PRACTICE AREAS

At Prempeh Consulting, we offer a diverse range of practice areas designed to meet the multifaceted needs of our clients. Our Information Assurance services ensure the integrity, confidentiality, and availability of your organization’s data through comprehensive security assessments and compliance solutions. Through our InternalAudit Services, we provide independent and objective evaluations of your internal controls, risk management processes, and operational efficiencies to enhance governance and accountability.

Additionally, our CFO and Accounting Services deliver expert financial management, strategic guidance, and detailed reporting to support informed decision-making and drive organizational success. Governing Authorities for Practice AreasEach of our practice areas is governed by authoritative bodies that establish standards, ensure regulatory compliance, and promote best practices.

These governing bodies provide the framework and guidelines necessary to maintain the highest levels of quality, security, and accountability across Information Assurance, Internal Audit Services, and CFO and Accounting Services. Governing Authorities for Information Assurance:- National Institute of Standards and Technology (NIST): Provides guidelines such as the NIST Cybersecurity Framework and NIST 800-53 for risk management and data protection.

International Organization for Standardization (ISO): Establishes standards like ISO 27001 for information security management systems.- Federal Information Security Management Act (FISMA): Governs the protection of federal information systems.

General Data Protection Regulation (GDPR): Sets requirements for data protection and privacy for individuals within the European Union.Governing Authorities for Internal Audit Services:- Institute of Internal Auditors (IIA): Issues the International Standards for the Professional Practice of Internal Auditing (IPPF) and the Code of Ethics.

Committee of Sponsoring Organizations of the Treadway Commission (COSO): Provides a widely accepted framework for internal controls and risk management (COSO Framework).- Government Accountability Office (GAO): Oversees audit standards for federal audits, including the GAO Yellow Book. Governing Authorities for CFO and Accounting Services:- Financial Accounting Standards Board (FASB): Establishes the Generally Accepted Accounting Principles (GAAP) in the U.S. for financial reporting.

Governmental Accounting Standards Board (GASB): Sets accounting standards for state and local government entities.- Office of Management and Budget (OMB): Provides guidance for federal financial management, such as OMB Circular A-123 for internal control over financial reporting.

- Securities and Exchange Commission (SEC): Enforces financial reporting and disclosure requirements for public companies.

Information Assurance Services

These services not only protect your assets but also empower your organization to operate confidently in a digitally connected world.

Regulatory Compliance Reviews
IT Security Assessments
Application Controls Reviews
Service Organization Reviews SSAE18
Enterprise Risk Advisory
Data Analysis
Business Intelligence
Value IT reviews
Staff Augmentation and Placement
A123 & A130 Reviews
FISCAM and FISMA
Cyber Security Insurance
Vendor Management
CMMC

Comprehensive Risk Assessments
Expertly evaluate and fortify your organization's digital defenses by identifying vulnerabilities and designing strategic initiatives to mitigate risks and enhance system resilience.
Example:
For a financial services company, perform penetration testing to simulate external and internal attacks, pinpointing weak points in encryption, authentication, and firewall defenses to strengthen against cyber theft and data breaches.

Rigorous Compliance Auditing
Achieve and maintain the highest compliance standards with meticulous audits that ensure your practices align with legal requirements and industry benchmarks, such as GDPR, HIPAA, and ISO/IEC 27001.
Example:
For a healthcare provider, conduct a thorough review of patient data handling, access controls, and encryption standards to ensure all protocols exceed HIPAA requirements, thereby avoiding fines and boosting patient confidence.

Proactive Security Policy Development
Craft and implement robust security policies that proactively safeguard your information assets. Our tailored policies strengthen your security framework and ensure comprehensive protection against emerging threats.
Example:
Update an e-commerce business’s security policies to cover new threats related to online transactions and customer data storage, emphasizing password management, multi-factor authentication, and secure payment processes.

Incident Response Preparedness
Equip your organization with a rapid and effective incident response strategy that minimizes downtime and mitigates potential damage from cyber threats. Our structured plans ensure you are prepared to respond decisively to security incidents.
Example:
For an IT firm, establish a dedicated response team and clear protocols for various security incidents like ransomware or data breaches, ensuring quick containment and minimal operational impact.

Engaging Training and Awareness Programs
Empower your team with the knowledge they need to be the first line of defense against cyber threats. Our interactive training and continuous awareness programs promote a security-first culture throughout your organization.
Example:
Implement cybersecurity workshops and regular updates for a multinational corporation, using gamification to educate employees about phishing and social engineering, thereby encouraging proactive security behaviors.

Detailed Internal Audit Services

Financial Audits
Internal auditors conduct financial audits to verify the accuracy and completeness of financial records and ensure compliance with accounting standards such as GAAP or IFRS, and legal regulations.
Authority: According to the IIA, financial audits help ensure the reliability of financial reporting and compliance with relevant laws and regulations ('International Standards for the Professional Practice of Internal Auditing').

Operational Audits
These audits assess the efficiency and effectiveness of operational processes within an organization. Internal auditors look at procedures, systems, and controls to make sure they are working as intended to meet the organization's goals.
Authority: The IIA describes operational audits as crucial for improving an organization’s operations and governance by identifying opportunities to enhance process efficiency and effectiveness.

Compliance Audits
Compliance audits review whether the organization adheres to external laws and regulations as well as internal policies and procedures.
Authority: The OIG emphasizes the importance of compliance audits in preventing fraud, waste, and abuse within organizations, particularly in the healthcare sector.

Information Technology Audits
IT audits evaluate the security, integrity, and management of electronic data and the IT systems that handle this data.
Authority: As per the IIA, IT audits are integral to ensuring that the IT framework supports and aligns with the organization's strategic objectives.

Risk Management
This service involves identifying, assessing, and mitigating risks that could impact the organization's ability to achieve its objectives.
Authority: The IIA’s guidelines state that risk management is a key area where internal auditors provide value by ensuring that the organization's risk management processes are effective.

Corporate Governance
Internal auditors review and improve governance frameworks to ensure that they promote ethical practices, effective decision-making, and accountability.
Authority: The OIG and IIA both highlight the role of internal audit in strengthening governance and oversight.

Advisory Services
Internal auditors offer strategic insights and objective advice to optimize business processes, improve controls, and enhance overall corporate governance.
Authority: The IIA regards advisory services as a means for internal auditors to add value by transferring knowledge and best practices within the organization.

Follow-Up Audits
These are conducted to verify that previously identified issues have been addressed and that corrective actions are in place and effective.
Authority: Follow-up audits are essential, as noted by the IIA, for ensuring that management actions have been effectively implemented to address audit findings.

Fraud Audits
Targeted audits to detect, investigate, and prevent fraud within the organization.
Authority: The OIG particularly mandates fraud audits in the public and healthcare sectors to protect resources from fraud, waste, and abuse.

Sustainability and Environmental Audits
Auditing environmental compliance and sustainability initiatives to ensure the organization meets legal requirements and best practices for environmental stewardship.
Authority: These audits are becoming increasingly important as regulatory bodies and international standards push for greater corporate responsibility in environmental matters.