Our Expertise
Guiding the Way to Solutions.
Internal Audit
Internal audit serves an integral role in ensuring a company’s safety and soundness. Every financial services company needs a strong, independent, and effective internal audit and control function to oversee adherence with applicable laws, regulations, and policies designed to identify and mitigate risks. As experts in industry best practices, Promontory’s professionals take a methodical approach towards testing existing policies, procedures, and practices and providing recommendations for improvement. We work in close concert with boards of directors, audit committees, and senior management to ensure the effectiveness of the crucial internal audit function.
Representative Engagements
A large US bank, performing its annual credit audit, turned to Promontory to assess the effectiveness of its existing policies, procedures, and practices relating to the function. In the course of its review, Promontory undertook detailed transaction testing and repeated risk rating assessments to support its findings. The review also examined the overall structure, functional responsibilities, execution strategy, audit process, and evaluation of personnel within the function.
The legal counsel to a large European bank turned to Promontory to assist in a review of certain accounting transactions for its client. Our role was to review and comment on the methodology that the bank used to record certain transactions at its headquarters. The bank used our findings to review similar transactions throughout its entire operation.