Internal audit

As companies comply with the various legislative and reporting requirements governed by their industry, Internal Auditors are coming to grips with their role and involvement in these initiatives. These challenges include both short-term issues, as well as longer-term questions on the role and responsibilities of Internal Audit in this process.

If this is your situation:

  • You are concerned that your Internal Audit function cannot keep up with the changing risks facing your business.
  • You find it difficult to recruit and retain Internal Audit professionals in all of your key skill areas.
  • You need to supplement your in-house Internal Audit function with specialist skills (e.g. IT, ERP Audit, Treasury).
  • Your Internal Audit function has insufficient resources to cover the geographic scope of your organisation.
  • Your organisation considers Internal Audit to be a non-core activity so you want to find an external provider.
  • You need to assess the effectiveness of your risk management, internal audit and corporate governance procedures.

How PwC can help you:

Maximising the value and effectiveness of the Internal Audit function requires an understanding of an organisation's objectives, risks, risk management priorities, regulatory environment and the diverse needs of critical stakeholders including executive management, the board, employees and shareholders. Ultimately, these needs determine the risk profile of the organisation and the strategic focus, organisation, resources and practices required of its Internal Audit department.

We can assist organisations that need help improving the quality and effectiveness of their Internal Audit processes in a number of ways:

  • Providing Internal Audit Advisory Services in assisting in the development of Internal Audit and risk management methodologies, including assessing whether the Internal Audit function is delivering effectively to stakeholders.

    Internal Audit advisory services

    PwC's Internal Audit Advisory Services include a full range of solutions designed to assist all clients regardless of the maturity level of their Internal Audit department.

    How PwC can help you:

    • Increase management confidence in 404 certifications on an ongoing basis and in a cost effective way.
    • Enhance reliability of corporate governance and risk management.
    • Increase effectiveness and efficiency of your Internal Audit department.
    • Improve fraud prevention or detection.
    • Establish your Internal Audit department's credibility with Audit Committees and senior management.
    • Improve value, performance and return on Internal Audit investments.

    Service we provide include:

    • Advice on establishing an Internal Audit function.
    • Advice on the recruitment of key Internal Audit staff.
    • Complete peer reviews of the Internal Audit function.
    • Supply Internal Audit tools.
    • IA Training.

     

  • Providing Internal Audit Resourcing Solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage.

    Internal audit resourcing solutions

    PwC's Internal Audit Resourcing provides either partial or full outsourcing of a company's existing Internal Audit function in order to improve effectiveness and monitoring of internal controls on an ongoing basis.

    Service we provide include:

    • Full outsource
      PwC is engaged to complete all planning, execution and reporting in line with the annual Internal Audit pan for a nominated period of time.
    • Co-sourcing
      We provide resources on an ongoing basis to work with your staff to complete the annual plan.
    • Specialists review
      We benchmark your Internal Audit function against best practice and or your peers.
    • Temporary support
      We provide resources to cover temporary vacancies in your Internal Audit department.

     

  • Supporting Internal Audit functions with software to enhance and support their work. In addition, we can develop training for internal auditors using our extensive market and industry knowledge to create highly-tailored solutions.