PwC Internal Auditing Assurance & Advisory Services

Embracing innovation to enhance your internal audit capabilities, see risk differently and deliver confidence and insights

Transform your internal audit function with the new IIA Global Internal Audit Standards™


The Institute of Internal Auditors (IIA) released the new Global Internal Audit Standards on January 9, 2024. These standards will come into effect in January 2025 and are a transformative opportunity for internal audit (IA) functions to better engage their stakeholders, make their capabilities fit for the future and increase the value they create for their business.

Many companies are developing implementation plans to comply with the new standards, which have implications for parts of the organization beyond IA. This means that proper preparation requires collaboration between the board and individual departments. But these standards also create new opportunities for the IA function to reframe, reinvent and reposition themselves for success.

Reach out to learn how we can help you transform your IA function to drive new value.

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A pioneer in internal auditing assurance & advisory services

 

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.

Internal Audit uniquely combines a risk mindset, objectivity and organizational reach. At PwC Canada, we believe IA can act as their organization’s lighthouse—helping it navigate risk and see around corners. With the right vision, approach and technology, Internal Audit can protect value and cast light on new opportunities for value creation.

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

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Our  internal auditing experience working with world-leading organizations has demonstrated that solving important problems can’t be undertaken alone. When we combine our capabilities, we multiply our value.

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

At PwC Canada, we combine core Internal Audit capabilities with other expertise to cover the full risk spectrum, including working with specialists in areas such as cybersecurity, ESG, regulation and compliance, culture and behaviours, forensics and tax. We also add industry experts and the latest digital tools to ensure Internal Audit 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 Internal Audit requires more than technology. It takes our human superpowers, too.

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

Our internal auditing 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 visualization
  • artificial intelligence (AI)
  • enterprise resource planning (ERP) and governance, risk and compliance (GRC)
  • continuous monitoring
  • Internal Audit management

PwC Canada internal audit helps you solve your real-world issues and is more than the sum of its parts. This is IA evolved.

Want to do internal auditing differently?

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

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Set up or transform internal audit

Plan, develop and structure IA to fit your organization—and make IA fit for the future:

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

PwC Canada perspective: A bold Internal Audit vision that’s aligned to other governance functions helps position IA as a pioneer, reduces duplication, increases collaboration and ultimately strengthens the risk shield around your organization.

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Carlie Persson

Carlie Persson

Partner, National Risk and Governance Services Leader, PwC Canada

Tel: +1 780 441 6880