Importance of Auditing in a Financial Services Firm

Financial services firms must conduct regular audits to assure customers and industry regulators that they are complying with the law and best industry practices. These routine, internal reviews of the records, operations, and internal controls check that all systems are performing properly, while increasing transparency, efficiency, and customer security. These audits can be performed by hiring an outside accounting firm, or internally by an in-house audit team.

High Gear  believes that an internal audit program is an essential function in any information security and compliance system. We recommend that financial services firms implement an internal system for audit management to assure records and processes stay in compliance and to monitor in-house auditing activities. Keeping these activities running like clockwork assures that financial reports remain reliable, helps prevent fraud and misappropriation of assets, and minimizes the cost of capital, all while assessing the risk of material misstatement in a company’s financial reports.