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Internal Audit Outsourcing and Co-sourcing
With increasing expectations and the need for greater value at a reduced or comparable cost, many in-house internal audit functions are falling short of optimum performance as they:
- Focus more on financial reporting and compliance matters than value enhancement for business operations.
- Do not track latest developments within the industry and lack knowledge of the latest developments in Internal Audit.
- Are not managed by a Head of Internal Audit who has sufficient independence and objectivity to challenge management and engage the Board and Audit Committee.
- Are staffed by individuals with limited experience in business consulting and advisory services.
- Struggle to recruit the right skills and expertise across the full spectrum of risks.
- Do not have the critical mass to provide the expected level of assurance required as its role is being shaped by its capabilities and not by the business’s needs.
How we can help
At PwC, we can help you by:
- Establishing an optimum resourcing model with access to staff resources with depth and breadth of Internal Audit / industry / geographical coverage as and when required. Thus, moving from a fixed overhead cost to a variable cost model for an outsourced internal audit arrangement.
- Providing ongoing access to a team of leading PwC Internal Audit specialists who will advise you on how best to translate the needs of the Board/Audit Committee into reality, whilst providing you with valuable, independent challenge and insight.
- Advice as appropriate on how to implement best practice in relation to Internal Audit and Internal Technology Audit methodology, tools and techniques.
- Implementing a risk based Internal Audit and Internal Technology Audit methodology aligned with COSO framework
Why are we qualified to help
PwC is frequently engaged by various universal and commercial banks to perform Internal Audit for several processes including the treasury function, cards operation and payroll function to ensure that these processes are performed in accordance with relevant laws and regulations and the company’s policies and procedures.
PwC is frequently engaged by financial institutions to provide Internal Audit service relating to various processes within the organization to ensure and maintain efficiency and effectiveness while delivering insights and recommendations in achieving its goals and objectives.
Research and insights
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