Leverage the experience of our team, while increasing the efficiency and effectiveness of your internal audit function. Young & Associates offers internal audit outsourcing and co-sourcing, so you can gain access to our qualified consultants on an ongoing basis at the frequency and scope your financial institution requires.
With internal audit outsourcing, we provide an assessment of the effectiveness of your system of internal controls in operational areas having the greatest potential risk to the organization. We also provide ongoing, risk-based audits of loan operations, deposit operations, wire transfer operations, branch operations, and financial and accounting operations, including investments.
Our internal audit co-sourcing service offers differing levels of resources dependent upon your institution’s needs. We offer resources to complement your existing staff to assure completion or to expand the coverage of your established internal audit program.
Our control risk assessments identify the areas considered to have the greatest potential risk to your financial institution. These assessments prioritize key areas of potential risk in the current business and regulatory environment and identify the operational strengths and weaknesses of your organization. Once identified, these key areas become the focus in the development of the internal audit plan. We can help you establish an internal audit plan that provides for risk management and governance, as well as opportunities to improve effectiveness throughout your institution.
An effective internal audit function is essential to providing objective assurance of the control structure to directors and senior management within your financial institution. We assist with establishing an audit committee and its charter, reporting mechanisms, and monitoring processes that enable effective oversight. Our experienced consultants can also help your organization establish internal audit methodology, policy and procedures, internal audit tools and reporting standards.
Our quality control specialists perform annual branch audits, as required by the U.S. Department of Housing and Urban Development for traditional and non-traditional branch offices engaged in the origination of FHA insured loans.