With the current economic climate and increased levels of regulatory scrutiny, the internal audit function has been exposed to ever-increasing demands to manage risks, monitor controls and improve corporate governance. Moreover, internal audit professionals are undertaking expanded roles within their organizations, with only modest additions to staff and other resources. In this environment, management, members of audit committees and audit executives can benefit from the guidance of independent advisors to evaluate whether the internal audit function is operating as intended, providing value and improving the organization’s operations.
Guidepost Solutions has the experience and expertise to work with management and audit executives to perform focused inquiries and to identify opportunities for the improvement of internal audit performance and services.
Our professionals have consulted on a range of topics, including:
- The structure and effectiveness of internal audit-related services;
- The dissemination of findings and implementation of remedial actions beyond the required communications to an audit committee;
- Corporate investigations and ethics-related issues;
- Resource allocation; and
- The education and training of personnel.
We will provide recommendations based on our evaluation of processes in relation to recognized best practices that will promote the visibility, reputation and credibility of the internal audit function. We can also provide training to internal audit functions on various subject matters and assist the internal team in performing its audit function. Finally, we will monitor compliance with the recommendations and the alignment of internal audit practices with the expectations of senior management, board of directors and key stakeholders within an organization.