Internal audit can be an enabler of good business. A well designed risk management and internal audit function can be a strategic change agent.

Are you getting the value that lies between audit's governance and consulting responsibilities?  If not, give us a call.


The Institute of Internal Auditors (IIA) defines Internal Audit as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Historically, it was believed that Internal Audit was a necessary evil and that of a compliance function. Today, audit departments add value to an organization’s strategy, operations, and risk management activities by proactively identifying unforeseen error in processes, systems and behaviors. Likewise, best-in-class Sarbanes-Oxley (SOX/J-SOX) compliance initiatives enhance an organization’s enterprise value and control.

The performance of your function is dependent upon risk identification, expertise, recommendations, and proactive monitoring of audit findings. Weak Internal Audit departments lack the ability to drive change and, as a result, resources invested in the function are lost.

Our IA and SOX solution can help you get the most value from your financial, operational and compliance oversight. Learn more about our success stories to better understand how we can serve your business. 

Sample Benefits Chart | Orchid Advisors

Indicators of Need

  • Lack of independent reporting structure
  • Limited exposure to Audit Committee
  • Limited support by senior management
  • Poor alignment to strategic objectives
  • Poor relationship with management
  • Lack of a balanced, risk based plan
  • Non-value added recommendations
  • Limited control automation
  • Inappropriate staffing mix and skill
  • Limited self-evaluation vs IIA standards
  • Weak audit reports and follow-up audits
  • Lack of audit tools (ACL; e-Workpapers)
  • Limited continuous monitoring
  • Limited alignment to external audit
  • SOX viewed as a one-time project
  • Controls not rationalized
  • Excessive manual spreadsheets
  • Limited adoption of self-assessment

Solutions

  • GRC Implementation
  • Entity-Level Controls Development
  • Fraud and Ethics Program Assessment and Design
  • Governance Assessment and Design
  • Compliance Program Development
  • Facilitated Enterprise Risk Assessment
  • Private Equity Portfolio Control
  • Compliance Value Optimization (SOX and Audit)
  • Internal Audit (Co-Source, Full Source) Department Design
  • IA/SOX Risk Assessment and Plan Creation
  • SOX/J-SOX (full or partial support)
  • Facilitated Enterprise Risk Assessment
  • IIA Quality Assurance Review
  • Control Optimization
  • ACL; e-Work paper Implementation
  • Continuous Monitoring
  • ERP Application Controls Review
  • Spreadsheet Automation
  • Control Implementation


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