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Expert Audit & Risk Management for Your Business in Edmonton
In today’s fast-paced business world, unexpected challenges are a given. Instead of getting caught up off guard when risks arise, what if you could anticipate them beforehand?
At Faber LLP, our Internal Audit & Risk Advisory Services in Edmonton, Alberta are designed to help you spot potential risks, understand their impact, and put smart strategies in place to protect your business, before they affect your growth.
Don't Wait for Problems
The Smart Move is Faber LLP's Internal Audit & Risk Advisory Service
Did you know? According to a 2024 Report by the Canadian Federation of Independent Business (CFIB), about 50% of Canadian businesses experience financial fraud yearly? And when it comes to regulations, getting it wrong can mean hefty fines (sometimes in millions).
Now, think about this: Businesses that actively put strong internal controls in place actually reduce their losses from fraud by a remarkable 50%. That’s real money saved! (Association of Certified Fraud Examiners (ACFE))
Protecting the company is not the only reason for handling the possible risks. In fact, risk management and auditing can increase your financial success.
By partnering with the right experts, your business ensure that it is compliant, robust, and better equipped to handle any financial test, leading to greater stability and growth.
Take Control of Your Business Security
In the business world, you have to do more than merely react to the problems. When it comes to protecting your financial well-being and staying on the right side of regulations, it is advisable to consult Risk Advisory and Internal Audit in Edmonton, Alberta.
Let’s unpack what each service brings to the table in a way that makes sense for your business.
Risk Advisory
Risk advisory is your company’s early warning system. It anticipates possible hazards and creates plans before potential issues arise.
- Identifying vulnerabilities in your operations and finances, hidden weaknesses, and compliance risks.
- Developing your action plan to tackle risks and even turn them into opportunities.
- Implementing controls to prevent threats, fraud and other internal or external dangers.
- Ensuring your business meets requirements like PIPEDA and CASL.
When to Tap into Risk Advisory:
- Expanding or Entering New Markets: To anticipate and plan for new challenges.
- Strengthening Your Risk Management: To build a more robust and proactive approach.
- Staying Ahead of Emerging Threats: To proactively address new and evolving risks.
Internal Auditing
Internal Auditing is like an honest mirror of your processes. It’s about getting a clear, unbiased reflection of what’s actually happening inside.
- We will explore the nooks and corners of your processes to uncover inefficiencies or unexpected gaps that you might not notice on a day-to-day basis.
- We don't just look at your business's safeguards; we check the control you have on your business to ensure your business can truly withstand bumps and potential breakdowns (like errors or fraud).
- Our team steers you towards compliance, and makes sure you're not just drifting, but staying true to the course set by laws, regulations, and your own internal compass.
- We point out what's wrong and give you a walk-through guide that is your practical, real-world advice on how to tune things up and progress more.
You Need Internal Auditing:
- When you want concrete evidence that the control you have on your business finances is effective.
- While preparing for a regulatory examination or an external audit.
- When you want to increase your daily fiscal accuracy and efficiency.
Risk Advisory & Internal Audit in Edmonton, Alberta
Your Business’s Dynamic Duo
Although internal auditing and risk advisory may have varying benefits, both are necessary for a genuinely impregnable defence. Risk Advisory designs your strategy, whereas your meticulous quality control tool is internal auditing.
Together, they create a 360-degree security shield.
Risk Advisory anticipates potential threats on the horizon, while Internal Auditing ensures that your current defenses are strong enough to withstand anything that threatens your business’s growth. Both are not mere services; they’re two essential parts of a holistic strategy to manage risks and truly master them.
Faber LLP: Your Partner in Financial Integrity
We aim to ensure you feel safe and secure about your financial future. We focus on helping you build confidence by making sure everything is in line with the rules.
- Assessing and Managing Risks
- Detecting and Preventing Fraud
- Sharpening Company's Internal Rules
- Ensuring Compliance with Regulations
- Providing Education and Training
- Data Analysis
- Corporate Management Leadership
- Improving Business Processes
- Giving Strategic Advice on Managing Risks
Related Insights
In the age of digital transformation, artificial intelligence, and ever-tightening regulations, internal controls are the invisible framework keeping your efficient, effective and compliant.
FAQs
1. Why maintain Internal Audit functions when I have an external auditor?
External audits perform examinations of financial statements to provide information to stakeholders. Through its enhancement of internal controls and fraud prevention measures alongside compliance assurance, Internal Audit equips organizations for external audit processes.
2. What risks does Risk Advisory identify?
Companies are confronted with complex financial (cash flow, credit), operational (inefficiencies, supply chain), compliance (tax, regulations), and strategic risks that challenge their long-term goals.
3. How does Faber LLP assist businesses in maintaining tax compliance?
Our work entails reviewing tax procedures to ensure compliance with Canadian regulations while optimizing tax strategies and preventing sanctions by making accurate and timely submissions.
4. Do your services cause interruptions in routine business activities?
No. Our team put efforts into enhancing long-term efficiency without causing disruptions.
5. What’s the cost of internal audit and risk advisory at FaberLLP?
Customized configurations depend on organizational dimensions and specific requirements. Following our preliminary consultation phase, we deliver proposals centred on value.
6. How do you start with Faber LLP?
Get connected with us through digital platform communication or telephonic interaction. An appointment will be arranged to examine your requirements and develop customized solutions.
7. How does Internal Audit add value beyond compliance?
Beyond ticking boxes, Internal Audit reveals inefficiencies, streamlines operations, and uncovers hidden risks, thereby transforming oversight into insight that drives smarter business decisions.
8. Can Faber LLP help build an Internal Audit function from scratch?
Yes. Whether you're starting from zero or scaling up, we design, structure, and implement internal audit frameworks tailored to your industry, size, and strategic goals.
9. Is Risk Advisory relevant for growing businesses, not just large corporations?
Absolutely. Growth comes with exposure—new markets, new systems, new risks. Our advisory services help growing businesses pre-empt problems before they become costly setbacks.
10. What’s your approach to handling sensitive findings or red flags?
Discretion and diplomacy is the key! We don’t just report issues, instead we guide you through resolution, mitigate reputational impact, and strengthen your controls for long-term stability.
11. How often should we review internal controls and risks?
At minimum, annually, or whenever you scale, pivot, or implement new tech. Proactive reviews are cheaper than reactive solutions, and they keep your business audit-ready year-round.
Let's Talk
P 780-432-5262
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