Internal Audit Outsourcing and Co-Sourcing

Internal Audit Outsourcing is a cost-effective method to obtain the services of experienced and qualified consultants on an ongoing basis. The comprehensive internal audit program is customized to meet the needs of your financial institution and includes an on-site assessment and limited off-site assessments of the effectiveness of your system of internal controls in operational areas having the greatest potential risk to the organization. Ongoing, risk-based audits of loan operations, deposit operations, wire transfer operations, branch operations, and financial and accounting operations, including investments, provide coverage of most areas of risk.

Young & Associates, Inc. will independently assess the effectiveness of your system of internal controls by reviewing policies and procedures, and identifying and testing for key internal controls. We will identify business risks posed by non-compliance with policies, procedures, and governing regulations, and recommend improvements in operational areas that could add value or reduce cost. Results are reported to management and the board audit committee to determine the appropriateness of implementation of recommendations in view of overall risk strategies.

Internal Audit Co-Sourcing offers differing levels of resources dependent upon the organization’s specific needs. We offer resources to supplement existing staff to assure completion or to expand the coverage of your established internal audit program. Co-sourcing allows banks to leverage the qualifications of our experienced consultants, and increase the efficiency and effectiveness of the internal audit function.