established framework such as COSO.

Sarbanes-Oxley Compliance

Complying with Sarbanes-Oxley Section 404 (SOX 404) can be a daunting task, especially for companies getting started with their first year. However, when implemented correctly, proper compliance and control systems can drive business improvement processes, reduce risk, and maximize resources.

Verracy has significant experience implementing, evaluating, and improving a company’s compliance with SOX 404 with proven, innovative, and cost-effective recommendations to help clients reduce the risk of material misstatement, decrease the costs of unnecessary and redundant controls, and enhance the efficiency of financial and operational processes.

Whether you are implementing your first year or performing your annual certification, Verracy can help reduce the complexity and burden of SOX 404 compliance through a tailored approach that’s specific to your company’s needs.

Quality Assurance Review (QAR)

Verracy works with organizations to enable them to ensure their program conforms with the IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) and helps them to evaluate and benchmark performance and identify opportunities for improvement. The review, which is required every five years by an independent reviewer, helps an organization maintain its conformance with the Standards while providing key insights and assurance to the organization’s Board of Directors and Senior Executives.

Verracy offers experienced professionals to make the review as painless as possible while ensuring a positive experience for your organization.

Additionally, we can review and validate your self-assessment process (SAIV) for the most cost-effective solution, all with the same experience and qualifications.

Assessment and Planning

Today’s audit planning requires timely, relevant, and most importantly, agile planning.  Which means assessing and reassessing the audit plan on a quarterly and/or monthly basis.  This can be daunting, even for experienced audit executives.  Verracy can help you develop your risk assessment and audit planning process to ensure timely evaluation of organizational risk.  Need more help?  We can develop the risk assessment and create the audit plans for you.

Explore our Areas of Expertise

Ready to discuss your challenges with the experts?

Reach out to us today and let’s discuss how Verracy can help you successfully navigate complex issues in your organization.

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