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Internal Audit
Internal auditing has been historically performed as an in-house service, which cost companies large amounts of funds to complete. The recent universal emerging trend is for companies to outsource the internal audit function to professionally qualified internal auditors in an effort to minimize the cost of completion and obtaining professional feedback on the company’s financials and internal control systems.
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We understand the risks organizations face and have the technical expertise to help them manage those risks effectively. We employ a risk based approach tailored to the unique risks of each organization we serve. This allows senior management to zoom in on those areas that are most critical to the organization's operational success. There are various types of internal auditing, which Becker Advisors performs:
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Financial
This type of audit represents a study of the current financial position of an operation to evaluate the fair presentation of the financial position as reported on the balance sheet, income statement, and the statement of cash flows. With this type of audits, we complement the work of the external auditors in reaching a fair financial statement presentation.
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Operational
The operational audit is an extension of the financial audit. Whereas the financial audit tells the management where they were and where you are; an operational audit tends to answer the questions why you are where you are and how you got there. The operational audit evaluates the four functions of management:
(1) Planning
(2) Organizing
(3) Directing and
(4) Controlling.
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Functional
The functional audit concentrates on auditing a specific function or department. With this type of audit, Becker ensures that the operational functions and / or departments are operating as intended.
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Contracts
This type of audit is a review and evaluation of contract terms and conditions with its related financial transactions. This type of audits is mainly utilized to contracting / construction contracts where Becker clients are interested in determining that contract articles have been correctly observed and adhered to.