Internal Audit

We are dedicated to maximizing the effectiveness of internal audit and helping clients address business matters that most impact their vision and goals. Our customized approach leverages industry best practices and internal audit benchmarks to address operational, compliance and financial risks. Stinnett resources can be scaled up or down as needed, resulting in more efficient department operations.

Due to the multitude of clients for whom we provide outsource and co-source internal audit services, we have developed a robust audit framework that’s consistent with IA standards and based on our seasoned, refined methodology. We also have a defined process to monitor and report progress of management’s implementation of their action plans, ensuring efficient and effective project execution.

Internal audit projects might include:

Contract Administration

• Improve processing and tracking of contracts and agreements
• Increase billing and invoicing accuracy
• Reduce risk of fraud or unauthorized contract access/alteration

Procurement

• Improve cycle time from initial purchase request to receipt of materials
• Identify opportunities for improvement in policies and procedures
• Reduce risk of fraud or misappropriation

Payroll Process Audit

• Identify “ghost” employees, high overtime situations and duplicate employee payments
• Develop continuous auditing techniques and reports for timely activity monitoring
• Discover areas for process improvement and avoid underutilization of existing workforce

Cybersecurity Audit

• Perform risk assessments with threat modeling
• Assess, identify, implement and report on overall status of an organization’s cybersecurity maturity
• Review and testing for patch management, network vulnerability scanning, wireless security and more.

Vendor Audit

• Review vendor expense records for potential ethics issues like inappropriate gifts or trips
• Analyze vendor’s cash disbursement journal for payments to the company or the company’s employees
• Review of the vendor check register and/or bank statements to determine if any payments were made directly to company employees

Inventory and Warehouse Management

• Improve tracking and accounting of inventory
• Find opportunities to reduce inventory carrying costs
• Reduce cycle time from purchase request to receipt

Information Technology

• IT policies and procedures services
• IT governance
• General IT controls evaluation
• IT systems development and implementation reviews
• Business continuity and disaster recovery planning
• HIPAA data security and privacy compliance assessments

FCPA & Anti-Corruption Compliance Program Review

• Identify potential third party agent red flags and determine root causes
• Develop thorough due diligence processes, including questionnaires, business cases, and research
• Enhance FCPA training and establish guidelines for appropriate participants

FCPA & Anti-Corruption Transaction Review

• Identify high risk transactions with insufficient monitoring
• Discover unknown agents or those from fictitious shell companies
• Identify cash payments to Customs officials without receipts