Internal Audit Sourcing
Internal audit functions are required to deliver a mix of “value protection” reviews (discipline in following control procedures) as well as “value enhancement” reviews (process improvement or efficiency), in order for management to deal with their organisation’s risk profile and improve governance, which will give them greater control over their future.
Given the current economic environment and ever-increasing emerging risks, internal audit functions:
- Are required to deliver higher value and improved quality at reduced costs;
- Are expected to continuously deliver insight and foresight;
- Are expected to look across the business as a whole and focus on all risks;
- Are required to spot future opportunities and challenges;
- Need to connect with the organisation as a whole and help in developing solutions to implement recommendations;
- Need to free up scarce resources to work on other critical business needs and turn fixed costs of internal audit staff into potential variable cost.
PwC can help our clients create a future-facing internal audit function that will enhance value for the organisation, through the full outsourcing or co-sourcing of internal audit services.
We deliver continuous insight, foresight and access to a comprehensive range of specialists, enabling the improvement of governance, management of risk and confidence regarding the smooth operations of your organisation.
Our tried-and-tested internal audit methodology identifies four key stages to be undertaken in order to develop and implement an operationally effective capability:
- Risk Assessment,
- Audit planning,
- Detailed Planning, Execution and Reporting,
- Processes for tracking issues and communicating with stakeholders.
Successes
We have worked with a group of companies in the industrial manufacturing sector, supporting the Head of Internal Audit with co-sourcing services. In particular, PwC professionals our team executed the audit fieldwork (i.e. detailed planning, audit execution and reporting) for the client’s subsidiaries in more than a dozen different countries across the globe.
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