Effective internal audit functions require a diversity of skills that many companies find difficult to source and retain. Maintaining world class internal audit resources requires significant investment in recruiting, training and professionally developing internal audit personnel. Add to that the cost of the latest methodology, technology and management's time and resources.
To help companies meet the demands of maintaining an effective internal audit function, PricewaterhouseCoopers has developed its Internal Audit Services (IAS) Outsourcing department. PricewaterhouseCoopers is the world's largest private sector internal audit organisation. With our people, methodologies and technology we are able to solve all the internal audit needs of any organisation.
Models available to organisations for their internal audit function include:
Full Outsourcing - Execution of a full scope, risk-focused internal audit plan outsourced to PricewaterhouseCoopers. A designated in-house contact, who reports to the Audit Committee or the Board of Directors, acts as the liaison with PricewaterhouseCoopers.
Co-sourcing - Adopts a similar overall approach as the full outsourcing model, but the execution of the audit plan is shared between PricewaterhouseCoopers and the organisation. Usually, we handle specialised areas or those that are more cost effective to outsource. These areas include computer security auditing, special investigations, financial or operational auditing. This eliminates the need for the organisation to recruit expertise that is difficult and sometimes relatively expensive to retain and maintain.
Strategic Risk Services - With this approach, PricewaterhouseCoopers offers training and advice about the structure of internal audit departments.