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Internal Audits and Effective Risk Management Assessment

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
While external audits focus on assessing those operations that play a direct part in the company’s financial status and wealth, internal audits consider other areas that are important to a company’s reputation, growth and overall well-being.

This article looks at internal audits by describing some of the areas examined during the process along with characteristics and ensuing benefits of a well-executed internal audit. As noted in the article, many heads of internal audit groups report they do not feel their present internal audit staffing levels are capable of coping with certain types of risks.

Los Angeles executives who find that internal financial resources are focused on core competencies may want to consider contracting with a CFO services firm that has deep expertise in conducting internal audits.

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