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.
The Challenges for Internal Audit
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:
- Focusing on risk areas through the participation in corporate governance and risk management processes.
- Evaluating and recommending process improvement opportunities.
- Researching best practices and making recommendations for change.
- Monitoring the implementation of management strategic actions.
- Organising itself as a cost effective business unit.
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.
Internal Audit Framework
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.
Our services are:
- Set-up of Internal Audit Function
Work with management in establishing an internal audit function based on our 10-step strategy.
- Strategic Performance/Quality Assurance Reviews
Provide an independent review of your existing internal audit function and strategy which include:
- Clarifying and validating stakeholders’ expectations of internal audit.
- Assessing current internal audit structure, methodologies, resources and capabilities in light of value expectations.
- Benchmarking against peer group.
- Identifying opportunities to improve capabilities and processes.
- Developing actionable strategic plans to align internal audit with corporate goals.
- Strategic Capability Building and Outsourcing (Full & Partial)
Provide support to existing internal audit functions or provide fully outsourced internal audit services with the principle benefit of:
- Access to experienced Thai and foreign auditors.
- Access to technical and industry specialists.
- Access to best practice internal audit tools and methodologies.
- Flexibilities of costs and budgets.
Provide a wide range of training course by:
- Understanding your training needs.
- Preparing and delivering classroom or on-the-job training.
- Policies and Procedures manuals
Develop or enhance policies and procedures manuals to improve the internal control environment within the organisation.
- Cost reduction/Efficiency improvement reviews
Assist in enhancing operational efficiency and cost reduction to improve an organisation’s competitiveness by applying our best practices to business processes and controls.
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.