Investments and Derivatives Audit Services
ITCI helps many companies perform their investments and derivatives audit through a co-sourcing arrangement with the Internal Audit Department. This highly successful “knowledge-transfer” based process is one of the best in the audit industry. In a typical co-sourced audit, our responsibilities of the consulting assignment most often include:
1. Conduct the on-site interviews with the front, back and middle (risk management) staff. The Internal Audit Staff is present in the interviews.
2. Complete process/system flowcharts and narratives —identifying internal control points of reference.
3. Lead the front, back and middle office audit with the assistance from Company internal audit staff. The objectives and scope of the audit are usually developed in the first days of consulting through facilitation with the audit team.
4. Train audit staff in trading\hedging strategies (physical and financial), back office procedures and middle office risk management modeling systems as needed. The engagement is considered a “knowledge transfer” process.
5. With assistance from internal audit, complete audit field work according to the audit plan. ITCI reviews all workpapers to ensure we accomplished the intended audit objectives and to ensure we can adequately support any potential audit findings.
6. Assist in audit report development by summarizing issues and recommendations for management’s discussion. Lead and/or attend the exit conference and present audit findings to Audit Committee (optional).