Do you think all audit service providers are alike? Think Again. . .
- Do your current auditors follow the recently revised professional standards set forth by the Institute of Internal Auditors and do they adhere to the IIA's Code of Ethics?
- Does your current auditor comply with every element of the FFIEC's Guidance Letter on the Outsourcing of Internal Audit (March 2003)?
- Do your auditors hold industry-recognized, professional credentials in internal controls, information technology, ACH, consumer compliance, BSA/AML and risk management?
- Do the audit reports you currently receive identify control objectives, types of exposure, types of risk, specifics regarding design and operational deficiencies, sampling sizes and techniques, the scope and testing performed and proposed solutions?
- Are the audit reports and audit scores you currently receive fair, complete, comprehensive and understandable by your management team, your independent public accountants, your audit committee members and your regulators?
- Do your receive 'white papers' from your auditors on risk trends, regulatory insights, audit committee guidance and best practices?
- Does your current auditor endeavor to perform audits offsite to save time and expense dollars?
- Do you consider your auditors your "in-house" audit department?
If the answer to even one of these questions above is "no", it's time to make a change.
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