Internal Audit

The growing influence of large companies on society, business ethics, globalization and the increasing number of Azerbaijani companies entering business on a global scale are combining to make tougher demands on the level of corporate governance, internal control systems and internal audit functions.

Shareholders today expect more from their internal auditors than merely checking that a company complies with the requirements of legislation. The recent increase in interest in internal audit is due to its new strategic dimension — raising a company’s share value and involvement in all key initiatives, from implementing new systems to business restructuring.

Heavier risks connected with intensive business growth that require an efficient centralized internal control system, with tougher requirements of regulating bodies on the quality of financial reporting, such as the Sarbanes-Oxley Act in the USA, are the main external factors for changing the modern role of internal audit.

Lastly, a well-organised corporate governance system, one element of which is internal audit, raises a company’s investment attractiveness on the market.

If this is your situation

  • You want to create an internal audit system from scratch
  • You need to assess your internal audit department’s performance and improve its efficiency to meet the challenges of the changing business climate
  • You would like to make an analysis of the organizational structure of the internal audit function in your company
  • You need to assess the efficiency of corporate governance, risk management and internal control systems
  • You want to determine strategic audit areas in your company
  • You feel a necessity to attract highly qualified staff for specialized audits

How PwC can help you

Services we provide include the following:

  • Independent analysis and assessment of an existing internal audit department’s operations and strategy
  • Creating an effective internal audit function that complies with the international professional standards of the Institute of Internal Auditors and best practices
  • Development of a methodological basis for internal audit activities
  • Training for your staff on internal audit and risk management issues
  • Outsourcing or co-sourcing of internal audit projects, including IT audits.

Contact us

Fahri Mustafayev

Assurance Partner, PwC Azerbaijan

Tel: +994 (12) 497 2515

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