Audits can be a headache for any organization. For banks and other companies in heavily-regulated industries, audits can quickly eat up a disproportionate amount of a board’s time and focus. Chartering a specialized committee can ease the headache of routine audits. So let’s take a closer look at everything your board needs to know about audit committees.Continue reading
Auditors also assess things such as risk in order to help guide organizations to a healthier and more prosperous financial future.
Internal audits happen frequently within an organization. Companies utilize their own hired talent to review the work of others or the overall validity of the company’s financial reporting. As the Association of Certified Fraud Examiners explains it, “The internal audit function helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The scope of internal auditing is broad and may involve the efficiency of operations, IT controls, the reliability of financial reporting, deterring and detecting fraud, and compliance with laws and regulations.”