why
fowler & company
You have a few options.
- Self-assesment with an independent validation
- External QAR
Self-assessment with an independent validation
The self-assessment with independent validation starts with the supervision and completion of a comprehensive and fully documented self-assessment process and report. The Internal Auditor would oversee the efforts of the internal assessment team that completes planning, performs the work program, evaluates conformance with the IIA’s mandatory guidance and then summarizes the results in a report format.
The qualified, independent external assessor with then validate the work of the assessment team through review of the work performed, re-performance of selected assessment steps, review of interviews and conclusions noted in the self-assessment report.
Once this work is complete, the external assessor will issue a brief report to provide an opinion confirming the results of the internal assessment or dissenting based on the review results. This report is then available for dissemination to senior management and the board.
External QAR
The full external quality assurance review is performed by a qualified independent external assessor who is guided by the Standards.
Based on the Quality Assessment Manual, 2017 IPPF Aligned Edition, for Internal Audit Activities, we will:
- Assess and provide an opinion on the internal audit’s conformity to The Institute of Internal Auditor’s International Standards for the Professional Practice of Internal Auditing, Definition of Internal Auditing and Code of Ethics.
- Evaluate internal audit’s efficiency and effectiveness in carrying out its mission
- Identify opportunities to enhance internal audit’s management of resources and work processes as well as its value to your organization.
- Evaluate experience and skill sets of current internal audit management and staff to assist in determining if these skills meet the needs of the organization.
Costs and Benefits associated with each type of Assessment?
The cost for an external assessment includes higher out of pocket costs versus a self-assessment with validation. However, the commitment of internal resources for a self-assessment is much higher with a self-assessment and can often be a strain on the internal audit hours for smaller shops. A self-assessment can be a tremendous learning opportunity for the assessment team. This can be an opportunity to become more familiar with the IIA Standards and how they are implemented within your organization. There are also benefits derived from the broader scope of an external assessment and a fresh look at your internal audit activity.
Recommendations for Improvement
As part of this process, certain recommendations will come to light that will not be included in the external assessor’s opinion report because they are not part of that assessment. However, these are often helpful to the Internal Audit Department and will be included in an informal report to the Internal Auditor.
what differentiates us?
We are an internal audit firm. In fact, we are dedicated primarily to internal audit, controls, exam preparation/remediation, SOX & Compliance for Community Banks. We do not perform other types of conflicting work such as bookkeeping, taxes or external audit work.
We follow the International Standards for the Professional Practice of Internal Auditing as promulgated by The Institute of Internal Auditors (IIA) and our training is dedicated to the study of internal audit.
In addition, we have implemented and follow the Code of Ethics established by the IIA that emphasizes the principles of objectivity, competence, confidentiality and integrity. We only employ highly experienced personnel. Unlike other firms who may send in less experience auditors, all of our auditors have worked in internal audit or the banking field for 20 years or more.
This varied background gives us a unique perspective and allows our auditors to hit the ground running while limiting the impact to your personnel and financial resources. In fact, this broad experience allows us to perform much of our work off-site with minimal on-site visits to minimize disruptions.
our directives
The primary directive of Fowler & Company, LTD is to provide the Board of Directors, the Audit Committee and Senior Management of our clients with an internal audit function that independently evaluates the adequacy and efficiency of the systems of controls within their various entities – as well as the quality of ongoing operations.
Our secondary directive is to advise and assist operating management in the development of cost-effective control systems that will sustain and improve the overall quality of our client’s business functions.
The tertiary directive of Fowler & Company, LTD is to interact appropriately and effectively with external accountants, regulators and other governmental agencies.
privacy
At Fowler & Company, LTD, preserving the privacy and security of our client’s information is paramount. Our Code of Conduct requires that client information remain confidential. We maintain physical, electronic and procedural safeguards to protect our client’s information.
