Our Approach
Our approach is simple.
1. Risk Assessment
First, we assist management in performing a formal risk assessment of each operational area of your institution. Based on a defined risk score, we determine the appropriate audit frequency—higher risk areas receive more frequent audit attention.
This assessment typically takes one to three days, depending on the size and complexity of the institution.
2. Written Proposal
Second, based on the results of the risk assessment, we develop a written proposal outlining:
The scope of audit projects (typically over a calendar year)
The cost of services
Contractual provisions
At this stage, the Audit Committee and/or executive management are usually involved for discussion and final approval.
3. Execution & Fieldwork
Upon execution of an engagement contract, we assign an associate—or team of associates—to visit your institution periodically to perform the projects identified in the risk assessment.
During fieldwork:
Management is kept informed of any internal control weaknesses as soon as they are observed.
An exit meeting is typically held on the final day to formally discuss observations.
A draft report is delivered within one to two weeks of completing fieldwork.
We believe no competitor can match our timing of communicating issues to management and the board or turning a project from beginning to end. A stale audit report can sometimes cause more harm than good, allowing weaknesses to fester before a remedy by management can be made.
All workpapers are fully automated, considered property of your institution, and maintained on-site for the convenience of regulators and external auditors.
Our Advantage
Experience
The associates leading your projects are not there for “on-the-job training.”
Collectively, our team brings more than 400 years of banking and bank auditing experience. We are not an external audit firm attempting to provide internal audit services as an add-on. Internal auditing for financial institutions is our specialty—what we have done, what we do, and what we intend to continue doing.
Simplicity
We keep our service straightforward and practical. We approach your institution as if we were your own internal audit department.
Fully automated workpapers retained at your institution
Direct, responsive communication
Availability for consulting needs
An independent channel for confidential or suspicious reporting
We aim to function as an extension of your team.
Friendliness
Effective auditors can still share a smile.
At Kendrick Services, the first qualification for an associate is not certifications, experience, or education—though those matter greatly. It is the ability to relate to your people with professionalism, respect, and friendliness.
Professional
Among our 15 associates, professional certifications include:
CPA, CBA, CRP, CISA, CISSP, C|EH, C|CISO, aC|CISO, CCBCO, CAMS, CRCM, CBAP
Each certification requires ongoing continuing education, ensuring our team remains current and on the cutting edge of their respective fields.
Respected Reputation
With decades in the financial institution industry—both individually and as a firm—Kendrick Services is well known and well respected in the marketplace.
Federal and state regulators, along with many public accounting firms, are familiar with the quality of our work and our firm’s reputation. We welcome prospective bankers to inquire with their regulators about us.
Consistency & Stability
You will not see a revolving door of new associates each year.
New team members are always paired with an associate you already know—someone who understands your people, your systems, and your institution’s culture and management style.
We believe stability builds trust, and trust strengthens partnerships.