Internal Audit Co-Sourcing / Out-Sourcing
With the oversight of a company appointed executive, the Monaco team is capable of scaling to meet your internal audit needs from on-demand staff augmentation all the way to complete outsourcing of the entire internal audit function. We also provide a proven approach, tools, and leading practices to optimize your investment in internal audit.
Financial Audits
Financial internal audits focus on compliance with company accounting policy and applicable accounting guidance, reliance work for external auditors, and identifying areas for improvement based on leading practices. These audits take into consideration the impact of technology on the accounting organization. Monaco consultants bring to the table extensive experience with accounting and ERP systems, management of accounting operations, and practices to support your external audit needs.
Operational Audits
Operational audits focus on best practices, productivity, cost efficiency and operational effectiveness of functional areas within a business. These audits also take into consideration the impact of technology and data in operational processes. Monaco consultants bring extensive experience in performing operational audits in a multitude of industries and functional areas.
Sarbanes-Oxley / Internal Control Reviews
Sarbanes-Oxley (SOX) is an essential component of any public company’s financial reporting process. Establishing effective internal controls over financial reporting requires an in-depth understanding of the risks. It also requires a practical and cost-effective approach to identifying and implementing the right controls to mitigate those risks. But internal controls are not just for public companies. Private organizations, pre-acquisition, and pre-IPO organizations have the need for well-designed and effective internal control environments that demonstrate the organization’s focus on accurate and reliable financial reporting. Monaco’s consultants have extensive experience in developing, optimizing and testing internal control and SOX compliance programs.
Internal Audit Transformation
Competing priorities and demands from the board of directors, senior management, external auditors, and regulators are forcing internal audit professionals to transform the internal audit function to be more streamlined, disciplined and systematic in approach and execution to improve the overall effectiveness of risk management.
Monaco’s internal audit professionals are well equipped to support your organization with realignment of the internal auditing function to meet the expectations of key stakeholders and provide the highest value to the organization.
Risk Assessments
Whether you want to outsource or co-source your risk management / internal audit function or are simply looking for experienced professionals to augment your current resources for specific projects, our team of dedicated Internal Audit and IT Audit professionals can help you meet those objectives to drive value, manage your organization’s risk and reduce costs. Our methodology to providing internal audit outsourcing and co-sourcing services takes a risk-based approach that focuses on clients’ end objectives and the associated risks that could prevent you from achieving those objectives.
Compliance audits
Companies make agreements or enter contracts for a variety of business purposes. Compliance audits are operational-style audits that determine if a company is following the rules of engagement. Monaco’s consultants can perform or assist clients in ensuring these agreements and contracts are carefully reviewed and audited to ensure no fraud or misstatements exist as the company meets the contractual obligations.
Utilization of Data Analytics in Audit Process
Internal audit departments with dedicated analytics functions see the highest level of value from their analytics, as do those with designated analytics champions. Whether your organization is looking for data analytics assistance on an individual audit or are looking to move to a comprehensive continuous auditing and monitoring program, Monaco’s consultants and their partners can assist your organization in right-fitting to the level of analytics you require.
Technology Audit
In the data driven business environment of today it is critical for organizations of all sizes and in all industries to continually focus on protection of systems and data. Technology audit’s role is to assess the organization’s ability to protect those digital assets, identify vulnerabilities, and recommend opportunities for improvement. Monaco’s internal audit professionals help internal audit functions and technology organizations identify risks and vulnerabilities and provide recommendations and solutions to protect organizational information assets.