Financial institutions are required by various regulatory agencies to maintain strict internal controls. Planning for an internal audit can be a stressful time for any financial institution. You want to engage an auditor who will work closely with your internal audit staff; one you can trust and who will answer your questions throughout the process, and throughout the year.
Eide Bailly can assist your financial institution in the formation of an internal audit plan and examine and evaluate the adequacy and the effectiveness of the controls you currently have in place. We conduct agreed-upon procedures engagement in accordance with the attestation standards established by the American Institute of Certified Public Accountants. We also complete internal audit exams on a quarterly basis. As another option, we assist with developing the internal audit function, which includes documenting policy and procedures, setting up timing of procedures and establishing individual responsibility. We'll review the internal auditor's working papers, permanent files and reports.
An effective internal audit has a positive impact on internal controls. We include the internal auditor as a part of our audit team in the performance of interim and year-end audit procedures. With focused experience in the banking industry, we are trusted business advisors for each institution we serve.
