Region: Philadelphia
Industry: Professional Services
Service Line(s): Risk Management Services
Performed a Quality Assessment Review to evaluate the effectiveness of the Internal Audit function and measure its conformance to IIA Standards.
Company Background:
Liberty Property Trust is a real estate investment trust that develops, acquires, leases, and manages superior office and industrial properties throughout the United States and the United Kingdom.
Business Challenge:
Liberty Property Trust’s Vice President of Internal Audit desired an external, independent assessment of the Company’s IA function to determine how it compared to the Standards of the Institute of Internal Auditors (IIA). The results of this review would help the Company determine where it stood relative to its peers and what, if any, additional procedures or processes would need to be created or modified.
AC Lordi Consulting Solution:
Our engagement team orchestrated a series of on-site evaluations. We conducted numerous in-person, confidential interviews with more than a dozen Liberty Property Trust senior executives, including the Audit Committee Chairman, the Vice President of Internal Audit, and the IA staff. We reviewed workpapers for internal audits performed over the past year and prepared surveys for and solicited feedback from the auditees of those areas. We also collected raw data from standard questionnaires used by the IIA. Once we completed our review we made formal recommendations to management and the Audit Committee, and delivered conclusions on how Liberty Property Trust conformed to IIA standards.
Value Delivered:
The results of our Quality Assessment Review reinforced the effective performance of Liberty Property Trust’s IA department and assured senior management that the Company conformed to IIA Standards. Our additional observations presented best practice enhancements that improved upon the Company’s already proficient efforts.