The PricewaterhouseCoopers internal audit operating model depicts the choices from which organizations and stakeholders often choose in determining the value focus of internal audit and the corresponding supporting internal audit skill sets. The model depicts a dynamic process. In the current environment, organizations are shifting across the spectrum and adjusting as they seek to achieve focus for their current issues.
The model demonstrates the importance of a clear understanding by stakeholders of where the focus of internal audit should be at any point in time. In today’s environment, even internal audit functions that are adept at adjusting to changing business needs must periodically recalibrate and reconfirm value expectations.
Also, the model:
Displays the relationship between the various functional focus points and related internal audit skill sets;
Reveals that, as the value focus shifts across the spectrum, the corresponding skills sets and operating practices of the function must also change, and
Proves that development of relevant skill sets can present a significant challenge to internal audit functions.
