Internal Audit

Young & Associates, Inc.’s internal audit services will strengthen your bank’s ability to identify, assess, and manage business risks within a challenging and ever-changing industry and regulatory environment. Our internal audit services have been designed to align with regulatory guidelines and industry standards and are structured to assure risks are appropriately identified and assessed. Our services can be customized to meet the specific needs of our community bank clients, and are independent, risk-based, and cost-effective, providing practical solutions for both complex and less complex operations.

For more information on our Internal Audit Services, give us a call at 1.800.525.9775 or click here to send an E-mail.
Risk Assessment and Audit Plans
Our control risk assessments are designed to identify the areas considered to have the greatest potential risk to the bank. The assessments identify and prioritize key areas of potential risk and opportunity, in view of the current business environment, the regulatory environment, and the operational strengths and weaknesses of the bank. These key areas become the focus as the bank develops its internal audit plan. We can help you establish an internal audit plan that provides for risk management and governance, and optimizes opportunities for improved effectiveness throughout the bank.
Organizing the Audit Function
An effective internal audit function is essential to provide objective assurance of the control structure to bank directors and senior management. We offer assistance with establishing an audit committee and its charter, reporting mechanisms, and monitoring processes that enable effective oversight. We also assist in developing and establishing internal audit methodology, policy and procedures, internal audit tools, and reporting standards.
Internal Audit Outsourcing
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 the bank and includes an on-site assessment of the effectiveness of your bank’s system of internal controls in operational areas having the greatest potential risk to the bank. Ongoing, risk-based audits of loan operations, deposit operations, wire transfer operations, branch operations, and financial and accounting operations provide coverage of most areas of risk.
Young & Associates, Inc. will independently assess the effectiveness of the bank’s 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 the bank’s overall risk strategies.
Internal Audit Co-Sourcing
Internal audit co-sourcing offers differing levels of resources dependent upon the bank’s specific needs. We offer resources to supplement existing staff to assure completion or to expand the coverage of a bank’s 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.

For more information on our Internal Audit Services, give us a call at 1.800.525.9775 or click here to send an E-mail.