Internal Audit Advisory

Organisation of the Internal Audit Department

PricewaterhouseCoopers Internal Audit Services may assist in the organisation of the Internal Audit function within an organisation, including the assessment of audit needs in order to establish the annual and the long-term audit plan for the internal audit function using a risk-based approach, helping in deciding the ideal type of audit that suits better to the type and size of the organisation.

We can also assist Internal Audit function to establishing a written charter and manual, as well as a Code of Conduct, developing comprehensive audit manuals and programmes for all auditable areas based on local laws and regulations requirements and best practices.

Methodology and Tools 

We have worked with a number of clients developing and implementing new methodologies or ways of working. These typically develop from risk assessment and annual planning through to conducting individual audits and on to audit committee and other stakeholder reporting.

Quality Assurance Reviews 

The Institute of Internal Auditors (IIA) Standard requires every internal audit department to have an external quality assessment at least once every five years by a qualified independent reviewer from outside the organisation.

PwC performs, on behalf of the client, detailed reviews on organisation and processes with the objective of providing an opinion on compliance with Institute of Internal Auditors (The IIA Inc.) professional standards and suggestions for improving the function’s efficiency and effectiveness through comparison with other leading auditing functions.

Our approach includes interviewing key members of the management, Corporate Audit Department (CAD) and the Audit Committee, and the distribution of a survey to management across several corporate functions. We also review a significant number of Corporate Audit documents, including Audit Committee and management reports, the annual planning and risk assessment process, work papers, performance metrics, staff development and any other relevant information.

The main objective is to provide our clients with a comprehensive evaluation of the CAD. Through the Quality Assurance Reviews, PwC can assist the client clarify and validate the management and other stakeholders’ expectations and thereafter can identify opportunities and suggest ways to improve structures and processes.

Effectiveness & Efficiency Reviews 

PwC’s approach and focus varies according to the size, nature and remit of an Internal Audit function, from a high level assessment - where the key elements required to ensure effectiveness are reviewed, to an in-depth review looking at more than 20 factors contributing to effectiveness.

Corporate Governance 

The challenge today's boards face is finding the right level of involvement and the right approach in defining the company's strategic direction, and fostering long-term shareholder value growth while ensuring companies remain resilient to both internal and external pressures.

Since 2000 the Hellenic Capital Market Commission strengthened the administrative and functional Framework of all publicly listed firms in the Athens Stock Market. In meeting this challenge, boards must decide:

• What is the optimum level and nature of involvement in strategic plans and implementation processes?
• What risks are on the horizon, and how can the company manage them and seize the inherent opportunities?
• How can executive performance best be motivated, measured, and monitored?
• How effective is the board? How can it improve?

PricewaterhouseCoopers is redefining the role of corporate governance by helping boards sharpen their focus on their primary responsibilities - understanding what they need to do, how to do it successfully, and what pitfalls to avoid. PwC can help identify, manage and control existing and future regulatory risks by approaching corporate governance as part strategy (enabling value by integrating the consideration of risk into strategic decision making) and part tactics (minimizing risk of compliance failure through effective program management). Our teams consist of experienced regulatory risk specialists. PwC can help you at the strategic level by maximising any competitive advantages from regulation through to the operational level. In addition, we will help you minimise the costs and disruptions to your business, thereby freeing up management time in the process.

The audit committee is an essential part of the corporate reporting process. Its primary responsibility is to oversee on behalf of the board the integrity of the financial reporting controls and procedures implemented by management, to protect the interests of shareholders and other stakeholders. PwC’s Audit committees can play a valuable role – through effective and informed oversight – in helping to ensure market confidence in high quality financial reporting.

Training Courses for efficient risk management and Internal Audit Services 

Highly skilled professionals with long-term experience in multiple kinds of industries can assist your Internal Audit Department in fulfilling their training needs.

PricewaterhouseCoopers can prepare and deliver Training Programmes for Internal Auditors, addressed to the unique needs of each industry with different levels of experience.

Examples of Training Programmes that have been developed and delivered are:

• Soft Skills
  
  
  • Audit and Communication
  • Negotiations and interview techniques
  • Presentation
  • Report Writing
  
  
• Internal Audit Skills
  
  
  • Risk Based Audit Planning
  • Risk Assessment techniques and Control Evaluation
  • Working Papers
  • Statistical Sampling
  • Executing an Audit
  • Problem Solving techniques
  • Business Ethics and Fraud
  • Corporate Governance
  • Audit Committee

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