Internal Audit

Internal Control is broadly defined as a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding achievement of objectives in the following categories:

• Reliability of financial reporting
• Effectiveness and efficiency of operations
• Compliance with applicable laws and regulations.

Well designed control activities might accomplish one or more of these objectives. The Precipio Group has extensive experience in the design, implementation, testing and evaluation of internal controls. Moreover, our Internal Audit Services strive to embed control activities into the business process functions to achieve an efficient workflow with minimal disruption to operations – controls should not be a layer of activities placed on top of business functions; rather, they should be activities integrated into the routine business process.

We will adjust the level of our services to your needs and the availability of your internal resources:

• Internal Audit Outsourcing – we function as your Internal Audit Department to  i) design the annual audit plan and present it to your Board of Directors, ii) design Test Plans and Audit Programs, iii) execute scheduled audits, and iv) report results to Management/BOD.
• Internal Audit Co-sourcing – we work with your existing Internal Audit Department to complement their services as needed, such as assisting with annual Audit Plan design, periodic testing, evaluation of results or designing test plans.
• Internal Control Design – maybe you have a fully operational IA Department, but have operational or financial functions that require assistance independently designing and implementing internal controls. For this service, we work with your business units to help design effective internal controls to meet your objectives.
• Information Technology Controls – IT control is a unique component of an Internal Control environment, requiring specialized knowledge and experience.  The Precipio Group has the expertise required to design IT controls and integrate them into business processes.
• Special Projects – we can perform limited engagements to achieve specific management objectives, leaving your IA Department available to execute its annual Audit Plan. For example, we can perform an in-depth analysis of an asset portfolio, or we can execute a program of site visits to branch offices overseas.