- Sarbanes Oxley Act considerations:
- Internal testing;
- Corrective action assistance and testing.
- Internal audit outsourcing;
- Risk assessment;
- Audit plan development;
- Traditional compliance audits;
- Business process improvement.
- Internal audit staff augmentation;
- Internal fraud investigation;
- Audit Committee advisory services.
Assisted management and the Audit Committee in preparing an annual internal audit plan that includes consideration of (i) recurring internal compliance matters, (ii) newly identified risk-based areas of concern, and (iii) follow-up audits to ensure that managementís stated actions plans have been implemented.
Analyzed the processes and controls over the purchasing function of two metal stamping facilities. Recommendations were made in a wide range of areas, including:
- Supplier database maintenance and controls;
- Guidelines for receiving quotations;
- Procurement card usage;
- Processes to improve the manner in which discrepancies between receiving reports and invoices were handled;
- Controls over purchase order approval.
Analyzed the processes/controls over the procurement of services from subcontractors by a $20 million manufacturing business. Areas of recommendation included:
- Formalizing contracts with subcontractors;
- Amending minimum batch charges (to save money);
- Processing invoices in a more efficient manner;
- Processes in place to review pricing to subcontractors.
Analyzed the time capturing system and change order process of a die engineering/manufacturing division of a $100 million privately owned company. Identified eleven areas of improvement ranging from highly detailed process-oriented comments to strategic observations, including cost accounting reporting, quotation development (including terms and conditions considerations), engineering and manufacturing time reporting, and the process to identify opportunities for incremental customer billings through the change order process.
Analyzed the scrap and purchasing processes for a wholly owned foreign subsidiary of a metal stamping business. Scrap review focused on causes of scrap, storage, recovery, monitoring/reporting of scrap levels (five areas of improvement were identified). Purchasing review encompassed supplier evaluation/certification process, approval over purchase orders and competitive bidding process for which seven specific recommendations were identified.
Performed a fraud investigation that identified more than $400K in misappropriated payroll funds; our work was turned over to the U.S. Postal Service for prosecution (mail fraud), which resulted in multiple indictments and three convictions.
Performed on-site audits of selected locations of an engineering services business, focusing on (i) flowcharting selected key business processes (including identification of internal control strengths/weaknesses) (ii) efficiency of invoice and expense report processing, (ii) processes in place for monitoring contracts in progress, including development/update of cost (including estimated cost to complete) and revenue budgets.