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Quality Auditing

Affordable Pricing

Solid Integrity

Expertise Beyond Numbers: Your Partner in Compliance and Efficiency

Midwest Audit LLC provides tailored internal auditing for public and government entities. With a track record of serving state governments, large organizations, and Fortune 100 companies, we offer unmatched expertise at competitive prices. Our approach extends beyond standard auditing, ensuring regulatory compliance, operational efficiency, and promoting transparency and fiscal responsibility.

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About Midwest Audit

With over 30 years of experience serving a diverse range of sectors, we offer unmatched expertise tailored to meet the unique needs of each client. Our services extend from financial to risk management audits, ensuring comprehensive oversight, regulatory compliance, and operational efficiency. We specialize in the following types of audits:

Construction Project Audits
Vendor and Lease Compliance Audits
Operational Audits
Information Systems General Controls and Governance Audits
Performance Audits
Integrated Audits
Risk Management Audits
Quality Assurance Reviews (QARs)

At Midwest Audit LLC, we go beyond traditional auditing, providing affordable, quality auditing solutions that promote transparency, fiscal responsibility, and contribute to your organizationâs success.

Clientele

Our clientele spans across various sectors, reflecting our flexibility and competence in addressing specific auditing requirements. We have a proven track record with:

State and Provincial Governments
Fortune 100 Companies
Commercial Real Estate and Property Management
Retail Corporations
Non-Profit Companies
Oil and Natural Gas Entities
Technology Companies
Major Automotive Companies
Construction Companies

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Professional Services

Construction Project Audits

A construction project audit is a thorough examination conducted to review and evaluate the processes, systems, and performances within a construction project to ensure compliance with the industry standards, laws, and regulations. It aims to provide assurance, identify areas of improvement, and ensure that the project’s goals are achievable within the stipulated budget and time frame.

Compliance Verification: Audits check the adherence to applicable laws, regulations, and industry standards, ensuring that the project abides by necessary compliance requirements, which in turn minimizes legal and financial risks.
Performance Assessment: Evaluating the performance and effectiveness of the project management processes and systems to ascertain whether the project is on track to meet its objectives within the allocated resources.
Financial Review: Conducting a thorough examination of the projectâs financial transactions, budgets, and contracts to ensure that funds are being utilized efficiently and to identify any discrepancies or areas for cost-saving.

Vendor and Lease Compliance Audits

Vendor and Lease Compliance Audits are evaluations conducted to ensure that vendors and lessees are adhering to the terms, conditions, and stipulations outlined in their respective contracts and agreements. These audits are crucial for maintaining transparency, trust, and accountability between parties involved, ensuring that financial and operational arrangements are executed as agreed upon.

Contract Adherence: Through these audits, the adherence to the terms and conditions set forth in contracts with vendors or lease agreements is checked. This can include reviewing pricing arrangements, service delivery, and other contractual obligations to ensure they align with what was initially agreed upon.
Financial Accuracy: Vendor and Lease Compliance Audits help in verifying the accuracy of financial transactions, payments, and charges between the involved parties. This is crucial for maintaining financial integrity and ensuring that all financial dealings are transparent and accurate.
Operational Efficiency: By evaluating the operational aspects of vendor and lease arrangements, these audits aim to identify areas of improvement to enhance efficiency and effectiveness. This may include reviewing maintenance practices, service delivery timelines, and other operational processes to ensure they meet the standards and expectations set forth in the agreements.

Operational Audits

Operational audits are designed to appraise the effectiveness and efficiency of your organization’s operations, aiming to improve operational processes and contribute to your overall success. Our operational audit services encompass:

Process Evaluation: Analyzing your operational processes to identify areas of improvement, ensuring they are streamlined, effective, and aligned with your organizational objectives.
Performance Assessment: Evaluating the performance of different operational areas to ascertain their effectiveness in meeting set goals and benchmarks.
Recommendations for Enhancement: Providing insightful recommendations to optimize operations, reduce waste, and improve overall productivity and operational efficiency, paving the way for enhanced profitability and goal attainment.

Information Systems General Controls and Governance Audits

Information Systems General Controls (ISGC) and Governance Audits are comprehensive evaluations aimed at ensuring the effectiveness and efficiency of an organization’s information systems controls and governance structures. These audits are crucial for safeguarding information assets, ensuring data integrity, and achieving organizational objectives in an efficient and compliant manner.

Control Environment Assessment: These audits assess the control environment surrounding the information systems to ensure that it is effective in managing and mitigating risks associated with data processing, access, and other IS operations.
Governance Structure Evaluation: Governance audits evaluate the frameworks and processes in place for managing and overseeing the organizationâs IS operations. This includes reviewing policies, procedures, and oversight bodies to ensure they are adequately structured and functioning to support the organizationâs goals and compliance requirements.
Compliance and Regulatory Adherence: Ensuring that the organization’s information systems operations are in compliance with applicable laws, regulations, and industry standards is a central focus. This can include assessments of privacy practices, data protection measures, and other regulatory compliance areas to mitigate legal and financial risks.

Performance Audits

Performance Audits are conducted to evaluate the effectiveness and efficiency of programs or operations in achieving their objectives. Through our Performance Audit services, we offer:

Effectiveness Assessment: Evaluating how well your programs or operations are meeting their stated objectives and whether they are delivering the intended outcomes.
Efficiency Analysis: Analyzing the resources utilized in your operations to determine whether they are being used in the most efficient manner to achieve the desired goals.
Improvement Recommendations: Offering tailored recommendations to enhance the performance, efficiency, and effectiveness of your operations, aiding in the optimization of resources and achievement of organizational objectives.

Integrated Audits

Integrated Audits provide a holistic examination of financial, operational, and information systems processes to ensure a robust internal control environment. Our Integrated Audit services encompass:

Internal Control Assessment: Evaluating the effectiveness of internal controls across financial, operational, and information systems processes, ensuring they are designed and functioning properly to mitigate risks.
Cross-Functional Analysis: Analyzing the interdependencies between different departments and processes to identify areas of improvement, ensuring seamless integration and coordination.
Recommendations for Enhancement: Delivering actionable recommendations to bolster internal controls, improve process integration, and enhance overall organizational performance, fostering a more cohesive and efficient operational environment.

Risk Management Audits

Risk Management Audits are pivotal in identifying, assessing, and managing risks that could hinder your organization from achieving its objectives. Our Risk Management Audit services include:

Risk Identification and Assessment: Uncovering and evaluating risks across various facets of your organization, from operational to strategic risks, ensuring a comprehensive understanding of potential challenges.
Control Evaluation: Assessing the effectiveness of the existing control measures in place to mitigate identified risks, ensuring they are aptly structured to provide the necessary safeguards.
Recommendation for Improvement: Offering tailored recommendations to enhance your risk management framework, strengthen internal controls, and foster a culture of proactive risk management, thereby better equipping your organization to navigate uncertainties.

Quality Assurance Reviews (QARs)

Quality Assurance Reviews (QARs) are systematic examinations aimed at evaluating and improving the effectiveness and efficiency of processes, systems, or functions within an organization. They ensure that operations are conducted in a manner that adheres to established standards, best practices, and regulatory requirements, thereby fostering continuous improvement and assurance in organizational performance.

Standard Compliance: QARs assess the adherence to established standards and guidelines, such as those set by regulatory bodies or industry associations. In the realm of Internal Audit functions, QARs ensure compliance with the International Internal Audit Standards set forth by the Institute of Internal Auditors (IIA).
Performance Evaluation: Through a QAR, an organization’s performance is evaluated against predefined objectives and benchmarks. This encompasses reviewing the effectiveness, efficiency, and consistency of operations, including the Internal Audit function, to ensure it adds value and improves an organizationâs operations.
Continuous Improvement: QARs aim to identify areas of improvement and recommend corrective actions or enhancements. This feedback loop is crucial for fostering a culture of continuous improvement and ensuring that the organization remains aligned with its strategic goals and industry standards.

In the context of Internal Audit functions, QARs are essential for ensuring that the audit activity is in compliance with the IIA International Standards. This is a hallmark of a well-functioning audit department as it signifies a commitment to quality, professionalism, and the continuous enhancement of the audit function within the organization.