Chief Compliance Officer Series: Constructing an Internal Audit Framework

by Sarah Harvey / November 21st, 2014

Are you wondering whether you need to conduct an internal audit? Are you wondering why you need an internal audit? Are you looking for information on where to begin the internal audit process? In this webinar, speakers Jessie Skibbe, Chief Compliance Officer of KirkpatrickPrice, and Dawn Vogel, the Director of Internal Audit for Great Lakes Higher Education Corporation, give an overview of why you need an internal audit, where to start, how to maintain auditor independence, what to audit and how often, and how to develop an audit report, along with other useful resources for internal audit staff.

Why Do I Need an Internal Audit?

According to the CFPB Supervision and Examination Manual v.2, “In assigning a consumer compliance rating, all relevant factors must be evaluated and weighed. In general, these factors include the nature and extent of present compliance with federal consumer financial law, the commitment of management to compliance and its ability and willingness to take the necessary steps to assure compliance, and the adequacy of systems, including internal procedures, controls, and audit activities designed to ensure compliance on a routine and consistent basis.”

What are the Essential Steps to an Internal Audit?

In this webinar, you’ll learn about the following four steps to an internal audit:

  • Establish a framework utilizing a risk-based approach
  • Establish controls and work steps
  • Develop an audit schedule
  • Distribute the audit report

If you are unsure of the steps that your organization needs to take in constructing an internal audit framework, KirkpatrickPrice offers a variety of audits including the CFPB readiness audit, which reviews the overall design of your organization’s policies, procedures, and documents. It also reviews the operational effectiveness by testing controls to ensure compliance with CFPB examination procedures. By working together to ensure that your organizations compliance management system adheres to CFPB regulations, KirkpatrickPrice will help prepare you for future audit reports and assist you in creating a stronger culture of compliance for your organization.

To learn more about what you can expect working as a Chief Compliance Officer or ways that KirkpatrickPrice can assist you in constructing an internal audit framework, watch the full webinar. For more information, contact us today.