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Internal Audit services
Expecting more from internal audit
In today's dynamic business environment, internal audit plays a key role. It helps your organisation achieve its strategic objectives within the right risk parameters.
At PwC, we are driving internal audit innovation. Blending the skills of our people with a robust, leading edge audit approach and state-of-the-art technology. We reach beyond the traditional focus on internal controls to deliver an innovative approach that is anchored by advanced risk profiling techniques.
Delivering insight and quality in equal measure, we help you build the confidence to move faster and act decisively.
Implementing the IIA's new Global Internal Audit Standards
Use the IIA’s new Global Internal Audit Standards to drive transformation and value from your internal audit function.
Beyond traditional internal controls
It can be difficult for organisations to meet increased expectations with existing skills and resources. The emphasis is on seeing round corners and, because we recognise there is so much value in looking ahead, we're auditing the future now.
- Embracing technology
- Meeting regulatory (PCF 13) requirements
- Access to specialist skills
- Effective co-sourcing
- Training and knowledge transfer
Embracing technology
Technology can improve the advice and insights internal audits can provide but many functions are not taking advantage of the tools on offer. Advanced technologies include data extraction tools and robotic process automation to improve the expediency and coverage of audits, and analytics, artificial intelligence and machine learning to deliver innovative and valuable insights.
Internal audit functions that use these technologies are considered by their stakeholders to provide greater value to their organisations.
We bring the best of PwC's people, processes and technology to our clients through the internal audit lens.
Meeting regulatory (PCF 13) requirements
If you are required to step up an internal audit function because of a regulatory request it is possible to fully outsource this function, including a Head of Internal Audit (HIA), to a third party.
Access to specialist skills
Cost-effective access to specialist skills and knowledge
Internal audit requires fresh and varied thinking, industry and subject-matter expertise, and broader business insights that extend beyond the traditional focus on controls. Through the flexibility of our models, you only pay for the skills you need, eliminating recruitment, training and employment costs of specialist resources, which can be challenging to sustain. In addition, you also get access to the latest thinking and market insights through a full suite of thought leadership offering industry, specialism and governance perspectives. This makes your internal audit function efficient and cost effective.
Effective co-sourcing
You'll want to give reassurance to your internal audit function and ensure that the internal audit service provider will be sympathetic to and compatible with your organisation's style and ways of working. The right co-source partner will respect that it's not about them and present themselves as an integrated member of the in-house team. Whilst you get access to their skills and experience, the real value comes from combining this with the deep understanding of the business that your in-house team brings.
Training and knowledge transfer
In case of co-sourced relationships you want to make sure your own key talent will be supported to get the most out of their career and that your co-source provider sees it as a priority to ensure the transfer of skills and experience to develop in-house capability.
Our Internal Audit services
- Outsourced internal audit
- Co-sourced internal audit
- Internal audit transformation
Outsourced internal audit
If you have an existing internal audit function it will have evolved over time, but so too has internal audit outsourcing. It's time to reconsider whether specialist resources can give you the agility necessary to manage change and exploit the opportunities it presents.
An outsourced team aligned to your strategy, aware of the issues you're facing and armed with innovative techniques and technology can provide the insights, expertise and assurance you need to deliver against your objectives and meet the board's expectations.
If you are required to step up an internal audit function because of regulatory (PCF-13) requirements, we can help you outsource this function, including a Head of Internal Audit (HIA).
Co-sourced internal audit
It is increasingly necessary to provide your stakeholders with assurance over the risks that matter. Yet, many in-house teams find it challenging to address them. They should consider co-sourcing as a solution. It is an essential part of what makes many internal audit functions successful. It provides access to technology, subject matter expertise and scalability. Co-sourcing can also support you in developing your staff's potential providing important skills and experience that few in-house functions can maintain alone.
As co-sourcing providers, we provide access to the full range of our capabilities, as and when our clients need. This includes technology and data solutions as well as deep industry experience.
Internal audit transformation
From time to time, boards, executives or Heads of Internal Audit want to reconsider their future strategy, priorities, options and configuration of their internal audit function. We can help by:
- Staff augmentation and secondments: We can help solve your internal audit resourcing problems by complementing your team with specialist skills, local regulatory knowledge or geographical coverage.
- Quality assurance reviews: We can provide the impartial perspective of a third party which can be invaluable in helping you establish what good internal audit looks like for your organisation. We can provide a broad overview of the profession and marketplace as well as deep subject matter and industry experience to help shape your vision and the steps you need to take to improve your internal audit function.
- Training: We can develop internal audit training solutions unique to you and your business using our extensive market and industry knowledge.
Internal Audit Survey 2023
Discover how internal audit can help organisations find new horizons.
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