Internal Audit Outsourcing and Co-Sourcing
Developing an internal audit function can be both difficult and time-consuming, while employing a qualified internal audit staff can be equally daunting from a cost perspective. For organizations that want a better solution, K Financial is the ideal resource. Our internal audit methodology is based on the Institute of Internal Auditors’ Standards for the Professional Practice of Internal Auditing and incorporates best practices of highly successful companies. K Financial also provides co-sourcing services to enhance the capabilities of internal audit departments.
Internal Audit Quality Assessment
K Financial’s Quality Assessment (QA) service includes a review and evaluation of the internal audit charter, work plan, work papers and reports and an assessment of the overall quality of the internal audit function. We conduct interviews with the internal audit director, customers and chairman of the audit committee in order to make recommendations to improve the perception and performance of the internal audit department within the organization. The most unique feature of our QA service is that our relationship with you does not end once we leave the field and deliver our report. In fact, it has just begun. We equip you with tools to help implement our recommendations and support you with useful information, articles, work programs and white papers for years to come.
Enterprise Risk Management
Since 2003, K Financial has helped companies implement and maintain Enterprise Risk Management Programs for identifying and evaluating critical business risks and the related controls. The firm utilizes an internally developed, web-based application that provides a customizable, affordable approach to risk identification, control and monitoring.
Financial Statement Risk Assessment
Since 2003, K Financial has helped companies perform financial statement risk assessments (FSRAs). The assessments are used by public companies as a framework for SOX 404 compliance to ensure that their SOX programs are “risk-based”. They are also used by private companies to help management, the board of directors and audit committee understand the significant financial reporting risks that the organization faces and how these risks are being controlled. K Financial utilizes an internally developed, web-based application that provides a customizable, affordable approach to financial statement risk identification, control and monitoring. The most significant feature of the K Financial FSRA program is the methodology it utilizes for quantifying and scoring risks. The scoring mechanism, which is now automated and built into the application, enables companies to understand the true exposure for each of their significant financial reporting risks and make educated decisions about how to manage and control risks.
Sarbanes-Oxley Advisory Services
K Financial’s CPAs, CISAs and CIAs are highly trained on the requirements of the Sarbanes-Oxley Act of 2002 (the Act). We can help you comply with the numerous provisions of the Act, primarily Section 404. K Financial uses a straightforward methodology for documenting, testing and assessing the effectiveness of internal control over financial reporting. The primary objective of our methodology is to go beyond mere compliance and provide real value by identifying opportunities to make processes more efficient and strengthen controls. Our approach incorporates best practices used by Fortune 500 companies, requirements set forth in Section 404 of the Act and the Public Company Accounting Oversight Board’s Auditing Standard No. 5. The scope of our services can be tailored to fit your needs, depending on the availability and skill of your in-house resources. K Financial offers a unique SOX 404 Fixed Fee Solution, which is described in the attached document.
Insurance Claims Audits
K Financial’s insurance claims audit is a valuable management tool for measuring the performance of the claims department. Our claims audits focus on the substance of claim investigation and settlement techniques as well as compliance with insurer policies and procedures. As a result, we are able to provide valuable insights and recommendations to help you improve the effectiveness of your claims handling. In addition to being backed by extensive experience within the insurance industry, our claims audit CPAs and CIAs are fully certified by the Insurance Institute of America, including Associates in Claims and Associates in Insurance Accounting and Finance designations. Our professionals are also active in the Rocky Mountain Chapter of the Insurance and Accounting Systems Association.
BSA/AML Compliance Services
K Financial and its professionals are committed to helping banks and other financial institutions meet their responsibility to prevent, detect, and respond to money laundering and terrorist financing activities, while addressing the challenges of the USA Patriot Act, Bank Secrecy Act (BSA), Office of Foreign Assets Control, and international anti-money laundering (AML) laws and regulations. Our AML Compliance Professionals – consisting of Certified Anti-Money Laundering Specialists, Certified Public Accountants, Certified Internal Auditors, forensic accountants, and IT professionals – help banks and other financial institutions develop AML programs that are efficient and effective over the long term.
Our BSA/AML service offerings include:
• BSA/AML Compliance Program Consulting
• Independent Audits and Assessments of BSA/AML Programs
• Suspicious Activity Investigations and Reporting
• Responding to Regulatory Directives or Enforcement Events
• Look-Back Reviews
• Training and Education |
