Internal Audit Assistance and Outsourcing
An internal audit has evolved from a compliance-based function focusing primarily on detection to a strategic solution valued by executives and board members. Acting on the growing importance of this strategic management tool, SVA can help. By using your internal audit function, our experts help you build a competitive advantage focusing on and improving your current risk management practices, control systems and governance processes. We provide a variety of reviews and assessments as well as full access to reliable, highly-qualified in-house staff so your organization can use its resources in the way they were intended.
Internal Controls Assessment and Consulting
Your organization faces increased demands to develop and maintain a systematic and powerful set of internal controls. And given the growing complexity of regulatory and legal demands, business owners, organization executives, service organizations and governing bodies are hard pressed to keep current with the latest compliance requirements.
SVA assurance professionals help make sure your management assessment tools keep pace. We study your processes and make sure they are compliant with applicable laws and regulations. We advise you on current standards and methods of effective internal control.
Management and Audit Committee Advisory Services
Understanding your financial statements helps you pinpoint how and where your organization is making money and creating cash flow. SVA professionals can help you transform raw numbers into management tools that allow you to make informed management decisions. With clear metrics and historical data to help you make informed judgments, you receive a three-dimensional picture of your position in the industry.
Your financials are presented in a format that reveals trends and implications in easy-to-understand terms. We also provide competitive data to give you insight into what’s happening in your external environment.
Sarbanes-Oxley (SOX) Controls Identification and Testing
Fulfilling corporate governance responsibilities in today’s ever-changing and complex business environment is a serious challenge. Utilizing a top-down, risk-based approach, we streamline the SOX compliance effort, eliminating excessive time investments, personnel resources and dollars on this annual compliance need. Sustainable SOX compliance assistance is provided via complete project outsourcing down to limited control testing efforts. Because our SOX compliance service professionals at SVA are practicing CPAs and external auditors, fellow external auditors usually place greater reliance on our work, thereby potentially decreasing the overall external audit effort.
System and Organization Controls (SOC 1 and SOC 2) Readiness Assessment and Reporting
A SOC report is designed to provide assurance for third-party service organizations who are expected to have appropriate internal controls and safeguards in place when it comes to hosting, processing or accounting for their customers’ data and assets.
Potential customers requiring you to provide a SOC report are becoming more common as internal control compliance issues are at risk when critical services are outsourced to a third party.
Third-Party Audit Preparation
Financial audits are most often required by a third party — a bank when seeking a loan, a government agency providing funding, or as a requirement for a grant application. As an independent audit team, we assist an organization’s staff accounting team with preparation and/or review of supporting schedules and documentation that an auditor may request to support financial statements amounts and disclosures as well as organization compliance.
Yellow Book (Generally Accepted Government Auditing Standards) Audits and Examinations
Often, provisions of laws, regulations, contracts, grant agreements or policies require that an audit be conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS), aka “Yellow Book”.
Certain organizations that receive federal financial aid must submit reports and financial statements that have been audited by a CPA under the “Yellow Book” standards. The threshold for this varies depending on the grantor's requirements and/or the type of entity involved. In addition, other reporting requirements may stipulate that these standards be followed as well.