EisnerAmper Digital Assessments

Fraud Risk Assessment

The Fraud Risk Assessment documents an organization’s inherent fraud risks including financial statement fraud, cyber, corruption and asset misappropriation and is a component of the COSO risk assessment framework.

Its purpose is to identify where your organization is most vulnerable to fraud. This is accomplished by assessing the significance/likelihood of each fraud risk facing the organization and linking them to the organization’s internal control framework.

You should consider this assessment if you have not performed a recent fraud risk assessment or if there have been significant changes to the risks facing the organization or to its internal control environment.

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Royalty Assessment

Our Royalty Audit and Contract Compliance team evaluate a third party’s compliance with contractual requirements such as royalty payments as noted in the agreement with the organization or assesses basic compliance risks (e.g., anti-corruption) for potential JV or acquisition targets.

Its purpose is to assess the third party’s compliance with contractual terms and regulations, as well to identify potential underreported revenues.

You should consider this assessment if you license IP to third parties and receive limited supporting documentation from your business partner to substantiate the monies owed. This assessment may also provide value if you are considering an acquisition or JV partner in an industry or geography that has increased corruption or fraud risk.

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FiR$T Look Assessment

Financial Risk of Security Technologies (“FiR$T”) Look is a proprietary tool created by our seasoned IT and risk management experts and designed to assess your company’s technology and financial risk.

Its purpose is to provide our clients with a checklist of where their current IT gaps are compared to their peers and what the potential financial impacts are based on their current position. Our technology accounts for the 20+ core areas of a successful IT risk strategy and weighs them against factors such as risk of breach, effectiveness in defense and difficulty in implementation
You should consider this assessment if your company has either an in-house or outsourced IT arrangement, as it provides you peace of mind that your business is on the right path.

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CFIUS Risk and Readiness Assessments

The Pre-Transaction Risk Assessment looks into both the foreign investors and the target U.S. business to provide an assessment of potential national security risks. The purpose of this assessment is to assist management and counsel in determining if a filing with CFIUS is required, or if additional consideration on the transaction is needed.

You should consider this assessment if you are contemplating investing in or purchasing a U.S. company, or if you are a domestic U.S. company seeking investment into or a sale to a non-U.S. company, as a CFIUS filing will need to be considered for both the foreign investor and U.S. company.

After a filing with CFIUS is made and a National Security Agreement (NSA) is in place, the organizations must ensure that they are prepared and ready for an annual audit of the articles that are included in the NSA.

A Readiness Assessment’s main purpose is to pre-mitigate those identified risks within the NSA, develop and/or review policies and procedures around the NSA provisions, and establish control evidence to support compliance with the NSA. This includes mapping of controls to the NSA articles and providing training to staff who are involved with the NSA as well as a “mock” audit all in preparation for the annual audit as required by the NSA.

A Readiness Assessment and the related activities as noted should be considered to ensure that your organizations have mitigated risks, have appropriate documentation and are ready for the annual audit.

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Digital Assessments and Process Automation Workshop

The Digital Assessment identifies areas of immediate processing improvements that can be made in a relatively short period of time by leveraging technology solutions. 

As part of our Process Automation Workshop, the Digital Assessment’s purpose is to provide you with a ‘Digital Roadmap’ to help plan for investments in technology and the skilled professionals who are needed to develop and support emerging technologies like robotics process automation (RPA), analytics, and machine learning. 

You should consider this type of assessment if you are looking to eliminate manual, repetitive tasks from your business process flows. In addition, you should consider this assessment to; understand how current state business applications compare to those used by digital leaders in your industry, learn what potential improvement can be made to enhance the effectiveness and efficiency of your business processes, and to discover and derive new business requirements necessary to embark on a search for an ERP or business application.

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Expense Detect

Expense Detect makes sense of expense transactions and helps identify possible fraud. It also highlights any problem areas upper management may need to address through new policies. At the conclusion of the assessment, we provide suggestions for how to better prevent/safeguard against future fraudulent attempts.

Its purpose is to review, clean up and aggregate the data surrounding the transactions, and to identify what is not in line with company policy, what can be aggregated and receive better rates through buying power, and what is outright fraud.

You should consider this assessment if your company is paying for goods and services through different methods and you often experience challenges in being able to aggregate, analyze and make sense of those disbursements.

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Financial Close Optimization Assessment

The Financial Close Optimization Assessment re-centers and streamlines the financial close process to better align with leadership’s strategic goals. It does this by identifying the root cause of the constraints surrounding the close, mapping data flows highlighting dependencies and bottlenecks and therefore facilitating resource allocation, evaluating manually intensive repeatable tasks prime for automation, and much more.

Its purpose is to help organizations facing the common challenges of the financial close process, such as: process bottlenecks, enterprise resource planning, inability to scale, technology underutilized, and repetitive, manual procedures.

You should consider this assessment if you are looking to reduce the time it takes to close company books and records, eliminate manual processes and redundancies, find areas to automate and streamline the close process.

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Disbursements Assessment

The Disbursements Assessment examines disbursement controls and cash management processes such as treasury, accounts receivable/payable, manual checks and ACH/wires. After the review of the company’s existing controls follows, we perform the current state analysis and document process workflow. The assessment concludes with a gap analysis, process efficiency review, and control design recommendations.

Its purpose is to enhance the controls of your cash management while also streamlining your processes.

You should consider this assessment if you want to secure your cash and minimize the opportunity for fraud.

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ICOC (Internal Controls Over Compliance) Assessment

Our proprietary Internal Controls Over Compliance (ICOC) checklist assists broker-dealers of all sizes in developing a complete ICOC framework to consistently evidence and maintain compliance with strict regulations.

The checklist and coordinating assessment were designed to provide you with an overall assessment of your compliance with ICOC as well as a benchmark against peers. Post-assessment, we’re able to help you develop a detailed action plan for remediation activities when necessary.

You should consider this assessment if you want management to have an independent and objective assessment on the ICOC framework prior to the independent annual audit. This should also be considered if you are a self-clearing broker-dealer that needs to file an annual Compliance Report.

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ERM (Enterprise Risk Management) Health Check/Assessment

The Enterprise Risk Management Assessment helps an organization evaluate and/or enhance its ERM framework to identify, manage, and control risks that span across the entire organization.

Its main purpose is to increase awareness of risk facing the organization; enhance confidence over the achievement of corporate strategic objectives; and improve compliance with legal, regulatory, and financial reporting requirements.

You should consider this assessment if you have not performed an enterprise-wide risk assessment or if there have been significant changes to the risks facing the organization’s strategic goals or its internal control environment.

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Crypto Fund Disbursement Assessment

The Crypto Fund Disbursement Assessment begins with a current state assessment of controls related to the disbursement of funds, allowing us to identify control gaps and offer pragmatic solutions that fit your business. This will include the following: review of existing policies and procedures (if any), current state analysis, document process workflow, gap analysis, process efficiency and control design recommendations.

Its main purpose is to increase controls and decrease fraud. Through conducting a disbursement process review, your cash management processes, including treasury, accounts receivable/payable, manual checks and ACH/wires, will be enhanced with controls and streamlined.

You should consider this assessment if you are a crypto fund or company that secures client assets.

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