Hire a specialized firm

An effective way to handle an internal audit is to hire outside help, usually from an accounting firm. Some firms specialize in internal audits or have dedicated units for that function. Don't hire the same firm that does your regular audit, of course, because that firm is prohibited from conducting an internal audit for the same company. Remember, the whole point of an internal audit is to monitor activities to complement the regular audit process.

I recommend: Get outside help on internal audits through an audit or accounting firm such as BKD Advisors, Navigant Consulting, PricewaterhouseCoopers, Hudson Financial Solutions or Case Sabatini. The Controller Group can help with an internal audit by bringing one of their staff in-house to assist you.

Check out internal audit software

Several software companies provide internal audit software that can help you conduct the review without engaging external help. Software can help you organize systems with appropriate checks and balances.

I recommend: Get internal audit software from Pentana, ApexAnalytix, Buy risk management or internal audit software from Methodware.

Develop written internal policies to guide your internal audit

Well-documented internal control procedures help you both conduct the audit and communicate your operating guidelines to all staff. A good internal audit will also highlight the weaknesses in your policies.

I recommend: CPA firm Harrison & Jump provides a list of internal controls intended to protect your assets and keep your firm financially ship-shape.

Conduct an internal information technology audit

With increased reporting requirements from regulators, and increased Sarbanes-Oxley reporting, your company must have a robust IT system with software that can handle a variety of tasks with ease. Consider conducting an internal IT audit to make sure your IT system is doing all it should.

I recommend: You can conduct an internal IT audit with the help of UHY Advisors, or Stout Casey Consulting, or other IT audit specialists.