Evolving professional standards are re-focusing Internal Audit (IA) efforts from control-centric to risk-based while external auditors must comply with the AICPA’s recently enacted “Risk Assessment Standards” (Statements on Auditing Standards No. 104-No. 111) and they must do those things while reducing costs. Aline4IA™ enables both groups to address their individual needs while leveraging the work already done for Sarbanes Oxley compliance. Additionally, organizations may enjoy additional savings since it is easier for their external auditors to evaluate and, ultimately, rely on the IA department’s work, as prescribed in the Public Company Accounting Oversight (PCAOB)’s Auditing Standard #5 (AS5).
The new “Risk Assessment Standards” require even privately owned companies and Not-for-Profit Organizations (NPOs) subject to examination to demonstrate an adequate internal control structure to their auditors. Again, Aline4IA™ can aid these organizations by providing a ready-made library of control objectives, risks, and controls for their core accounting processes, as well as the flexibility to customize the library to their unique needs.
BI International offers specific solutions for: