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Internal audit––navigating the risk landscape
Internal audit
Implementing the IIA’s Global Internal Audit Standards™
Drive transformation and add value using the IIA’s Global Internal Audit Standards™.
Internal audit––navigating the risk landscape
How can internal audit’s unique abilities help you ‘see through walls’—avoiding hazards, removing complexity and discovering new opportunities? Discover the insights in PwC’s Global Internal Audit Study.
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PwC Global Internal Audit Study 2023
4:12
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Embrace the new risk multiverse
As we face landscape that is more complex and connected than ever before, internal audit steps forward—builds trust. Helping you to see risk differently. Empowering faster actions and smarter decisions.
Our internal audit services combine a focus on risk with objectivity––and far-reaching expertise. We believe that internal audit can help you navigate risk, while protecting and creating value.
More than just a line of defence—internal audit is now your first call for navigating challenges.
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This is internal audit
1:32
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Our experience shows solving big problems needs collaboration. Our shared capabilities multiply the value.
Modern internal audit blends diverse skills to tackle complex risks.
At PwC, we combine core internal audit skills with other areas—cybersecurity, ESG, compliance, culture, forensics and tax—and bring in industry specialists with digital tools to keep internal audit aligned and efficient.
This is the multiplier effect: enabling better risk coverage, greater efficiency and meaningful insights.
We know that real value comes from fusing powerful technology with human insight.
Our internal audit services weave advanced tech with business expertise—understanding your culture, values, strategy and people—with no missing links.
Our teams integrate tech to refine your risk assessment, testing, analysis, investigation, reporting and audit lifecycle.
From robotic process automation, data analytics and artificial intelligence to enterprise resource planning, continuous monitoring, governance, risk and compliance––we can transform challenges into opportunities.
This is internal audit—evolved.
How do you want to make a change?
We help companies worldwide set up, plan, enhance and deliver leading internal audit capabilities. What’s your goal?
I want to...
- Set up or transform internal audit
- Deliver the internal audit plan
- Implement technology in internal audit
- Develop my people in internal audit
- Assess the maturity and quality of internal audit
- Tackle a specific business problem or risk
Set up or transform internal audit
Plan, develop and structure internal audit––making it the right fit for your organisation. And ready for the future.
- Internal audit function set-up
- Internal audit charter, strategy and vision
- Policy and plan development
- Restructuring internal audit (e.g. due to an IPO or merger)
- Organisation-wide alignment and integrated assurance across the second and third line
Our perspective: A bold vision—aligned with other governance functions—positions internal audit as a leader, reduces duplication, enhances collaboration and, ultimately, strengthens your organisation’s ‘risk shield’.
Deliver the internal audit plan
Combining modern audit methods, technology, industry knowledge and expertise to deliver effective internal audit services––anywhere in the world.
- Internal audit co-sourcing and outsourcing, including:
- Risk assessment with digital risk tools
- Planning, scoping and work-programme design
- Audit execution—tech-enabled and data-led
- Global project management, coordination and communication (multi-language)
- Reporting and stakeholder engagement with visualisation tool
- Internal audit management, taking on roles like Chief Audit Executive or Head of Internal Audit
- Full internal audit managed services—scalable, standardised, efficient and effective, using our technology, teams and delivery centres worldwide
- Organisation-wide internal controls programmes, such as Sarbanes–Oxley Act (SOX) or equivalent
- Specialist audits, such as cyber, ESG, M&A, HR and culture, media and strategy audits
- Third-party audits, including vendor compliance and due-diligence audits
- Forensic audits and investigations, addressing fraud and compliance breaches
Our perspective: Internal audit teams are focusing on tackling strategic risks like corporate strategy, decision-making, transformation, M&A and cost management. A clear plan is necessary to balance traditional risk coverage while equipping teams with the right tools and talent. Strong stakeholder communication is essential to meet diverse expectations.
Implement technology in internal audit
Harness technology to boost the efficiency and effectiveness of internal audit, drawing valuable insights from data.
- Internal audit technology strategy
- System selection, implementation and configuration
- Design and use of data analytics, robotic process automation (RPA), continuous auditing and AI
- Alignment and integration with existing organisational technology, including risk, compliance and enterprise resource planning (ERP) tools
- Digital training and upskilling
Our perspective: Technology is increasingly converging for use in internal audit, risk, compliance and business operations. This creates a chance for internal audit to lead in digitising governance and assurance––benefiting from improved risk data and automation. A clear internal audit technology strategy and open communication with all levels is essential to promote investments that benefit your entire organisation.
Develop my people in internal audit
Build confidence and new skills to unlock your team’s potential and prepare them for success.
- Internal audit talent strategy and framework implementation
- In-person and online training for internal audit and assurance teams, including controls programme leaders
- Training for business teams, including risk and control owners
- Upskilling for executives and management on corporate governance
- Support from subject-matter specialists for knowledge transfer during audits
- Coaching and mentoring for internal audit leadership, audit committee members and management
Our perspective: While technology is essential for modern internal audit, becoming a trusted advisor is also a human journey. It’s about having people who can turn data into insights, risks into opportunities and ideas into action. Achieving this requires a balanced mix of technical and human skills, like communication, project management and collaboration.
Assess the maturity and quality of internal audit
Enhance your capabilities to fulfil the potential of the next generation internal––and exceed your stakeholder expectations.
- External quality assessments (EQAs) and external strategic assessments (ESA)
- Benchmarking and health checks on internal audit maturity and performance
- Development and evaluation of internal audit quality management framework and processes
- Internal audit key performance indicators (KPIs), supporting alignment with corporate strategy
- Optimising internal audit, audit committee, board and other stakeholder reporting
Our perspective: Like any system, the governance ecosystem thrives on renewal and growth. There’s a chance to reevaluate which KPIs drive internal audit excellence, supporting alignment with corporate strategies and reflecting stakeholder values. This involves balancing quantitative, qualitative and both internal and external KPIs.
Tackle a specific business problem or risk
Use internal audit’s strengths to analyse and quantify issues, advise on improvements and identify blind spots and emerging risks.
Areas where internal audit can add value:
- Corporate transactions, including due diligence and post-merger integration
- Addressing regulatory breaches with root-cause analysis and remediation monitoring
- Enhancing board effectiveness, such as decision-making and delegation of authority processes
- Navigating local laws and risks, especially during market entry
- Evaluating culture and behaviours to mitigate workstyle reform or transformation risks
Our perspective: Organisations gain from an objective viewpoint––which an internal audit can deliver. Solutions might not always require a traditional audit; sometimes a risk position paper, executive update or simple discussion is more effective.
Combining our experience—explore other areas of PwC
These specialist areas enhance internal audit’s value to organisations. Click the links to explore each of our capabilities and gain insights:
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Internal audit and you. Your career with PwC.
Our internal audit team is expanding––and we’re looking for talent like yours. We thrive on diverse skills, backgrounds and experiences to solve important problems for our clients. If this excites you, explore our career opportunities and join us in making a difference.
Global risk services
Learn how we can help you see risk clearly, take risk intelligently, and manage risk to build resilience and protect value.
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Shaun Willcocks
Partner, Global Risk Markets Leader, Global Internal Audit Leader, PwC Japan
Tel: +81 (0)90 6478 6991
Eric Yeung
Chinese Mainland and Hong Kong Internal Audit Leader, Partner, PwC China
Tel: +852 2289 1953
