Providing assurances on whether a robust system of internal controls is in place delivers stakeholders with a higher degree of confidence in management practices. Our deliverables range from an entity-wide risk assessment report with recommendations to strengthen control weaknesses, a report on the assessment and/or testing of internal controls, or a risk-based internal audit plan.
We provide outsourced or co-sourced services to Internal Audit shops conducting in accordance with professional auditing standards and the requirements of the Institute of Internal Auditors (IIA) for the practice of Internal Audit.
Entity-wide Risk Assessment and Audit Plan
PSPA’s risk and control consultants offer a customized, flexible approach for identifying risks, ranking them based on impact and likelihood, and dete mining the most adequate risk response based on your needs.
Whether the assessment is a stand-alone process that provides a snapshot of current risk, or a step in developing a more formal enterprise risk management framework, we will provide in-depth industry knowledge and leverage our commitment to governance, risk management and compliance. Our ERA process includes
Identification of risks in multiple dimensions including Governance, Strategic Planning, Operational activities, Information Technology and Human Capital
Development of a risk register (log)
Generating risk rating criteria
Prioritizing identified risks
Making recommendations to mitigate risks
Developing an Audit Plan – the list of potential internal audit projects and their appropriate audit cycle - aligned with the organization’s strategy, focused on the greatest risks, and constructed in the most cost-effective fashion.
Co-sourced and Outsourced Internal Auditing
PSPA’s deep knowledge of government functions, department and program mission and objectives and their associated controls ensures a meaningful and complete internal controls assessment in every assigned project. We provide recommendations for strengthening controls and close operational gaps while making sure there is an appropriate balance between controls and their cost. We also develop a system to monitor, assess and update those controls in the future.
Through Compliance Audits we evaluate the organization's compliancewith applicable laws, regulations, policies and procedures and provisions of contracts or grant agreements. PSPA professionals have conducted compliance audits for numerous public sector programs, divisions, and departments.
While nearly all of the provisions of the Sarbanes-Oxley Act bill apply only to publicly traded corporations, many nonprofit leaders have voluntarily adopted particular Sarbanes-Oxley provisions to ensure effective governance of their organizations.
With our extensive knowledge of the principles for good governance, PSPA is equipped to review your board’s activities and make recommendations to enhance board practices and principles.
We also assess whether there is independence and clarity of purpose/roles/responsibilities, the right mix of board members, and if board member strengths and time are well utilized.
Policies and Procedures Development
Without formal and adequate policies and procedures organizations are at risk of control weaknesses, excessive costs, loss of assets, operational inefficiencies, inaccurate recordkeeping, business interruption, and even statutory sanctions.
Our team can help you build new or strengthen existing policies and procedures while ensuring the adequacy of related control activities, such as segregation of duties, authorization procedures, adequate documentation, independent checks, physical controls, and transactional recording.
We write policies and procedures in clear, concise, simple language, with policy statements that address the directive rather than how to implement it.