Driven by the need for more effective business risk management, clients turn to PricewaterhouseCoopers for help in supporting, partnering or outsourcing their internal audit function.
We can provide a broad range of solutions to companies seeking to strengthen internal controls, monitor and manage risk.
Our internal audit services are highly tailored to assist companies in developing, staffing, establishing and maintaining a world-class, risk-driven internal audit function.
We are leaders in this field and have developed tools and methodologies to help our clients maximise the value desired from their internal audit function.
You can benchmark your internal audit function using our complimentary Benchmarking Service, enabling you to compare your Internal Audit function to 250 other organisations.
Client situations
If you are seeking to achieve any of the following, our team can help.
- Recruit, train and retain internal audit professionals in key skill areas.
- Increase the amount of assurance delivered in the short term, due for example to a spike in workload from projects, expansion or a change in the business risk profile.
- Deepen the specialist skills provided by your internal audit function (eg. IT, Treasury, procurement, change management);
- Ensure the internal audit function can keep up with business expansion.
- Develop fresh ideas in the internal audit function, so it proposes solutions, not just identifies issues.
- Ensure the internal audit function has the most effective and efficient technology and tools to hand.
How PwC can help you
Our experienced teams are capable of working across the full spectrum of internal audit services including:
- Provide aid to fill temporary internal audit vacancies.
- Assist clients with the establishment of new internal audit functions.
- Review the effectiveness of existing internal audit functions.
- Partner existing internal audit functions and deliver specialist or general resources.
- Provide full outsourcing internal audit solutions.
- Help clients establish and embed risk management.
Our internal audit services models
There is no one-size-fits-all solution for internal audit. Each organisation needs to tailor their internal audit function to maximise value and effectiveness. At PwC, we are flexible in the services we provide, we work with clients who have chosen a variety of internal audit function models, including:
- In-house: all resource provided by company employees.
- Co-sourced: some resources in-house but supported by a third party in particular areas.
- Out-sourced: function fully delivered by a third party.
- Integrated Assurance: where the external audit provider delivers an extended scope external audit with a small in-house function delivering work around mainly operational areas.
Case Studies
Case Study 1
We identified process weaknesses that had a significant financial impact for one of our clients...
Case Study 2
A government department engaged PwC to provide assurance on its system development process...
Case Study 3
Reconciliation by a client of a large customer, identified a number of unusual transactions. We worked with the clients legal adviser to prepare a sound case against a former employee...
Internal Audit Tools
- PwC's proprietary Global Best Practices is a knowledge base which provides our teams instant access to a unique combination of process improvement resources. Its Benchmarking function adds considerable value to our service by enabling us to measure your business performance against numerous other organisations.
- Benchmarking the internal audit function enables the systematic measurement of your Internal Audit costs, staffing, reporting, strategy, structure, planning and tools against over 250 other Internal Audit functions. This is a complimentary service we offer to all New Zealand Internal Audit functions.
Co-sourcing
When particular areas of expertise are needed, our core internal audit professionals can draw specialities from our other highly experienced professionals, for example:
