Our approach is simple ….
First, we will perform a formal risk assessment of each operational area of your institution. Based upon a risk score, we then determine the frequency in which internal audits are needed. The higher the risk, the more frequent audit attention is given. This assessment could take from one to three days depending on the size and complexity of the institution.
Second, based upon the risk assessment, we will formulate a written proposal of audit services. This proposal will detail the scope of audit projects, usually over a calendar year, the cost of the service and other contractual provisions. Normally, an Audit Committee or executive management become involved at this point for discussions and ultimate approval.
Third, upon execution of an engagement contract, we will send an associate or team of associates on a periodic basis to visit your institution to perform the projects defined in the risk assessment. During the fieldwork our associates will keep management informed of all weaknesses observed in the system of internal controls. Usually, on the last day of our visit, an exit meeting is held with management to formally discuss all observations made in the audits. Our goal is to have a final report draft in the hands of management within one week of our completion of fieldwork. In many cases, this report is ready for management before we leave. Workpapers are fully automated and considered property of your institution and are maintained on your premise for the convenience and review of regulators and external auditors.
We believe our advantage over other providers is ….
Experience
Associates in charge of your projects will not be there as “a learning experience”. Our team has over 100+ years of banking and bank auditing experience. We are not an external auditing firm, many of which attempt to offer internal audit services. Our expertise and experience is internal auditing for financial institutions. That is what we have done, that is what we do, and that is what we plan to keep doing.
Simplicity
We keep our service simple. We approach your internal audit needs as if we were your own personal internal auditor or internal audit department. Our workpapers are fully automated and retained conveniently at your institution. We attempt to answer our phones and emails as if we were another extension or department within your institution. We offer your people an independent channel for consulting needs and even suspicious reporting.
Friendliness
Believe it or not, we have learned how to be effective auditors and still share a smile with those we audit. In fact, the first criteria for any associate at Kendrick Services is not their auditing expertise, not their banking background and not their educational history. While these are important and are considered, they all fall beneath the priority of having associates that know how to smile and know how to relate to your people in a friendly manner.
Professional
These professional certifications are among our 7 associates - CPA, CBA, CRP, CISA, CISSP, C|EH, CCBCO, CAMS, CBAP, AAP, SACP. As part of each of these certifications, extensive continuing education is required which keeps our team on the cutting edge of their respective fields.
Respected Reputation
Being in the financial institution industry for so long, both individually and as a firm, Kendrick Services is well known and well respected in the market place. Federal and state regulators along with many public accounting firms are very familiar with the quality of our work and reputation of our firm. We welcome prospective bankers to query their regulator about us.
Consistency/Stability
You will not see new associates every year and have to re-educate them on your people, your systems and the chemistry and management style of your institution. New associates are always teamed with an associate you know and that knows you.
