The internal audit activity is established by Renown’s Audit and Compliance Committee of the Board of Directors. Internal audit’s responsibilities are defined by the Committee of the Board as part of their oversight role.
To report a compliance concern, please call 1-800-611-5097.
Vice President and
Chief Compliance Officer
Department Information and Resources
Use the links below to learn more about Renown's internal auditing efforts.
- Information Systems
- Consulting and Advisory Services
- Special Investigations
The audit process consists of four phases:
Planning: The objectives and scope are determined. A meeting is held with the department head and lead fiscal administrator to discuss the audit plan and its requirements.
Fieldwork: This involves conducting interviews and testing compliance with policies and procedures. Internal controls are also assessed and tested.
Reporting of Results: A summary of audit findings and recommendations is prepared and presented to management for discussion. Once the findings/recommendations are finalized, a report is issued to management.
Monitoring and Follow-Up: This phase ensures that all audit recommendations have been satisfactorily implemented. Some verification procedures may be performed to ensure that recommendations have been adequately addressed.
1155 Mill Street, MS N-14
Reno, NV 89502
Regarding internal control, the goal is to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Effectiveness and efficiency of operations
- Reliability of financial reporting
- Compliance with applicable laws, regulations, policies and procedures.
- Evaluating risk exposure relating to achievement of the organization’s strategic objectives.
- Evaluating the reliability and integrity of information and the means used to identify, measure, classify and report such information.
- Evaluating the systems established to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on the organization.
- Evaluating the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
- Evaluating the effectiveness and efficiency with which resources are employed.
- Evaluating operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
- Monitoring and evaluating governance processes.
- Monitoring and evaluating the effectiveness of the organization's risk management processes.
- Evaluating the quality of performance of external auditors and the degree of coordination with internal audit.
- Performing consulting and advisory services related to governance, risk management and control as appropriate for the organization.
- Reporting periodically on the internal audit activity’s purpose, authority, responsibility and performance relative to its plan.
- Reporting significant risk exposures and control issues, including fraud risks, governance issues and other matters needed or requested by the Committee of the Board.
- Evaluating specific operations at the request of the Committee of the Board or management, as appropriate.
- Internal auditors are company employees, while external auditors work for an outside audit firm.
- Internal auditors are hired by the company, while external auditors are appointed by a board vote.
- Internal auditors do not have to be CPAs, while a CPA must direct the activities of the external auditors. Internal auditors demonstrate their competence by obtaining Certified Internal Auditor (CIA) designation.
- Internal auditors are responsible to management and the board. External auditors are responsible to the board.
- Internal auditors can issue their findings in any type of report format, while external auditors must use specific formats for their audit opinions and management letters.
- Internal audit reports are used by management, while external audit reports are used by stakeholders, such as creditors and lenders.
- Internal auditors can be used to provide advice and other consulting assistance to employees, while external auditors are constrained from supporting an audit client too closely.
- Internal auditors examine issues related to organization business practices and risks, while external auditors examine financial records and issue an opinion regarding the financial statements of the organization.
- Internal audits are conducted throughout the year, while external auditors conduct a single annual audit.
- Internal audits often involve a return on investment for the organization, in terms of savings in costs, while external audits are required by government entities and useful for obtaining loans for the organization with their independent assessment of the financial status of the organization.
Larger organizations typically use both functions, thereby ensuring that their records, processes and financial statements are closely examined at regular intervals.