Internal Audit Outsourcing
Hancock Askew professionals work with management and audit committees of both public and private companies assisting with internal audit activities. These activities include identifying enterprise-wide risks, improving processes, identifying ways to reduce effort through better risk assessment and leveraging technology in order to ensure compliance.
In addition, Hancock Askew’s seasoned IT audit professionals perform technology audits based on your organization’s risk assessment and the systems that affect your financial reporting. This process includes identifying risks and mitigating controls that can be implemented and tested to help ensure that your financial statement system and framework is properly controlled and secure against possible threats and IT related risks.
Hancock Askew provides two internal audit outsourcing arrangements described as follows:
• Full Outsourcing: Hancock Askew professionals perform all the procedures necessary to support the organization’s internal audit function under the oversight of the audit committee or executive management. We provide recommendations on specific internal audit projects to implement annually resulting from co-development meetings with management and we perform procedures throughout the year to ensure that the financial reporting and IT risks are addressed properly. Reports are provided to management throughout the year summarizing progress, recommendations and related results.
• Co-sourcing: Hancock Askew professionals work with side-by-side with management or with an organization’s internal audit group to address internal audit needs that are identified during co-developing sessions held with management. We perform these required procedures with the assistance of the organization.
Hancock Askew professionals have assisted more than 20 companies comply with the Sarbanes-Oxley Section 404 requirements. We are one of the few firms that have the ability to staff our Sarbanes-Oxley engagements with professionals that have had the opportunity to work on both a financial statement audit team for a public company and serve as an internal audit professional. We believe this cross-training approach provides us the needed expertise to identify financial statement risks and related mitigating controls in order to serve our Sarbanes-Oxley clients well. We structure our Sarbanes-Oxley engagements utilizing a top-down, risk-based approach. In addition, we have a proven two-year implementation project plan approach for organizations looking to IPO or raise public debt to ensure compliance. Resulting from our current Sarbanes-Oxley engagements, we have developed industry specific forms and templates to assist in compiling, analyzing, testing and remediating items identified during the overall compliance process.