PwC professionals provide a broad range of Audit and Business Advisory Services to:
PwC's Actuarial & Insurance Management Solutions (AIMS) practice assists private and public entities throughout the world with critical insurance business issues. We provide solutions to the challenges caused by intense competition, technological changes, workplace pressures, mergers and acquisitions, globalisation, increased attention from regulators, and the ongoing struggle to provide greater value to all stakeholders.
The AIMS practice is one of the largest actuarial consulting groups in the world. We have 3 credentialed actuaries in Bermuda and an additional 60 located across the United States. These professionals regularly provide advice, counsel, and consulting services to every segment of the industry including insurance regulators, captives, third-party administrators, reinsurers, agents and brokers, bureaus and associations, and more of the largest insurers and self-insureds than any other Big Four firm.
As companies begin the process of integrating their compliance with the reporting requirements of Sections 302 and 404 of the U.S. Sarbanes-Oxley Act, internal auditors are struggling to come to grips with their role and involvement in these initiatives. In addition, the impact of the Sarbanes-Oxley Act has also been felt by other organisations not directly included in its scope as the standards for good corporate governance have risen. Internal Audit’s role in this new environment raises questions that include both short-term tactical issues during the implementation phase, as well as longer-term strategic questions on the role and responsibilities of internal audit in the process. Although the Sarbanes-Oxley Act spells out the various roles of management, the audit committee and the external auditors, it does not specifically address the role of internal auditors. In a post Sarbanes-Oxley world, the internal audit function needs to walk a fine line between providing assurance and consulting to management without impairing its objectivity and independence.
If any of the following situations are applicable to your circumstances, PwC can assist you in finding a solution:
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. 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.
Around the world, companies are taking a fresh, hard look at risk-redefining the role of risk management in achieving performance objectives and ultimately driving shareholder value. The main goal is not to eliminate risk, but rather to proactively assess and manage it to their advantage.
In today's business world, IT and financial reporting environments are becoming increasingly complex while even greater reliance is being placed on the information produced by these systems and processes. In addition, new regulations in many countries have put a greater emphasis on internal controls and often require independent assessments of the effectiveness of internal controls.
Attention to the design, documentation and operation of controls is critical to ensuring the accuracy and timeliness of information used for financial reporting and management decision-making.
If this is your situation
How PwC can help you
Our Systems and Process Assurance (SPA) practice provides services related to controls around the financial reporting process, including financial business process and IT management controls. Serving both audit and non-audit clients, SPA provides: