Internal Auditing and Compliance Services | Forvis Mazars US

Internal Audit Core Services

At Forvis Mazars, our internal audit professionals bring a transformative approach to identifying, assessing, and monitoring risks and controls. Our services are designed not just to comply with regulatory requirements but to deliver significant value to organizations by enhancing efficiencies while continuously evolving to meet emerging risks. Here’s a closer look at our core services:

• Co-Source and Outsource Internal Audit: We partner with organizations to create bespoke internal audit functions that can co-source capabilities or fully outsource them to facilitate comprehensive risk mitigation.

• Internal Audit Execution: Our experienced team executes thorough audits that evaluate the effectiveness of risk management systems, ensuring organizations can operate confidently.

• IT Internal Audit: Addressing the specific risks associated with technology, our IT audit services evaluate system controls, data integrity, and compliance with an eye toward safeguarding critical information.

• Non-Regulated Company Compliance Audit: For organizations outside regulatory frameworks, we offer customized audits to ensure adherence to internal policies and procedures.

• Operational, Strategic, and Integrated Audit: Our integrated audits assess performance across operational, strategic, and financial landscapes, providing a holistic view of organizational health.

• Process Assessment and Improvement: We conduct process assessments to identify inefficiencies and propose improvements that enhance overall organizational performance.

• Information Security Services: Safeguarding sensitive data is paramount; our information security services assess vulnerabilities and improve security frameworks through comprehensive audits.

Sarbanes-Oxley (SOX) & Internal Controls over Financial Reporting

In the evolving landscape of corporate governance, the expertise of our internal control professionals becomes invaluable. At Forvis Mazars, we assist clients in implementing, refreshing, and enhancing internal control programs tailored to their specific needs:

• Control Optimization, Efficiency, and Effectiveness: We help clients streamline their control environments to ensure they are efficient and effective while minimizing risk.

• Environmental, Social, and Governance (ESG): Our team supports organizations in integrating ESG factors into their governance and compliance strategies.

• Internal Controls Over Financial Reporting (SOX/J-SOX/UK SOX/MAR): We guide clients through the complexities of SOX compliance, ensuring thorough controls that meet various regulatory standards.

• IPO / de-SPACing Readiness: Preparing for an Initial Public Offering or a de-SPAC transaction is no small feat. Our professionals offer insights to help organizations navigate this critical phase.

• Internal Control Framework Mapping and Alignment: We assist in mapping existing controls to ensure alignment with regulatory standards and best practices.

• IT General Controls (ITGC) and Application Controls: Our audits ensure that both ITGC and application-specific controls are robust and effective.

Internal Audit for Regulated Industries

Regulatory compliance is a multifaceted challenge for industries such as financial services, healthcare, and government contracting. Forvis Mazars’ regulatory and compliance advisors offer targeted support to navigate this complex landscape:

• Co-Source Subject Matter Support: We provide specialized skills to enhance your internal audit team’s capabilities as needed.

• Model Audit Rule: Our experts guide clients through Model Audit Rule compliance requirements, helping to ensure adherence while enhancing audit quality.

• Model Risk Management: We evaluate and help implement effective model risk management frameworks.

• Regulatory Audits and Assessments: Our team conducts thorough regulatory audits to assess compliance with applicable laws and regulations.

• Risk Management Assessments: We identify risks across the organization and provide insights on mitigation strategies.

• Third Line Issue Validation: Our services ensure that issues identified by internal audit are validated and addressed appropriately.

• Third Party Risk Management (TPRM): We assist organizations in establishing a solid framework for managing risks associated with third-party relationships.

• Internal Audit Compliance Outsourcing: For organizations needing extensive internal audit support, we offer complete outsourcing solutions tailored to specific needs.

• Issues Management and Remediation Support: We guide clients in developing effective remediation strategies for any issues identified during audits.

Contract Assurance

Navigating the complexities of contract management is critical for organizational success. Forvis Mazars professionals help clients with contract assurance and compliance throughout the contract lifecycle:

• Advertising Agency Audits: We help organizations manage and oversee advertising contracts to ensure effectiveness and compliance.

• Construction Audits: Our services evaluate construction-related contracts to mitigate risks and ensure compliance.

• Contract Management Life Cycle: We provide support in all facets of the contract lifecycle from defining requirements to performance measurement.

• Franchise Audits: Our team conducts franchise audits to ensure compliance with franchise agreements and company policies.

• Joint Venture Audits: We audit joint ventures to ensure shared goals are met and risks are properly managed.

• Licensing Audits: Our licensing audits verify compliance with terms and conditions set forth in licensing agreements.

• Royalty Audits: We ensure that royalty payments are accurate and compliant with contractual obligations.

• Third Party Risk Assessments: We help assess and manage risks associated with vendors and partners.

• Vendor Audits: Our vendor audits ensure that third-party providers adhere to contractual and regulatory obligations.

Governance, Risk, and Compliance

At Forvis Mazars, our extensive experience allows us to work closely with Chief Audit Executives (CAEs), audit committees, and senior management to create impactful internal audit functions:

• Audit Committee Guidance and Insight: We provide guidance to audit committees, helping them understand their roles and responsibilities.

• Internal Audit Function Implementation: Our team helps organizations establish robust internal audit functions tailored to their specific needs.

• Internal Audit Target Operating Model: We develop operating models that enhance the effectiveness and efficiency of the internal audit process.

• Internal Audit Methodology: We create strong methodologies that ensure audits are conducted with the highest standards of quality.

• Enterprise Risk Management / Enterprise Risk Assessments: Our assessments help organizations identify, analyze, and manage risks proactively.

• Management Reporting & Dashboarding: We transform data into actionable insights through tailored reporting solutions.

• Agile Auditing Strategy: We help organizations adopt agile methodologies for their internal audit processes, allowing for quicker responses to emerging risks.

• Quality Assurance Review: Our reviews ensure that the internal audit function meets professional standards and achieves its objectives.

Audit Analytics and Automation

As internal audit functions evolve, automation becomes essential for maximizing return on investment (ROI). Forvis Mazars leverages cutting-edge tools and technologies to enhance audit effectiveness:

• Continuous Auditing: We offer continuous auditing solutions that provide real-time insights into organizational processes.

• Data Analytics: Our teams utilize advanced data analytics to drive informed decision-making and enhance audit quality.

• Automation Process Assessment: We evaluate existing processes to identify opportunities for automation that will improve efficiency and effectiveness.

• Governance, Risk, and Compliance (GRC) Platforms: We implement GRC platforms that streamline processes and enhance reporting capabilities.

• Robotics / Controls Automation: Our experts develop and integrate robotic solutions to automate controls and enhance efficiency within audit processes.