Internal audit

Overview

In the modern day, Internal Audit has evolved into a dynamic and indispensable function within organizations. It plays a multifaceted role, serving as an independent, objective, and strategic partner to senior management and the board of directors. Regrettably, many boards do not fully leverage the potential of their internal audit function, potentially exposing themselves to significant risks.

Our team of experts is dedicated to helping boards extract greater value from their internal audit function, delivering enhanced assurance and value for money. We not only offer our extensive experience and knowledge of best practices as leading internal audit service providers but also help you to understand your industry and its specific technical risk areas.

We work with you to ensure that your internal audit function is optimized, delivering the highest level of assurance and strategic insights to drive your organization forward.

Issues you may be facing

With our global footprint and powerful capabilities, we offer flexible, and scalable solutions to address your unique needs. Our Internal Audit services are designed to:

Require a comprehensive view of the inherent risks to your business, including emerging risks, and to establish an efficient control framework to ensure ongoing resilience.
Stand in need of improving operational efficiency and effectiveness by pinpointing inefficiencies, redundancies, or bottlenecks in processes, enabling your organization to streamline operations and allocate resources more effectively.
Have need for enhance the quality of your internal audit function and elevate its maturity level, transforming it from a fault finder into a value driver embraced by the business.
The need to acquire compliance with regulatory requirements and industry standards by regularly reviewing and assessing internal processes, ultimately reducing the risk of legal and financial penalties.

How we can add value

Internal audit co-sourcing

We bring to you our specialized skills and industry-specific expertise to enhance the quality, efficiency, and effectiveness of your internal audit function

Internal audit outsourcing

At PwC, we understand the critical role that internal audits play in ensuring the integrity, compliance, and efficiency of your organization's operations. However, managing an effective internal audit function can be a complex and a resource-intensive endeavor. We help to provide a robust internal audit that aligns with management’s strategic objectives and meet stakeholders’ expectations while you focus on your core business competence.

Quality assurance reviews

Quality Assurance (QA) is the cornerstone of success for any organization striving for excellence, customer satisfaction, and operational efficiency. With our services, we offer comprehensive Quality Assurance Reviews that empower your business to deliver consistent, high-quality products and services. Our QA Review Services include:

Process Audits: We assess your existing processes to identify bottlenecks, inefficiencies, and areas for improvement.
Product and Service Testing: Our team rigorously tests your products or services to ensure they meet quality standards and customer expectations.
Compliance Audits: We help you navigate complex regulatory landscapes by ensuring your operations align with industry-specific regulations.
Documentation Review: Proper documentation is essential for compliance and process improvement.

Setting up internal audit department

We understand that every organization is unique. Our approach to setting up your internal audit team is tailored to your specific needs:

Assessment and Planning: We conduct a thorough assessment of your organization's structure, risks, and objectives to create a customized audit plan.
Team Recruitment and Training: We assist in recruiting skilled internal auditors or provide training for existing staff, ensuring they have the necessary expertise.
Policy and Procedure Development: We help develop internal audit policies and procedures that align with your organization's goals and industry regulations.
Audit Program Development: Creating customized audit programs and risk assessment methodologies tailored to your business processes.

Internal controls training

Effective internal controls are the backbone of sound corporate governance, ensuring compliance, reducing risks, and promoting operational efficiency. We provide you with comprehensive Internal Controls Training as a service to equip your team with the knowledge and skills needed to establish and maintain robust control mechanisms.

What we offer to you:

Customized Training Programs: Developing training modules and materials specific to your industry, processes, and compliance requirements.
Risk Assessment and Control Identification: Teaching your team how to identify and assess risks and design controls accordingly.
Internal Audit and Monitoring: Assist in Internal Audit capability building by providing tailored trainings across levels i.e. beginner, intermediate and advanced levels.

Fraud risk control assessment

We work with you to establish a robust anti-fraud framework to provide comfort to stakeholders and enhance management monitoring, including fraud review, post-remediation and process re-engineering to improve internal controls to prevent fraud incidents from recurring.

We can help you to:

Review your organization's fraud governance structure.
Assess the maturity of your fraud risk management programme and benchmark against a standardized framework.
Assess the key controls implemented to protect your organization from internal and external fraud.
Review your organization's investigative function, including assessing the processes used to collect, preserve and store data, the quality of reporting, and stakeholder management.

Internal controls review

A timely review of your processes and controls to help ensure their designs continue to address your needs and risks, and ensure their efficiency and effectiveness.

We can help you to:

Develop strong board and management processes to enable effective governance.
Guide management to develop a clear 'tone from the top'.
Measure and monitor your control culture.
Ensure your processes incorporate expected levels of key controls.
Develop monitoring systems to ensure your controls work to support local governance and reporting needs.

Third party risk audits

In today's interconnected business environment, relying on third-party vendors and partners has become a standard practice. While these relationships offer numerous advantages, they also introduce risks that can impact your organization's reputation, security, and compliance.

We can assist you in managing these risks through a comprehensive approach to tailored to your needs:

Risk Assessment: We identify and prioritize third-party risks based on their potential impact and likelihood.
Vendor Evaluation: We assess third-party vendors against established criteria, evaluating their performance and risk posture.
Compliance Verification: We ensure that third parties meet regulatory requirements and contractual obligations.