How to choose reliable Internal Audit Firms in Maryland?

How to choose reliable Internal Audit Firms in Maryland?
6 Min Read

Internal Audits are checks and tests that are used to find any error or risks in your internal controls.

As organizations and businesses, you're required by the law to undergo internal auditing every year. Internal audits are the tests and checks conducted to find any errors or risks in your internal controls. This audit is internal because you'll use active personnel to provide an objective assessment of the state of the organization's activities.

In Maryland, some internal auditing companies exist. This may be a hassle finding one that will not only see the issues in your business or organization system but also offer solutions.

List of things to know before hiring an Internal Audit Firm

Here's a list of things to consider the order to find a reliable audit firm:

1. What services do they provide?

There is a range of activities to be conducted during an audit. The reason for performing the audit will guide you on selecting the internal audit consulting firm. List all the ideas so you can match them to a firm that offers those services. Also look for a firm is problem-solving and advises to get full benefits from it and avoid spending time and money to hire another one. Some of the activities the firm should offer are risk management strategies and check for legal and security issues, compliance, and ethics in your organization.

2. Their experience in conducting audits

The internal auditing service should have taken part in previous audits and not a new firm if you want to get the best service. They should have conducted audits for years or held a high number of audits. A less experienced auditor can do the job, but if you want to add value through an internal audit, hire one who has worked with other organizations. For lead auditors, they should have at least three to five years of experience. Using experience, you can narrow down the list of potential auditors in Maryland.

3. Education

The auditors should consider at least a degree in a business-related course. Also, they must have done a course in public internal auditing. This course gives the auditor the tools and knowledge in management systems and performing valued internal audits. Also, a trained auditor has interpersonal skills like organization and gathering evidence to report on the audit findings. Training is proved by a recognized certification showing their qualifications in conducting an audit. Certificates include Certified Internal Auditor that is given by The Institute of Internal Auditors or Certified Information System Auditor.

4. Knowledge of Information technology

Auditing requires one to know IT. This enables them to understand your organization system. Also, they need to use a computer-aided auditing tool such as Excel that makes their results more accurate.

5. Problem-solving and critical thinking ability

Making decisions is important during auditing due in no small amount of data and evidence. The firm should be able to decide which data is relevant using critical thinking. Also, the firm should be able to develop solutions to any problems they find.

6. Proper time management

The number of tasks to be done during an audit is many and should be completed within the specified timeframe. A good auditing company will priorities critical functions and work according to the schedule.

7. Good communication skills

Communication skills are needed since they have to engage with your employees. Also, when the audit service has to report their findings to management after finishing the audit. During the exit meeting, they should be able to communicate their conclusions effectively both in speech and writing(audit report).

8. High attention to details

The internal auditing services should be able to pay attention to more information to detect fraud and errors. Find errors and risks is one of the objectives of conducting the audit. This means that you should hire a keen auditing firm to find critical red flags in your system.

9. Use referrals

You can ask fellow businesses and organizations in Maryland on which internal auditing service they found useful. This gives you a first-hand review of their reliability since they have worked with them before. You can also ask your friends and family for the same.