Globally, oraganisations are facing increased competition, not only to sell their own products a reasonable price but also, for example, procurement of raw input materials, employees, capital, etc. Organisations continuously have to redesign themselves to ensure that their core business processes become more effective and efficient, including taking cost reduction opportunities and improving the delivery of quality goods and services.
A strategically orientated and structured internal audit function can play a vital role in assisting the Board of Directors, Audit Committees and management in achieving these business challenges. Internal audit can add value by:
When designing an internal audit function, strategy must drive tactics, not the reverse. Too often, the internal audit functions respond to immediate tactical needs. In a rush to implement responses, key strategic issues can be overlooked. The result can be a tactical internal audit function in search of a strategy.
To help companies design, implement and maintain a strategically focused internal audit function, PwC developed a 10-step Strategic Internal Audit framework. This framework has been proven through PwC’ work with companies of all sizes. Step 1-4 focus on strategic issues, while Steps 5-10 focus on equally important, but more tactical considerations.
We have dedicated internal audit groups in all major business centres worldwide, including Thailand. The majority of our internal audit team in Thailand have extensive internal audit experience and have worked with or within major internal audit functions.
We have a worldwide network of experts to monitor and analyse international developments for the benefit of our Thai clients.