We’re specialists in fraud examination, forensic behavior analysis interviewing, risk assessments, risk analysis and loss prevention across the Unites States and abroad.
Operational Loss/Liability Analysis
The Internal Audit Services, Inc. Int'l Operational Audit inquiry process is designed to outline a total loss prevention and internal audit program for your organization.
The IAS approach is to assist your organization in resolving fraud related issues and losses identified in the daily operations of your workplace. Essentially, the Internal Audit Process encompasses three (3) major areas of loss prevention and liability exposure:
Physical
Personnel
Procedural
IAS's immediate objectives are to assist your organization with:
Identifying control weaknesses and potential sources of loss.
Reviewing the controls in place.
Developing recommendations for correcting any problems identified.
The IAS Approach
Loss of cash, receipts, equipment, property, inventory or proprietary information due to internal or external theft, collusion, fraud liability, embezzlement, policy and procedure violations and other improprieties, represents a costly business expense. This loss could occur as a result of shortcomings in operating procedures and internal controls.
The IAS proactive approach encompasses the following five elements:
Analysis of audit findings as applied to identifying the elements of fraud and liability.
Interviews of selected personnel that have knowledge of the operation of the areas under audit.
Identification and documentation of fraud and liability findings; accumulating the evidence needed to determine prosecution or the extent of restitution through written statement of admission.
Provide support for the audit report serving as a line of defense when audit conclusions are challenged and lending support to fraud and liability discussions with personnel.
Assist in developing recommendations for correcting any weaknesses identified during our review. The corrective actions include, but may not be limited to the following:
Addressing business risks.
Recommendation of procedures to be developed and/or documented.
Education and training
Recommendation of organizational controls.
Our review includes only those findings obtained from operational documentation and data files related to the internal operation. It should be understood that our review may reveal additional fraud and liability findings.
Benefits
The benefits to your organization are at the forefront of the IAS proactive approach to achieve your objectives. These benefits include:
Identification of the internal control weaknesses in order to implement practical corrective action.
Written statements of admissions of fraud and liability and/or breach of company policy.
Signed Promissory Note of Restitution.
Assistance at unemployment hearing review boards which may avert your organization from rendering unfair payment of unemployment compensation awards.
Potential for reducing insurance premiums for implementing an in-house loss prevention program.
Identification of positive and negative operation activities of both management and staff.
Creation of a positive atmosphere for employees about the audit process, intimating to the interviewed employee that their information is an intricate necessity of the audit process and a positive proactive approach for the organization.
Utilization of audit findings to use as a planning and management tool.
Behavioral modification of personnel who are contemplating causing loss and liability to the organization by creating the atmosphere that such actions cannot be successfully accomplished without detection and identification.
The extent of our review in each area varies depending upon the vulnerabilities identified and the loss experiences of the operation. All confidential reports are bound, indexed, cross-referenced and notarized for executive management and legal review.