International Business Agency

Internal Audit & Control

Internal Audit & Control  IpocampusInternal control review is important for strategic sourcing, risk management, fraud prevention and quality assessment. Our team brings objectivity to your internal control processes to improve your organization’s operations, help you maintain an effective system and meet government and accounting requirements.

With today’s increased scrutiny of internal control processes, it’s more important than ever to have a systematic, disciplined approach. The scope of internal auditing within an organization is broad and may involve topics such as the efficiency of operations, the reliability of financial reporting, deterring fraud, safeguarding assets, and compliance with laws.

At Ipocampus Holding Odoni Partners, we will evaluate the adequacy of segregation of duties, transfers of accountability, supervisory reviews and approvals, reconciliations, physical safeguards over cash, checks and critical forms as well as the existence of written procedures.

Our team also provides ongoing staff training and assist with financial reporting COSO's (Committee of Sponsoring Organizations) five components:

  • Control Environment - sets the tone for the organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control.
  • Risk Assessment - the identification and analysis of relevant risks to the achievement of objectives, forming a basis for how the risks should be managed.
  • Information and Communication - systems or processes that support the identification, capture, and exchange of information in a form and time frame that enable people to carry out their responsibilities.
  • Control Activities - the policies and procedures that help ensure management directives are carried out.
  • Monitoring - processes used to assess the quality of internal control performance over time.
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