Objective:
The Internal Audit Services, Inc. Int'l
Operational Audit inquiry process is designed to outline a total loss
prevention and internal audit program for your organization.
The IAS approach is to assist your
organization in resolving fraud related issues and losses identified in
the daily operations of your workplace. Essentially, the Internal
Audit Process encompasses three (3) major areas of loss prevention and
liability exposure:
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Physical
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Personnel
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Procedural
IAS's immediate objectives are to assist
your organization with:
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Identifying control weaknesses and potential
sources of loss.
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Reviewing the control in place.
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Developing recommendations for correcting
any problems identified.
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The IAS Approach
Loss of cash,
receipts, equipment, property, inventory or proprietary information
due to internal or external theft, collusion, fraud liability,
embezzlement, policy and procedure violations and other
improprieties, represents a costly business expense. This loss
could occur as a result of shortcomings in operating procedures and
internal controls.
The IAS proactive approach encompasses the
following five elements:
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Analysis of audit findings as applied to
identifying the elements of fraud and liability.
-
Interviews of selected personnel that have
knowledge of the operation of the areas under audit.
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Identification and documentation of fraud
and liability findings; accumulating the evidence needed to determine
prosecution of the extent of restitution through written statement of
admission.
-
Provide support for the audit report serving
as a line of defense when audit conclusions are challenged and lending
support to fraud and liability discussions with personnel.
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Assist in developing recommendation for
correcting any weaknesses identified during our review. The
corrective actions include, but may not be limited to the following:
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Addressing business risks.
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Recommendation of procedures to be
developed and/or documented.
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Education and training
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Recommendation of organizational controls.
Our review includes only those findings
obtained from operational documentation and data files related to the
internal operation. It should be understood that our review may
reveal additional fraud and liability findings.
Benefits
The benefits to your organization are at the
forefront of the IAS proactive approach to achieve your objectives.
These benefits include:
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Identification of the internal control
weaknesses in order to implement practical corrective action.
-
Written statements of admissions of fraud
and liability and/or breach of company policy.
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Signed promissory note of restitution
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Assistance at unemployment hearing review
boards which may avert your organization from rendering unfair payment
of unemployment compensation awards.
-
Potential for reducing insurance premiums
for implementing an in-house loss prevention program.
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Identification of positive and negative
operation activities of both management and staff.
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Creation of a positive atmosphere for
employees about the audit process, intimating to the interviewed
employee that their information is an intricate necessity of the audit
process and a positive proactive approach for the organization.
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Utilization of audit findings to use as a
planning and management tool.
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Behavioral modification of personnel who are
contemplating causing loss and liability to the organization by creating
the atmosphere that such actions cannot be successfully accomplished
without detection and identification.
The extent of our review in each area varies
depending upon the vulnerabilities identified and the loss experiences of
the operation. All confidential reports are provided bound, indexed,
cross-referenced and notarized for executive management and legal review. |
