About AuditOne, LLC
Our core business is outsourced (or co-sourced) internal audit for financial institutions – all the way from de novo institutions up to those with multi-billions in assets. We work with banks, credit unions, finance and leasing companies, foreign bank offices and other financial institutions, and we have experience with all types of charter and regulatory authority. We offer a full range of internal audit (IA) and credit review services. However, we are not a CPA firm and do not perform financial statement audits. Because our facility, insurance and other overhead expenses are so much lower than for large CPA firms, we are able to pass along cost savings in the form of lower fees. Our dedication to client satisfaction has earned us the confidence of well over 200 clients throughout the western US and, increasingly, further east.
A Full Range of Practice Areas
We offer a full menu of IA services comprising: Credit Review and ALLL; IRR and other ALM; BSA and Compliance; IT and Information Security; and Operations and Administration. We have highly experienced staff with expertise in a broad range of specialty areas such as network penetration testing, mortgage lending, trade finance, SBA lending, trust services and many others. In addition, through our affiliated consulting firm, Insight Risk, we provide a wide variety of related advisory services such as efficiency studies, process reviews, due diligence exercises and risk management consulting.
Responsive, Collaborative and Communicative Service
We take great pride in our responsive, collaborative and communicative approach. We are there not just to identify deficiencies or vulnerabilities but also to help address them. We emphasize communication – before, during and after each engagement – so as to ensure a smooth and cost-effective experience without unwelcome surprises. We deliver a draft report and all the completed workpapers on the final day of fieldwork and a final report within three weeks (or sooner, if needed). Immediate delivery of workpapers for your storage and access has received high marks from both regulators and clients. And at no extra charge, we can provide soft-copy versions via our secure client portal, which we also use to facilitate remote audit work. Our secure internal (staff) website, meanwhile, streamlines the audit process by providing our Associates direct access to a broad range of materials specific to any client and type of audit.
Cost Effective Methodology
At AuditOne, we’re in the business of helping you manage your risk. Do you have the right controls, and are they working effectively? But before you can answer that, you need to know what risks they should be controlling. Our proprietary Enterprise Risk Assessment (ERA), delivered through our Insight Risk Consulting affiliate, analyzes each functional area and its component scope items, then calibrates the level of inherent risk and internal control auditing necessary in order to meet safety and soundness expectations and latest regulatory requirements. Given the volumes and complexity of the products and services you offer, the experience of your management and staff, the delivery channels you use, the technology in place and your in-house vs. outsourcing reliance, etc., where are you vulnerable to losses? And where, therefore, should your audit resources be most prudently deployed? Our ERA saves clients money by identifying and applying appropriate risk-based resources, including opportunities to safely defer or trim audits. It is the industry’s most effective tool for audit and risk management planning.
An Emphasis on Privacy and Security
Ours is a decentralized business model that relies heavily on secure electronic communications. We use encrypted laptops and e-mail to ensure client security. We maintain dual back-up offices to meet business continuity requirements. We make available a dedicated, secure, readily-available online storage facility for report and workpaper access which we also use for remote audit work, where possible. We have an Information Security Policy that we keep current and provide as part of our due diligence package for clients’ vendor files. We hold ourselves to the same standards as we do our clients when we perform IT/Information Security audits.
AuditOne Means Quality … All the Way Through
The deeper you dig, the better AuditOne looks. From our comprehensive and coordinated menu of audit services, to our well laid out and carefully edited audit reports, to the ongoing consultation with our industry-expert Associates, to Board-level communication and consultative advice, to the spirit of becoming your internal audit and credit review partner “just down the hall,” AuditOne delivers quality expertise … all the way through.
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We’ve been providing comprehensive internal audit services targeted at financial institutions under the AuditOne LLC name since 2003. Prior to that, our Chairman, Bud Genovese, was the founder (in 1993) of BancAudit Asssociates, a similarly-focused, outsourced IA company. Our roster of Associates currently stands at close to 40, providing impressive depth across all of our practice areas and many sub-areas of specialization within each one. We also have depth in our management team and support structure, to allow us to deliver on our promise of high-quality and cost-effective service delivered in a collaborative and responsive manner.