Internal Audit
An internal audit function shall support the Board and management by providing independent assessments and advice on governance, risk management and internal control. There is considerable variation in how internal audit functions are organized, how they work and what they focus on. We have extensive internal audit experience and can contribute with everything from specialist support in complex individual audits to full outsourcing of internal audit.
Some internal audits are policing functions, while others appear more like improvement activities. The ideal solution is usually to balance control and advice in relation to the maturity of the company's management and control regime. The selected nature of the audit work is of great importance to the capacity and competence needs of the internal audit function, while also affecting the choice of audit methodology. If the internal audit function is to succeed it must be willing to focus on themes that are important and relevant to the Board and senior management. This requires high competence, robust methodology and an ability to renew itself in response to changes to company strategy and risk profile.
We are happy to meet for a non-binding discussion about internal audit. Below we identify some current challenges in internal audit, and what PwC can contribute with. Contact us!
Current challenges in internal audit:
- Board and Management would like to establish, or are considering establishing, internal audit.
- Current internal audit function would like to supplement external specialist competence and/or capacity during busy periods.
- Current internal audit function would like an independent assessment of how they compare against good practice, with accompanying advice for improvements.
- Current internal audit function would like help with:
- Strengthening the annual risk assessment and project selection process
- Strengthening the methodology for conducting individual audits
- Conducting audits where they lack expertise (e.g. IT, vulnerability and response, regulatory requirements, etc.)
- Adoption of more advanced technologies, such as modern data analysis
- External independence, for example in cases of fraud and investigations
- In the worst case: The management and board are dissatisfied with internal audit and want changes.
I need help with:
- Support for the establishment or implementation of internal audit:
- Assist in the establishment of an internal audit function
- Provide specialist competence and capacity to existing internal audit
- Complete outsourcing of internal audit to PwC
- Independent assessment of existing internal audit
- Support for methodology improvements:
- Strengthen the annual risk assessment and project selection process
- Assistance in defining audit criteria for individual audits, typically through formulating good industry practice for various business processes
- Strengthen the methodology for risk analyses, control identification and test program in individual audits
Contact us
