Internal Audit is more than an enterprise-wide engine of assurance, as critical as that is. Done right, it’s also a catalyst for creating value for your business.
A strong, strategic Internal Audit framework integrates compliance, controls and sophisticated risk management with your mission, vision, and stakeholder expectations. As such, it can help you shape new governance and risk paradigm—anticipating issues, increasing your effectiveness, eliminating duplication, and identifying areas of potential performance improvement.
Do you want to improve the effectiveness of your risk management, internal audit, and corporate governance procedures?
We have a range of internal audit performance improvement services, including technology, risk assessments, training (e.g. CIA), process and organisational reengineering, benchmarking and quality assurance reviews.
Establishing your internal audit department
To help companies design and implement a strategically focused internal audit function, we have developed a 10-step start-up framework. This framework has been proven effective through our work with companies of all sizes. Steps 1-4 focus on strategic issues, while steps 5-10 focus on equally important, but more tactical considerations.
Assessing the effectiveness of internal audit
Our assessment services help companies understand the quality and effectiveness of their internal audit functions. We help improve internal audit performance by aligning internal audit resources and capabilities with the needs and expectations of key stakeholders. Assessment services include:
Enhancing the performance of internal audit
We have worked with a number of clients to develop and implement improved 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.The following are examples of performance enhancement initiatives:
Training internal auditors
We design, develop and deliver customised training to meet the specific needs and objectives of your organisation and make the most of your investment. PwC's training programme includes:
Do you need to free up resources in your internal audit group?
We offer an array of flexible outsourcing and co-sourcing solutions, from selected co-sourcing of technical, geographic or industry-specific capabilities to full outsourcing of your internal audit function.
Full internal audit outsourcing
For some organisations, the model of outsourcing the internal audit function to a third party such as PwC can be very effective. To provide this outsourced service, we assign the client a dedicated, core delivery service team, including Head of Internal Audit, supported by a virtual team of specialists from a broad range of functions, including IT audit, valuation and financial services. Under these arrangements, PwC manages the whole internal audit function and reports directly to the Audit Committee or responsible member of senior management.
Internal audit co-sourcing
In our co-sourcing arrangements, we work in partnership with our clients, taking on a variety of roles and responsibilities, but reporting overall to the Chief Iinternal Auditor. In some cases, we provide specific technical expertise on an ad-hoc basis, for example, for IT audit work. For other clients, we deliver a substantial part of the audit plan or advise the chief internal auditor in developing the audit plan and reporting to stakeholders.
Are you sure your have an effective Governance Risk and Complince sytem in place?
With PwC’s Corporate Governance Health Check you can understand the organization’s current governance environment, including structure, roles and responsibilities, risk management and compliance approach and culture, as well as the technology systems to identify opportunities for improvement.For territory hot topics please visit: http://www.pwc.com/gx/en/audit-services/internal-audit/index.jhtml