Due to Luxembourg’s fast growing economy, companies are facing new challenges and new risks. Internal audit is, therefore, becoming a strategic value added function for each organisation.
The role of internal audit is to assess the adequacy and effectiveness of the processes used to identify risks, how these are mitigated, and how they are reported. Internal audit provides an independent and objective assurance and advisory service to the Board and the company’s key management as it assists them in improving their operations.
However, the internal audit function needs to walk a fine line between providing assurance and consulting to management without impairing its objectivity and independence
This is your situation
- You’re concerned that your internal audit function can’t keep up with the changing risks facing your business;
- You find it difficult to recruit and retain internal audit professionals in all of your key skill areas;
- You need to supplement your in-house internal audit function with specialist
skills;
- Your internal audit function has insufficient resources to cover the geographic scope of your organisation;
- Your organisation considers internal audit to be a non-core activity so you want to find an external provider;
- You need to assess the effectiveness of your risk management, internal audit, and corporate governance procedures.
How PwC can help you
Maximising the value and effectiveness of the internal audit function requires an understanding of an organisation's objectives, risks, risk management priorities, and regulatory environment. Furthermore, the diverse needs of critical stakeholders must not be forgotten; whether it be the executive management, the board, employees or the shareholders themselves. These parties are called upon to make the important decisions concerning the risk profile of the organisation, its strategic focus and various aspects concerning the running of its internal audit department (organisation, resources and practices required).
We can assist organisations that need help improving the quality and effectiveness of their internal audit processes in a number of ways. First, by advising and assisting in the development of internal audit and risk management methodologies, including assessing whether the internal audit function is delivered effectively to stakeholders.
Second, by providing internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage. And third, by supporting internal audit functions with software to enhance and support their work. In addition, we can develop training for internal auditors using our extensive market and industry knowledge to create highly-tailored solutions.
