Internal Audit

The Board is facing ongoing pressure from stakeholders to mitigate risk yet drive business performance. Internal audit plays a critical role in providing objective assurance that protects the business against risk, informs strategic decision making and improves its performance. However, many organisations do not have an internal audit function with sufficient expertise to step up to the challenge.

We help companies improve the value and performance of the internal audit function by providing solutions tailored to your needs. Whether you need outsourcing/co-sourcing, internal audit transformation or internal audit start-up assistance, we bring extensive knowledge of internal audit, along with sector specialists who know your industry and its technical risk areas. PwC has a vast amount of experience in Internal Audit services and Corporate Governance, ranging from drafting Audit Committee charters to execution of Internal Audit services.

Unlike some other Firms, we do not have a dedicated Internal Audit department. Our model Is based on a number of key resources with specific Internal Audit knowledge and experience, working together with specialists depending on the scope and objectives of the audit assignment. These specialists can come from all of our service lines, Tax & Legal Services, Assurance and Advisory. The role of the Internal Audit experts is to ensure that these specialists apply accepted standards and the agreements with the client when carrying out and documenting their work.

If this is your situation

  • You’re concerned that your internal audit function can’t keep up with the changing risks facing your business.
  • You need advice on how to align the work of the internal audit function with your organisation’s strategic objectives
  • 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.
  • 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.

There are a number of ways in which we can assist organisations that need help in improving the quality and effectiveness of their internal audit processes in a number of ways. First, by advising and assisting in the development of internal audit and risk- management methodologies, including assessing whether the internal audit function is delivering effectively to stakeholders.

Second, by providing internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage. Third, by 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.

In summary PwC’s services include:

  • Internal audit outsourcing - an outsourced service provided through a combination of a dedicated, core delivery service team and a virtual team comprising the broadest range of specialists
  • Internal audit co-sourcing - in our co-sourcing arrangements, we work in partnership with our clients, taking a variety of roles and responsibilities, but overall reporting into the head of internal audit
  • Internal audit effectiveness reviews
  • Advisory services related to any aspect of internal audit including methodology and tools
  • Training service

PwC Academy

Sharing best-practice ideas is a good and effective way of dealing with the challenges internal audit teams face today. Therefore, PwC hosts round table meetings based on subject matters the Internal Audit community has raised with us through our PwC Academy.

Visit our PwC Academy: