|
INTERNAL AUDITING: NOT A SOLO ACT ANYMORE
WithumSmith+Brown Global Assurance’s List of Best Practices Stresses Migration from Financial-Only Role to Enterprise-Wide Integration and Alignment
Princeton, NJ, March 9, 2007 -
WithumSmith+Brown Global Assurance (WS+B GA)
www.wsbga.com, a full-service provider of Sarbanes-Oxley (SOX) compliance, internal audit, IT and risk assurance consulting services, has issued a list of recommendations for best practices in internal auditing compiled by Executive Vice President Ray Broek, which includes:
• Embracing a ‘risk assessment focus’ by developing a comprehensive process to identify, assess and manage organization-wide risks.
• Expanding the focus of auditing away from pure financial compliance to improving operational effectiveness.
• Broadening the internal audit staffing model to include a multi-dimensional staff – not just auditors and accountants.
• Using internal auditing as a training tool to help shape future managers.
• Improving communication throughout the organization by involving various constituents in the risk assessment and planning processes.
• Establishing proper corporate governance through reporting relationships with audit committees, executive management and finance and accounting.
• Finding testing strategies that are best for your company such as “continuous auditing” and rotational auditing.
• Making effective use of technology by using tools such as compliance management systems and data analysis software.
“Too often, an organization’s structure and culture isolates its internal audit functions and limits its role, influence and exposure,” said Broek. “We believe that this denies an organization the benefits that result from approaching internal auditing as an interactive component of a firm that is fully engaged in the processes and policies of a business.”
By not incorporating the best practices recommendations in this list, firms face multiple and needless risks including unethical, inefficient and unproductive reporting and procedures as well as the lack of a cohesive and aligned internal structure---all of which can affect the bottom line.
“Shareholders and business partners not only demand transparency, they want to see that an organization is committed to actively pursuing and utilizing effective internal controls,” said Tom Basilo, Chairman and CEO of WithumSmith+Brown Global Assurance said. “By embracing these best practices, an organization will enhance its overall performance which will gain the attraction of investors and boost the confidence of its shareholders.”
About WithumSmith+Brown Global Assurance, LLC.
WS+B GA is headquartered in Princeton, New Jersey and provides counsel and project support for Sarbanes-Oxley and other internal audit and risk assurance related services. WS+B GA offers a staff of highly-trained individuals who are subject-matter experts on a wide range of compliance, corporate governance and business process issues. The firm serves a diverse clientele ranging from public middle-market companies to pre-IPO and private equity/venture capital-backed corporations. WS+B GA offers clients innovative methodologies that are entrepreneurial in spirit resulting in a customized approach stressing hands-on, personalized service. For more information please visit
www.wsbga.com.
|
Back
To Home Page