Frequently Asked QuestionsLearn how Audit Liaison assists your business
Who within a company does Audit Liaison work with?
Audit Liaison is normally hired by the CFO or CEO; however, our team works with a variety of client personnel depending on the scope of our work.
What size companies do you work with?
Our clients range in size from a few million in revenue up to $100 million in revenue. Our experienced staff enable us to work with clients in all stages of growth.
How does working with an outside consultant firm like yours benefit my business?
Primarily because we provide additional resources and expertise that most companies cannot afford. Audit Liaison was created to fill the vast void that existed for small to medium-sized businesses who needed experience Internal Audit executives and staff. Most of our staff started in one of the international accounting and/or consulting firms then moved into private enterprises after years of audit and consulting experience across a variety of industries.
We already have an Internal Audit department. How would you work together?
Great! Many of our clients do. Already having an Internal Audit function in place reduces the amount of time you’ll need from our personnel. Regardless, we always collaborate with your team to determine where Audit Liaison can provide the most value. The question we collectively answer is: what expertise can Audit Liaison bring to the table for a project or on an, as needed, basis that we don’t have in-house?
Who needs your services?
Businesses concerned about their existing internal controls over system resources, data and financial reporting. It is difficult to convey the unique value of having individuals with both independent auditing experience as well as industry experience as the audited party.
We don't have financial resources to spare. How can you help us without killing our budget?
The international audit and consulting firms of the world are, frankly, too expensive for rapidly growing companies and companies that aren’t growing but want to enhance their internal control environment and information security. We know this for a fact because we worked in those firms. Likewise, most of our clients simply do not have the resources to hire additional full-time personnel to enhance their current departments.
Audit Liaison has tailored and implemented proven internal control and information security frameworks into a variety of enterprises across every industry. With that expertise, we have created a rate structure that is well below the large firms, and customized packages that substantially enhance small to medium size entities’ information security and internal controls without breaking the bank.
My business does not have an Internal Audit department currently. Can Audit Liaison take on this role?
Yes, we can. Our founder is unique in the number of internal audit functions that he has created as an external consultant and even internally for a couple of corporations. Audit Liaison creates risk-based internal audit functions that address both financial reporting and information security risks and controls. The Audit Liaison staff are all experienced auditors, therefore, they gain instant credibility within a client’s organization. Finally, Audit Liaison personnel will work with your existing or newly hired audit personnel to guide and enhance their audit skills.
What kinds of companies are at risk for fraud?
Unfortunately, every company is at risk for financial fraud and confidential data exfiltration. As we note in our Security Awareness training sessions with company personnel, external threats are now just as prevalent and nearly as financially damaging as insiders committing fraud have traditionally been.
How do I identify fraud activity within my organization?
A strong internal control structure, that is monitored by management, certainly helps. Audit Liaison provides management with the tools they need to reduce fraud risk on their own, or alternatively, we are engaged to investigate potential frauds. With regards to leakage of confidential data, again robust information security controls are extremely helpful. Likewise, the implementation of additional monitoring tools and risk-transference and mitigation strategies are very helpful to both prevent and reduce financial exposure if a fraud occurs.