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Internal Audit

Executives, boards of education, and audit committees seek ways to drive greater efficiencies and the assurance that internal controls and processes are effective.  At the same time, technology advances may expose your entity to additional risks to your security, data integrity, and even business continuity. When was the last time you looked at your internal audit function? An effective internal audit process can identify inefficient practices, internal fraud, and mitigate risks that can interfere with the efficiency of your operations.

Typically, internal audits address risk governance, controls, and compliance. The process must be aligned with your goals with input from all levels of the organization. When you’re busy with day-to-day operations, it can become difficult to spot opportunities for improvement. Smaller entities do not have the internal resources to conduct regularly scheduled internal audits.

Our Approach

At Lumsden McCormick, we are accustomed to helping entities of all sizes mitigate risk through a proven internal audit process. Our Internal Audit Team will perform a comprehensive assessment of your risk environment, incorporating existing controls, while recommending new controls deemed appropriate to mitigate any gaps in your internal controls.

We work proactively with you to conduct effective risk assessments and then prioritize risks from high to low. Next, we develop test controls to address the greatest risks. We’ll work collaboratively with your management team in the reporting stage to ensure that the issues uncovered during the assessment are being addressed appropriately.

In addition to the steps outlined above, our Internal Audit Team offers:

  • Development and execution of audit testing programs
  • Internal audit consulting
  • Reviews of completed testing
  • Risk assessments
  • Client training, development, and delivery

As risk increases, it is increasingly important to ensure that internal controls are operating effectively. Choosing an independent auditor with the skilled resources and practical experience to oversee the process can go a long way in creating a sustainable control environment.

For more information about Lumsden McCormick Internal Audit Consulting Services, please contact Sara M. Dayton or complete the form below.

Services Leaders

Sara Dayton

Sara M. Dayton, CPA

Seth Hennard

Seth D. Hennard, CPA, CGFM, CHFP

Elizabeth Krause

Elizabeth S. Krause, CPA

Mary Young

Mary F. Young, CPA, CIA


Upcoming Events

Past Event - Slides Available: 2019 Exempt Organizations Conference

2019 Exempt Organizations Conference

November 22, 2019

Join Lumsden McCormick for our 25th Annual Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics.

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WNY Business Leadership Forum: Drink Craft

WNY Business Leadership Forum: Drink Craft

December 10, 2019

Buffalo, beers, and distilleries—oh my! It’s no secret, the Beer & Distillery Industry of Western New York is booming. Find out how it relates to markets around the United States at this seminar.

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