Audit and Review Services
TLG Financial Consulting (TLG) offers a number of different types of Audit and Review services. Many types of these audits and reviews overlap in scope / coverage and therefore, terminology used can sometimes be interchangeable.
We have provided brief descriptions to help get a basic understanding of the services we provide.
Financial Audit
An examination of a company’s financial records and reporting activities for disclosure, compliance, taxation, legal or other purposes. TLG will assess accuracy and the representation of financial activities and claims.
- Financial Reporting – Sarbanes Oxley (i.e., SOX 404 requirement). We will plan & perform “Managements Assessment” of “Internal Controls over Financial Reporting (ICFR)” in the entirety or provide assistance as necessary.
- External Audit – we offer consultative services with regard to supporting the external audit function including the SOX 404 requirement, SEC quarterly and annual audit / review assistance, press release reviews, etc.
Operational, Efficiency, and Performance Audits
Assessing how an organization’s management and its operating procedures are functioning with respect to effectiveness and efficiency in meeting stated objectives. TLG will perform any type of audit deemed necessary.
Value-for-Money Audit
Independent audit of a not-for-profit organization (government agency or unit, charity, trust, etc.) to assess the effectiveness and efficiency of its utilization of funds. Performed where standard commercial performance (profit oriented) measures cannot be used. TLG will perform any type of audit deemed necessary.
Compliance Audit
To confirm whether a firm is following the terms of an agreement or the rules and regulations applicable to an activity or practice prescribed by an external agency or authority. TLG will perform any type of audit deemed necessary.
Forensic Audit
An examination and evaluation of a firm’s / individual’s financial information for use as evidence in court. Performed to prosecute a party for fraud, embezzlement or other financial claims or conducted to determine negligence or to determine spousal or child support. TLG will perform any type of audit deemed necessary. Please refer to Fraud and Forensic Investigations for additional information.
Process and Program Reviews
Step-by-step breakdown of the phases of a process / program to convey the inputs, outputs, and operations that take place to understand how the process operates, and to identify process improvement through removing waste and increasing efficiency. TLG will perform any type of audit / review deemed necessary.
Internal Control Audits and Reviews
Internal controls as defined by one source are systematic measures (i.e., reviews, checks and balances, methods and procedures) instituted by an organization to:
- conduct its business in an orderly and efficient manner,
- safeguard its assets and resources,
- deter and detect errors, fraud, and theft,
- ensure accuracy and completeness of its accounting data,
- produce reliable and timely financial and management information, and
- ensure adherence to its policies and plans.
TLG will perform cradle to grave Internal Control Audits / Reviews, recommend and assist with implementing Preventative Controls (ounce of prevention = pound of cure) where feasible and Detective Controls where deemed necessary – only where cost beneficial. We will also provide advice on streamlining controls and implementing system controls versus manual controls to improve efficiency & effectiveness.
Cost and Profit Recovery Audits
Refer to Profit Recovery Audit for more information.
Other Audit Related Services:
Risk Assessment Review
Identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk. We will review completed risk assessments to assess whether they are robust, accurate and complete.
Board and Committee Material Review
We will review material (e.g., budgets, forecasts, standard / ad hoc reports, third party consultant reports, etc.) provided to Boards / Committees in order to assess / determine and report accuracy and completeness.
Sarbanes-Oxley (SOX)
- SOX 404 process (COSO or other Framework) – see above (we will perform managements’ assessment or the external auditors assessment).
- SOX 302 process – TLG will create and implement a robust sub-certification process or assist with improving the current process.
- Loss Reporting, Whistleblower Hotline & Related Investigations – TLG will create, implement or assist with implementing robust programs and processes to ensure an adequate function exists. We will complete investigations or assist as necessary to ensure the function operates as intended and all matters are addressed accordingly.
Audits (in General)
TLG will perform risk-based, risk-driven audits or assist with the audit function in any capacity. We will:
- Plan and perform the audit in its entirety from cradle to grave,
- Support and supplement your internal audit team,
- Perform certain portions of audits,
- Provide global or local assistance,
- Identify the Audit Universe, create a Risk Model, and perform a Risk Assessment,
- Create or improve integrated risk-based audit plans, including incorporating the information technology (IT) / system aspect.
We will create an Internal Audit Function from the ground up or assist in improving the current function. TLG can assist with the following: Budgets; Staffing; Scope; Charters; Protocols; Training; Risk Assessments; Work Plans; Reports; Etc.
TLG Financial Consulting adheres to the methodology and standards of the Institute of Internal Auditors (IIA) unless other standards are requested.
COSO is the framework (e.g., SOX 404) utilized by TLG Financial Consulting unless directed otherwise.