The role of internal audit is evolving due to economic conditions, globalization, and ever changing risks. These scenarios are creating a dynamic environment – and a new opportunity for internal audit to demonstrate its value. In this fluid environment, many companies are struggling to manage – and sometimes, even to identify – the complex risks they face.

The initial step in establishing an internal audit function is to understand the audit universe, identifying both internal and external risk factors. A three- to five- year internal audit plan can then be developed. High risk areas are usually audited at least once every three years. Lower risk audits are completed at management’s discretion over the five-year internal audit plan.

In performing an internal audit, RubinBrown works closely with management to develop and execute your internal audit plan. Our greatest asset is our diverse group of seasoned professionals. At RubinBrown, over 25 dedicated internal audit professionals with experience in industry, internal audit, and public accounting are available to meet your needs.

RubinBrown provides a range of internal audit services in both an outsourcing and co-sourcing capacity.

While maintaining objectivity and independence, outsourcing your internal audit function provides technical proficiency and minimizes fixed costs.

By augmenting your existing staff through a co-sourcing arrangement, your organization benefits from the niche audit skills that have been traditionally difficult to maintain internally. At the same time, your organization can develop experience and knowledge internally.

RubinBrown provides on-going internal audit services to a privately held, family owned food distributor with revenues over $1 billion. The primary objective of our internal audit work is to ensure that adequate operational and financial internal controls are in place. An internal audit risk assessment was completed and a three-year internal audit plan was developed. Internal audits are completed quarterly at the direction of the CFO in an out-sourcing arrangement. The internal audit team assigned to this client has a significant amount of experience in the food and distribution industries.

RubinBrown also serves a privately held packaging equipment manufacturer with internal audit services. We complete quarterly reviews at their field locations to ensure proper corporate governance is in place and to test compliance with company policies. With over ten divisions and 20 manufacturing locations, each facility is visited once every three years. Corporate activities are audited at the direction of the CFO in an out-sourcing arrangement. We have recently completed fraud testing at this client using data mining and analysis.

A publicly traded diversified manufacturer co-sources internal audit with RubinBrown. This company’s desire to maintain a low fixed cost structure and a high level of expertise led to the decision to utilize our internal audit resources. Internal audits and Sarbanes-Oxley projects are completed as needed each year at the direction of an Internal Audit Director who reports directly to the Audit Committee.