PwC Internal Audit

Enhancing your Internal Audit (IA) capabilities to give you the power to see risk differently and the confidence to move faster in an uncertain world.

A pioneer in the new risk multiverse

As the world enters a risk landscape that’s more complex and connected than ever before, it’s time for Internal Audit (IA) to shine.

IA is at the heart of trust. It gives companies and their stakeholders confidence in their people, processes, systems and data, allowing them to see risk differently, move faster and make better decisions.

IA has a unique combination of risk-mindset, objectivity and organisational reach. At PwC, we believe that—with the right vision, approach and technology—IA can act as a ‘lighthouse’ to help companies navigate risk and see around corners. This both protects value and casts light on new opportunities for value creation. 

IA is the last line of defence, but increasingly the first one called to help.

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This is Internal Audit

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PwC - 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

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Our experience working with world-leading organisations has demonstrated that solving important problems cannot be undertaken alone. When we combine our capabilities, we multiply our value. 

Modern IA needs to combine skills and capabilities across different areas to address the many risks that companies face.

At PwC, we combine core IA capabilities with other expertise to cover the full risk spectrum, including working with specialists in areas such as cyber security, ESG, regulation and compliance, culture and behaviours, forensics, and tax. We also add industry experts and the latest digital tools to ensure IA is focused on the right areas and delivered efficiently. 

This allows IA to achieve a ‘multiplier effect’—adding up to better risk coverage, greater efficiency, and more valuable insights.

The virtual world is not the real world. Unlocking the true value of IA requires not just technology but our human superpowers too.

At PwC, we have already built advanced technology into our IA services; however, we know that to make it meaningful to you, we need to combine it with specialists that understand your business, culture, values, strategy and people. In today’s hyper-connected world, we cannot afford to have any missing links.

Our IA teams can use or deploy technology to enhance your IA risk assessment, testing and analysis, investigation, and dashboarding and reporting, as well as the end-to-end audit lifecycle. This includes technology for robotic process automation (RPA); data analytics and visualisation; artificial intelligence (AI); enterprise resource planning (ERP) and governance, risk and compliance (GRC); continuous monitoring; and IA management.

This means PwC Internal Audit adds up to more than the sum of its parts and helps you solve your real world issues. This is IA evolved.

What would you like to do differently?

PwC helps companies around the world set up, plan, enhance and deliver leading Internal Audit capabilities. What would you like to do?

I want to...

Set up or transform Internal Audit

Plan, develop and structure IA, so that it is the right fit for your organisation—and fit for the future.

  • IA function set-up
  • IA charter, strategy and vision
  • Policy and plan development
  • Restructuring IA (e.g. due to an IPO or merger)
  • Organisation-wide alignment and integrated assurance across the second and third line

PwC Perspective: A bold IA vision - aligned to other governance functions - helps position IA as a pioneer, reduces duplication, increases collaboration, and ultimately strengthens the ‘risk shield’ around the organisation.

ESG Maturity Assessment

Powered by technology, useful to humans

IA is increasingly including ESG in their audit plans. PwC is able to use its Connected Risk Engine (CRE) technology to help IA assess and benchmark the maturity of ESG processes in their organisation.

Our assessment covers key areas of an effective ESG framework, including governance, culture and reporting. It can be tailored to compare different parts of the organisation or understand the views of different stakeholder groups.

The output can be used to update your ESG strategy, target areas of higher priority, and gauge the success of investment in ESG. In other words, it can give you a blueprint to help navigate complexity, manage risk, and plan for the next stage of maturity in ESG.

PwC’s CRE tool has over 20 other assessment modules, and this is increasing. These include topics like IA effectiveness, cyber security, and compliance management. To find out more, please speak to your PwC team or use the form below.

PwC Global Internal Audit Study 2023

Seeing through walls to find new horizons
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Combining our experience - explore other areas of PwC 

These are examples of the specialist areas that IA draws on to multiply its value to organisations. Click on the links to explore the capabilities and insights in each:

should ceos think different about risk

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Risk isn't about responding to change. It's about changing the way we see. Shifting our perspective. Considering different angles. Strong risk and resilience capabilities can be the difference between those that thrive and those that fight to survive.

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Chris Mills

Chris Mills

Internal Audit, PwC Bermuda