Internal Audit

LBMC’s Internal Audit services offer independent and objective assurance, helping organizations strengthen their internal control environment. We bring a systematic, disciplined approach to evaluating and enhancing the effectiveness of risk management, control, and governance processes.

The Role of Internal Audit

Internal audit services are essential in evaluating a company’s performance, focusing on the strength of internal controls. These services help businesses identify and assess risks, such as operational, financial, and compliance risks, while also evaluating the effectiveness of internal controls designed to manage those risks. They involve reviewing processes and systems, aiming to improve operational performance.

Cybersecurity & IT Audit

Skilled IT auditors are invaluable in today’s business world. LBMC’s cybersecurity and IT audit practice offers a variety of internal audit services, including stand-alone audits, integrated audits for SOX compliance, cloud security audits, and third-party audits. The practice can augment or fully meet an organization’s internal IT audit needs.

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We’ve partnered with LBMC for several years, which has allowed us to maintain the necessary IT audit expertise year after year. Rapid technological changes would have made it challenging to source and retain this expertise internally.

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Establishing and Maintaining an Effective Control Environment

Proactive Control: Proactive companies use internal audit functions to help establish and maintain an effective control environment. Internal audit provides significant knowledge and expertise in risk identification and control implementation.
Continuous Improvement: An internal audit function helps promote continuous process improvement within all significant areas of a company’s operations, ultimately protecting shareholder value.

Creating an Internal Audit Function

There are several ways to create an internal audit function:

Internal Resources: An internal audit function staffed entirely with internal resources.
Hybrid: A function staffed with a mix of internal and external professionals.
Outsourced: A fully outsourced function to a professional services firm.

Regardless of how it’s created, your company will reap the benefits of an internal audit function.

Comprehensive Internal Audit Solutions: Financial and Cybersecurity Services

Financial Audit Services

Risk Management Evaluation: We assess the effectiveness of your organization’s risk management processes, ensuring potential threats are identified, analyzed, and managed appropriately.
Internal Control Assessment and Testing: Our team evaluates internal control systems to ensure they are effective, reliable, and aligned with organizational goals.
Compliance Audits: We review compliance with applicable laws and regulations, helping organizations avoid legal pitfalls and maintain integrity.
Operational Audits: We assess operational efficiency and effectiveness, identifying areas for improvement and recommending actionable solutions.
Fraud Investigations: Our team is equipped to conduct proactive fraud audits and investigations, helping safeguard your organization’s assets and reputation.
Governance Reviews: We evaluate and enhance governance structures and processes, ensuring they align with best practices and organizational objectives.
Internal Audit Function Review: We perform “best practices” reviews of your existing internal audit function to identify areas for improvement.
Facilitation of Risk Assessment: We facilitate the risk assessment process with company management, helping identify and prioritize key risks.
Process and System Documentation: Our team documents process and/or system flows to better understand and improve internal operations.
Tailored Reviews: We target specific processes based on requests from management and the audit committee or based on the results of your risk assessment.

Cybersecurity Audit Services

IT Risk and Cybersecurity Assessments: We assess your organization’s IT risks and build related audit plans to mitigate those risks.
IT Internal Audit Staff Augmentation: We provide experienced IT auditors to augment your internal audit team, offering additional expertise and capacity.
Sarbanes-Oxley Readiness and Compliance: Our team helps you prepare for and maintain compliance with Sarbanes-Oxley requirements.
Stand-alone Audits: We perform focused audits on areas like cybersecurity, IT general controls, and security configurations.
IT Process Audits: We review specific IT processes, such as vulnerability management, threat management, and project implementation.
Vendor Audits: We assess your vendors’ IT controls and processes to ensure they meet your organization’s standards.
Documentation of Processes and Internal Controls: Our team documents IT processes and internal controls to enhance oversight and compliance.
Targeted Process and Technology Audits: We conduct targeted audits based on the results of risk assessments or at the request of management and the audit committee.

Benefits of LBMC Internal Audit Services

At LBMC, we design our Internal Audit Services to greatly enhance the efficiency and effectiveness of your internal controls and auditing processes. Our approach is comprehensive, covering a wide array of critical areas crucial to your business operations. We tailor our services to meet the specific challenges and opportunities of your business, ensuring a detailed and effective audit that aligns with your strategic goals.

Streamlined Communication: Ensuring cohesive strategies and interactions across financial and cybersecurity disciplines.
Unified Methodology: Applying consistent auditing standards across all internal audit functions to enhance reliability and trust.
Broadened Insight: Offering a wider perspective on internal controls that cover both financial integrity and cybersecurity resilience.

Financial Internal Audit Benefits

Accelerated Audit Timelines: Leveraging additional resources and expertise to streamline the audit process.
Enhanced Technical Expertise: Access to specialized knowledge not typically available within internal teams.
Holistic Audit Value: A comprehensive understanding of audit benefits, extending beyond mere issue identification.
Industry-Leading Practices: Utilization of best practices for thorough and effective audits.
Sector and Compliance Specialization: Expertise in addressing unique industry and regulatory challenges.
Cost-Effectiveness: Competitive rates paired with unparalleled industry experience.
Risk and Compliance Management: Including Sarbanes-Oxley compliance, risk identification, and internal control assessments.

Cybersecurity Internal Audit Benefits

Access to Cybersecurity Experts: Drawing on the extensive knowledge of LBMC’s cybersecurity professionals.
Targeted Expertise: Addressing specific cybersecurity challenges with industry-leading insights.
Comprehensive Risk and Control Evaluations: Identifying weaknesses and providing actionable recommendations.
Updated Technological Practices: Ensuring that audits reflect the latest in cybersecurity advancements.
Enhanced Security Posture: From initial risk assessment to ongoing compliance and security management.

Why Internal Audit Matters

Enhanced Risk Management: Internal audits help identify and manage risks before they become critical issues, allowing organizations to proactively address challenges and seize opportunities.
Improved Governance: By assessing and enhancing governance processes, internal audits support organizational integrity and accountability.
Operational Efficiency: Internal audits identify inefficiencies and recommend improvements, contributing to more streamlined and effective operations.
Independent Assessment: An internal audit function provides independent assessments of key processes, systems, and transactions. This ensures that the audit committee and board of directors have the information necessary to perform their roles effectively.
Enhanced Control Environment: An effective internal audit function improves the overall control environment by overseeing financial, operational, and compliance areas. This helps prevent fraud and ensures adherence to directives from management and the board.
Talent Development: Internal auditors learn a lot about important processes and systems, making them great choices for key roles in the company after they leave the internal audit area.

LBMC Internal Audit Executive Team

LBMC Is Here to Help

Not sure what you need? That’s okay. Just give us a description of what you’re looking for and we will have an LBMC sales team member contact you. LBMC is qualified to handle complex and challenging financial and consulting situations. Our fees reflect this expertise.

Internal Audit

The Role of Internal Audit

Cybersecurity & IT Audit

Establishing and Maintaining an Effective Control Environment

Creating an Internal Audit Function

Comprehensive Internal Audit Solutions: Financial and Cybersecurity Services

Financial Audit Services

Cybersecurity Audit Services

Benefits of LBMC Internal Audit Services

Financial Internal Audit Benefits

Cybersecurity Internal Audit Benefits

Why Internal Audit Matters

LBMC Internal Audit Executive Team

LBMC Audit

Jim Meade

CEO and Managing Shareholder, LBMC, PC

Aaron Hale

Shareholder, Audit and Advisory

Andrew J. Usery

Shareholder, Audit and Advisory

Bill Kelso

Shareholder, Audit and Advisory

Brian Tate

Shareholder, Audit and Advisory

Chad Milom

Shareholder, Audit and Advisory

Courtney Bach

Shareholder, Audit and Advisory

Jacob Schuetze

Shareholder, Audit and Advisory

Jim Stevison

Shareholder, Audit

John Kennedy

Shareholder, Audit

John Mark McDougal

Shareholder, Accounting and Assurance

Laura McGregor

Shareholder, Audit and Advisory

Marc Tolleson

Shareholder, Audit and Advisory

Mark Blackburn

Shareholder, Audit and Advisory

Mark Waters

Shareholder, Audit and Advisory

Matt Smith

Shareholder, Audit and Advisory

Meaghan Reynolds

Shareholder, Audit

Nick Hill

Shareholder, Audit and Advisory

Paul Demastus

Shareholder, Audit and Advisory

Ryan Johnson

Shareholder, Audit and Advisory

LBMC Is Here to Help