Internal Audits

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What Are Internal Audit Services? Larger organizations and financial institutions typically have an internal audit function. This function is normally performed by one or more individuals whose duties are to objectively examine financial controls and systems, as well as quality control, customer satisfaction, and productivity within their company or organization and recommend improvements to areas examined. Internal auditors typically report to executive management and/or the board of directors. Organizations that report to the SEC ordinarily are not permitted to have their internal audit function performed by the same entity that performs its external audit. Why Should You Outsource Your Internal Audit Function? Your benefits are numerous. They include the following: Cost Savings - In some cases, outsourced internal audits can be performed for as little as 50% of a staff auditor's salary and benefits. Expertise - The internal audit function can be a difficult position to staff within an organization, especially in a booming economy. Individuals are often reluctant to stay in a position that offers limited upward mobility. Outsourcing this function greatly enhances the wide range of experience brought to the position, and usually provides for greater efficiency of the function as well. Strategic Focus - Outsourcing this area allows management to spend more time on strategic planning and managing other functional areas. Facilitates the Downsizing Process - You may have already decided to eliminate or reduce this function in your company over a period of time. We can assist in the transition and work with staff as they transition out into other positions.   Who to Contact for More Information Contact one of our experts so they can share with you our experiences in this area and help you determine if this is something your organization should consider. Auburn Hills:  Roger Hitchcock Bay City:  Randy Morse Grand Rapids:  Stephen Miller Greater Lansing:  Jeff Fineis Saginaw:  Randy Morse or Duane Reyhl

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