Energy Industry Brochure

Internal Audit

Financial institutions have experienced significant volatility, as well as increased scrutiny from shareholders, regulatory agencies and the general public. Numerous questions are becoming more prevalent in the minds of stakeholders:

Financial institutions need a laser-focused risk management approach with a robust internal audit process to effectively address operational risks. Identifying emerging risks, in addition to testing past events and transactions, is now a shareholder expectation. The board of directors, audit committee and senior management must be confident the internal audit function addresses the effectiveness of key internal controls. 

Creating an internal audit function to leverage existing risk management practices can help an institution effectively mitigate risks that could inhibit the achievement of strategic goals. The internal audit function must be tailored to test the institution’s controls over specific risks rather than functioning as the control. An unfocused approach could leave stakeholders unable to identify and manage risks.

In an environment where institutions must critically examine spending, BKD's dedicated financial services professionals can help your institution identify and manage risks by identifying and testing controls. Our consultative and tailored approach can provide insight into industry best practices that can be utilized by stakeholders to achieve strategic objectives. In addition to outsourced or co-sourced internal audit service arrangements, we can provide multiple specialized services to complete your internal audit strategy:

BKD can assist in identifying limitations and weaknesses in your control structure while providing best practices specific to your institution and working to strengthen your risk management strategy. Strengthening your risk management strategy by enhancing your internal audit function can help stakeholders sleep better at night.

Michael Ososki

Partner
317.383.4000

The Farmers & Merchants Bank

“I’ve done business with BKD for several years. They have come up with ideas that have helped us save money and with advice that has enabled us to work smarter, not harder, and be more efficient. Their insight has been instrumental in helping us manage the bank and keep us headed in the right direction. I really believe BKD has helped us be a better bank.”

— Charlie Butler, Retired President/Vice Chairman
The Farmers & Merchants Bank
St. Clair, Missouri


Bank of Ann Arbor

“I have found BKD to be very professional, knowledgeable and responsive to our needs. Their guidance has been instrumental to our bank and the benefits of their advice go well beyond the initial loan review process.”

— Tim Marshall, President & Chief Executive Officer
Bank of Ann Arbor
Ann Arbor, Michigan


BancStar, Inc.

“We like BKD because they know financial institutions. They have helped us with a variety of regulatory compliance services and always send well-trained and knowledgeable professionals to our banks.”

— Thomas H. Keiserm, President
BancStar, Inc.
Festus, Missouri

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