Risk Advisory

  • Compliance Services
  • Construction Audit Services
  • Fraud & Forensics
  • Internal Audit
  • ID Theft Protection
  • IT Risk Services

Compliance Services

Industry-Driven Federal and State Regulatory Compliance

Compliance programs are under increasingly strict scrutiny from federal and state regulators

Governing bodies set forth regulations that strive to keep the industries they examine running smoothly. But with so many regulations to comply with and governing bodies to report to, regulatory compliance can be confusing, overwhelming and very costly. Credence Auditors & Advisors has dedicated professionals who specialize in the unique and complex compliance needs of large private and publicly-traded clients. We can help you navigate today’s most challenging requirements and best practices, while striving to provide valuable insights about how you may be able to streamline your compliance programs to avoid costly inefficiencies.

Our compliance services team provides services for the following regulated industries:

  • Government agencies
  • Publicly-traded companies
  • Health care organizations
  • Financial institutions
  • Financial services
  • Insurance

Construction Audit Services

Construction projects are generally among the largest, most complex financial expenditures undertaken by an organization. For this reason, it’s important that your organization have adequate project management and appropriate internal controls designed for your specific type of construction agreement in place during the entire project life cycle. Strong internal controls are necessary to:

  • Ensure procedures are in place to identify and manage risks
  • Prevent overpayments and protect against irregularities
  • Establish supporting financial reporting processes
  • Avoid unnecessary litigation

Credence Auditors & Advisors helps you strengthen the financial and operational controls over the construction process, ensuring compliance with the contract and adherence to industry standards and best practices. Our experienced teams provide assurance that contractual terms are being adhered to by validating critical contractor compliance and costs. In our experience, potential identified overcharges are typically 5 to 10 times greater than the fee for our services.

Our specialized team of construction professionals will also provide you with “root cause analysis” and process improvement recommendations, resulting in a more efficient and effective construction program.

Credence Auditors & Advisors provides construction services for domestic projects and for all three phases of the project life cycle:

Planning and Pre-construction Services

During this phase, CAA can help negotiate favorable contracts and identify critical tasks for your project team. We can also review and evaluate proposals and the contract award process.

Construction Services

During construction, our professionals will examine contractor records to ensure the contractor is complying with the specific contract terms. We can also review the budget, schedule and the owner’s “construction in progress” account to verify accuracy.

Project Closeout Services

Closeout audits are highly recommended to ensure the contractor’s final billing is accurate and that all lien waivers, warranties and other final deliverables, such as the as-built drawings, have been obtained.

Specialized construction auditing knowledge and expertise

Managing the financial and risk aspects of a major construction-related capital project requires unique knowledge and expertise. We have what it takes. We know the construction industry ins and outs, including all types of construction contracts from fixed price, guaranteed maximum price, stipulated sum, cost-plus reimbursable, time-and-material to unit price contracts.

A construction audit is a highly complex process - it requires more than reviewing and auditing to a checklist. It requires the uncommon knowledge and expertise of seasoned professionals to efficiently and effectively identify and resolve the high-risk areas in your construction project .

You can relax knowing experienced CAA construction audit professionals are protecting your interests.

What are the benefits of CAA’s Construction Services?

We add value specifically in the following five areas:

  • Identifying overcharges and undercharges – When our services are not used during the planning stage, we are typically able to identify overcharges of between one and two percent of the project cost.
  • Cost avoidance – CAA can help you negotiate a favorable contract, identifying critical tasks for your internal team. Our involvement during the planning stage can result in more savings than if we perform a stand-alone, close-out audit.
  • Identifying and managing risks – We identify and prioritize risks, and provide recommendations for managing those risks.
  • Developing and maintaining financial controls – We establish policies and procedures to monitor both owner and contractor controls.
  • Avoiding litigation – We help you avoid the time-consuming and costly litigation process, since well-managed and controlled projects result in fewer conflicts.

Fraud & Forensic Services

Fraud Investigation, Detection & Prevention

Fraud can be devastating for an organization. Credence Auditors & Advisors’ fraud & forensics services section can help identify and reduce opportunities for fraud by reviewing your internal audit procedures, recommending anti-fraud internal controls and conducting procedure reviews. If fraud is discovered, Credence Auditors & Advisors has the personnel and experience to begin a timely investigation, prevent further loss, determine the full extent of the fraud and prepare for litigation and recovery.

If you have a case involving some aspect of financial fraud, Credence Auditors & Advisors’ team of forensic professionals can help:

  • Conduct fraud examinations and quantify the results
  • Perform procedure reviews
  • Investigate computer fraud and security issues
  • Provide management training
  • Review policies and procedures
  • Assess fraud risk
  • Perform internal audits of high-risk areas

Internal Audit

Staggering workplace fraud statistics

Did you know that a typical organization loses 5% of its revenues to fraud each year? And the median time it takes to detect fraud is 18 months? Smaller organizations suffer the largest median losses due to the fact that these organizations typically employ fewer anti-fraud controls than larger organizations, which increases vulnerability to fraud.

 

Who is committing workplace fraud?

The vast majority of frauds are committed by employees in accounting, operations, sales, executive/upper management, customer service and purchasing departments. Perpetrators with the highest levels of authority tend to cause much larger losses. Most fraudsters are first-time offenders with clean employment histories.

 

What can you do to mitigate fraud at your business?

To proactively combat workplace fraud, consider conducting an internal audit, or at a minimum, implement strong internal controls. Credence Auditors & Advisors can assist you with this sensitive issue in several different ways:

  • Conduct an internal control review. During this service, a CAA staff will review some simple internal controls and provide recommendations to reduce your susceptibility to misappropriation.
  • Conduct a surprise bank reconciliation. This service aims to protect the cash assets of your company. If your employees know this occurs, it may prevent fraud from happening in the first place.
  • Conduct routine internal audits. During this procedure, a credentialed internal auditor from CAA will assist your organization with quality standards, risk management and controls to help ensure your business is running at optimal quality and effectiveness.

While implementing recommendations and proper internal controls won’t guarantee your business will not be a victim of fraud, it will provide the internal controls necessary to reduce the risk and help protect you from devastating losses.

IT Risk Services

Organizations today recognize the necessity of managing technology business risk. Credence Auditors & Advisors Information Technology (CAAIT) Risk Services can help your organization gain stakeholder confidence with corporate governance solutions and information security services designed to improve structural integrity.

Depending on the size of your organization, you may require compliance assistance or have a desire to improve the corporate governance and data security of your organization. Our experienced consultants can help identify and manage your risk with best practices and knowledge of industry-specific regulations.

Regulatory expertise

Our risk assessment process is based on current standards and guidelines related to your needs which primarily include COBIT and COSO.

Our simplified approach

As a client of CAAIT Risk Services, you will appreciate our straightforward processes tailored to your organization’s needs. We strive to help identify your company’s key areas in need of technology risk management and to eliminate wasted efforts on less valuable or unnecessary tasks.