Regulatory agencies emphasize the need to proactively audit an entity’s operation to maximize its performance efficiency and effectiveness and to identify fraud, waste, and abuse to mitigate risk. Establishing a risk-driven audit function demonstrates to clients, partners, and stakeholders an organization’s commitment to quality assurance and control. In the event a regulatory issue surfaces via an audit and it’s promptly communicated to oversight agencies, regulators tend to grant leniency to those organizations embracing and utilizing internal review and reporting mechanisms.
Regardless of a firm’s size, a weak or nonexistent audit function places an organization at a high level of financial and legal risk and decreases the degree of confidence and reliance clients can place on an entity’s operations. As evidenced by press releases published by regulatory bodies, firms subject to adverse regulatory actions either had no audit function or a weak one.
Simply establishing or having an audit function does not translate to the elimination of risks or adverse events. An entity’s commitment to its design, including the reporting structure, staff qualifications, risk assessments, audit planning, corrective action plans, and reporting, dictates the success and effectiveness of an audit function. Regulators are often changing audit approaches, such as the introduction or expansion of desk audits and self-audits of healthcare claims. As a consequence, firms need to promptly change and adapt or run the risk of losing business.
Aridell is a proven expert in conducting risk assessments and executing compliance, contract, financial, program integrity, and performance audits of commercial entities, government contractors and subcontractors, and government agencies. Experts have experience in establishing or improving audit functions, including the development of audit protocols for Federal healthcare programs. Aridell’s audit experience extends to conducting and managing audits for the Defense Contract Audit Agency, the Environmental Protection Agency Office of Inspector General, the Department of Veterans Affairs Office of Inspector General, the Department of Health and Human Services Office of Inspector General, and the Centers & Medicare and Medicaid Services.
Audit expertise is not limited to non-litigation activities but also includes litigation activities. As an example, experts are well-versed in post-litigation activities, such as the development, oversight, and audit of corporate integrity agreements.
Aridell’s capabilities include:
Developing Audit Protocols
Conducting Risk Assessments
Evaluating Audit Functions
Conducting Compliance, Contract, Financial, Program Integrity, and Performance Audits
Corporate Integrity Agreements
Regulatory Desk Audits and Self-Audits
Supporting Organizations Facing Regulatory Audits
Preparing Corrective Action Plans
Aridell Associates, LLC