Helping financial services organizations modernize internal audit, elevate assurances, and drive regulatory confidence in a changing risk landscape.
Internal Audit and Controls for Financial Services
Overview
Internal audit functions across banking, insurance, asset management, private equity, and real estate face rising expectations and rapid AI advancements. Traditional audit models—often manual, fragmented, and point-in-time—are no longer sufficient.
We help clients modernize internal audit (IA) and drive regulatory confidence, positioning IA as a strategic partner with scalable, compliant programs resilient to regulatory change.
Market trends
Capabilities
- AI, automation, and digital enablement
- Transforming operating models
- Modernizing methodology and processes
- Workforce and capability evolution
- Expanded assurance and risk coverage
AI, automation, and digital enablement
Traditional audit models—often manual, fragmented, and point-in-time—are no longer sufficient to meet heightened regulatory scrutiny and business expectations. We support AI integration across the audit lifecycle, AI-powered audits and testing, automated control testing, and continuous monitoring to modernize how Internal Audit delivers assurance and insights. Through GenAI-enabled workflows, proprietary platforms and digital accelerators, and dashboarding, analytics, and reporting technology, we help reduce manual effort and accelerate delivery. GenAI lets us deliver better results faster with more accuracy, less manual work, and efficiency that translates directly into cost savings, so you can improve audit quality while expanding coverage.
Transforming operating models
Rising regulatory expectations and constrained resources demand delivery models that are agile, scalable, and aligned with enterprise risk. We support organizational and operating model redesign, audit plan alignment with SOX and enterprise risk priorities, and co-source, hybrid, and managed service delivery models. Through governance model enhancements, subject matter specialist usage and integration, and integrated global delivery with U.S.-based leads and acceleration center staff operating as one cohesive team, we help build flexible delivery approaches. This adaptability positions Internal Audit as a strategic partner to the business, so you can scale coverage without sacrificing quality.
Modernizing methodology and processes
Internal Audit and SOX functions should deliver deeper insights and operate with greater agility to meet regulatory scrutiny. We support methodology modernization, risk assessment refresh, issue validation and remediation processes, and reporting and insight enhancements across the SOX lifecycle—from risk environment and scoping through control documentation and design, control testing for operating effectiveness, and reporting and issue management. Through continuous auditing and testing methodology, documentation standardization, and workpaper structure improvements, we help update core processes. Our audit-aligned approach is built with a deep understanding of auditor expectations, so you can enhance quality, speed, and regulatory readiness while making it easier to secure external auditor reliance.
Workforce and capability evolution
Rapid advancements in artificial intelligence demand new skills across the Internal Audit and SOX functions. We support capability and skills assessments, upskilling in AI, analytics, cyber, ESG, third-party risk, and model risk, and subject matter specialist skill development. Our professionals undergo continuous GenAI training to apply new tools effectively while maintaining SOX rigor. Through future-proofed career pathways and QA/EQA and quality management enhancement, we help equip teams with the skills needed for a data-driven, AI-enabled future, so you can build the bench strength required to maintain audit effectiveness over time.
Expanded assurance and risk coverage
Regulators and stakeholders expect stronger, more proactive oversight across governance, risk management, and internal controls over financial reporting. We support AI governance audits, cyber, ESG, third-party, and model risk coverage, operational resilience and business continuity reviews, and regulatory mapping and readiness assessments. Through advanced and continuous testing, shifting from point-in-time testing to continuous monitoring, we help replace redundant interim and year-end cycles with ongoing monitoring of activity. We translate testing outcomes into actionable leadership-ready insights, so you can meet expectations for broader, deeper, and more forward-looking assurance while reallocating resources toward higher-risk areas.
Use cases
A global Internal Audit team engaged PwC as a strategic collaborator to transform its function, leveraging specialists across 33 countries to deliver seamless, high-quality audit support. PwC provided advisory services across people, process, and technology, including benchmarking, resourcing strategies, and gap assessments against global standards. With over 20,000 hours of annual support, the model combined deep expertise with scalable delivery. The result was a strong “one team” collaboration, improved access to specialized talent, and a more cost-effective, flexible audit function positioned for long-term success.
A financial services client required assistance with controls scoping, testing, and reporting to meet annual SOX requirements, with an expectation to introduce automation and meet interim and year-end deadlines. We leveraged agentic AI to analyze the existing RCM, perform gap assessments, rationalize overlapping controls, and refine risk coverage. We used GenAI to enhance walkthroughs, review test steps, and automatically generate testing narratives—automating a significant portion of control testing through our Dynamic Testing solution. The client lowered testing hours and rework through automation while meeting deadlines without adding staff, with real-time, consistent reporting to the parent company and external auditors.
