Areas of Expertise
Internal Audit
- Outsourcing
- Co-sourcing
- Building a new audit function
- Improving an existing audit shop
Section 303A.07 (c) of the NYSE requires a listed company to have an internal audit function to provide management and the audit committee with ongoing assessments of the listed company’s risk management processes and internal control system.
Internal audit departments govern themselves by adherence to the mandatory elements of The Institute of Internal Auditors’ International Professional Practices Framework, including the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, the International Standards for the Professional Practice of Internal Auditing, and the Definition of Internal Auditing.
Sarbanes-Oxley
- Implementation
- Testing
- Remediation
- Advisory Support
The Sarbanes-Oxley Act of 2002 (“SOX”) provides a broad array of corporate governance reforms applicable to publicly traded companies in the United States. Key provisions applicable to public companies are Sections 302, 404, and 906 of the Sarbanes-Oxley Act, which requires certifications by the Company’s Chief Executive Officer and Chief Financial Officer regarding disclosure controls and procedures and the compliance of the Company’s periodic reports with the Securities Exchange Act of 1934, as amended (the 1934 Act).
Additionally, the Act requires executive management to certify the effectiveness of internal controls over financial reporting to ensure that management has established adequate internal control processes to ensure the timely detection or prevention of material misstatements to the financial statements.
Process Improvement
- Identifying improvement areas
- Improving the quality of process documentation
- Developing and tracking KPIs
- Project Management
- General staff augmentation
Business process improvement is a systematic approach using an established framework. The purpose is to identify, analyze and redesign business processes to make them faster, more accurate, efficient, and reliable. When done correctly, quantifiable improvements and savings are recognized.
Some popular methodologies include: Six Sigma, TQM, PDCA Cycle, Kaizen, TQM, BPM, etc.
Risk Management
- Outsourcing
- Co-Sourcing
- Building a new Risk Management function
- Improving an existing risk management function
- Performing a risk assessment
Risk management is the effect of uncertainty on objectives. Companies develop risk frameworks to identify, evaluate, and prioritize risks. The idea is to control (as best we can) future outcomes proactively rather than reactively.
As Richard Chambers likes to say, we are currently in a period of risk-induced bedlam. Surprises in 2022 include the great resignation, new COVID variants and lockdowns in China, the war in Europe, and surging inflation.
All business functions should collaborate in preparing for risks on the horizon.
Helping Businesses of Every Kind, Every Size.