PwC helped this company manage risk and improve stakeholder value through dedicated internal audit co-sourcing services led by an experienced, locally-based client service team. The team worked closely with management to identify project-specific risks that could lead to financial, operational, IT or reputational "surprises".
PwC also identified opportunities to enhance stakeholder value by implementing sustainable control enhancements and process improvements. In addition to its core internal audit activities, PwC also helped management document and test IT-based controls in order to enable it to provide assurance to its customers under Statement on Auditing Standards No. 70, Service Providers. The internal audit team’s close coordination with the company's registered public accounting firm and the adoption of standard communication practices ensured project consistency and greatly contributed to the success of the relationship.
As PwC deepened its understanding of the company’s operations, its culture, values, stakeholder objectives and risk management priorities, senior executives began tapping PwC resources for a
variety of specialized engagements. They sought insight into enterprise-wide risk assessments and annual audit planning activities from the most senior members of the PwC team, several of whom
brought direct operational experience in the industry.
The company also drew on PwC’s ability to provide it with support from specialists with knowledge in areas related to Treasury operations, actuarial
pricing and underwriting analysis, purchasing and procurement optimization, ERP operations and control, project management office optimization, and disease.
