A strong internal audit function is the cornerstone to the effective monitoring of controls over operational and regulatory compliance. We believe that a strong internal audit function is an important deterrent to fraud and when done properly, should reduce your external audit fees. Regardless of whether you outsource the internal audit function or want to develop your own department – we can help.
When performing outsourced Agreed-Upon Procedures reports (internal audits), we work closely with the Gaming Commission, Gaming Agencies, and other applicable oversight agencies to ensure that any and all findings are completely understood and corrective action has been taken.
We believe that outsourcing internal audit can be beneficial to our clients due to the following reasons:
- Independence: We are able to review the operational activities completely independent of the departments and organization.
- Industry Specialists: We employ industry specialists who know the compliance requirements to the fullest extent and the rationalization behind the rules.
- Professional Working Relationships: We have a great working relationship with the National Indian Gaming Commission as well as various State regulatory agencies. We have provided training for numerous regulatory agencies on internal audit and related topics.
Outsourcing may be an alternative, but for some organizations the establishment of an in-house internal audit function may be the best option. We can assist you with the development of organizational structure, audit charter, policies and procedures, interviewing and hiring, and hands on training. We will come on-site and develop the department while training the internal audit staff on developing audit plans, assessing risk, completing observations and questionnaires, developing audit evidence, and report writing. We will help ensure that you have an effective internal audit function and that the necessary work is completed to protect the assets of the Tribe.
Periodic monitoring of the work performed by the internal audit department, including application of internal audit standards, is critical to an effective internal audit department. The application of these standards allows the external auditor to rely on the work of the internal audit department. The Institute of Internal Audit Professional Practice Standards strongly recommends a quality control process. Who is auditing the auditors? That is the purpose of the quality control process – to determine if the quality of the work performed by the in-house internal audit department meets the minimum set of standards recommended by the Institute of Internal Auditors. We can help you meet this standard by completing periodic reviews of the internal audit function and making recommendations to meet the highest standards of professional proficiency.