Internal Auditing

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve a businesses’ overall operations, most importantly the operation of its financial functions, including, but not limited to, accounts payable, accounts receivable, payroll, and cash management. It helps a business accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Further, it can assist highly regulated businesses in determining their degree of compliance with regulatory requirements and various compliance standards.

While a financial statement audit will include an evaluation of a businesses’ key internal controls in order to gain an understanding of them, it lacks the in-depth assessment, analysis, recommendations and assistance with implementation that a full-scale internal audit provides. A full-scale internal audit is typically conducted separately and independently from a financial statement audit.

Tronconi Segarra & Associates has significant experience and exceptionally skilled internal auditors to assist your business in identifying areas of greatest risk and identifying, developing and implementing controls and tools that will help mitigate that risk. Our services include, but are not limited to:

  • Providing assistance in the design, documentation and implementation of internal controls.
  • Assisting in the ongoing monitoring and substantive testing of internal controls.
  • Performing internal control risk assessments.
  • Utilizing tools and data extraction techniques to efficiently implement internal audit plans.
  • Co-sourcing and outsourcing of the internal audit function.
  • Designing and developing internal audit departments.
  • Developing internal audit plans and charters.
  • Reviewing internal audit effectiveness.
  • Assisting in planning audit committee meetings and assessing effectiveness.
  • Reviewing audit committee effectiveness.
  • Coaching boards of directors, audit committees, CEOs and CFOs on financial reporting risk management.