Internal Audit

Navigating the evolving Risk landscape

Enhance your Internal Audit (IA) capabilities to give you the power to see risk differently and build resilience in a rapidly changing world.

In today's interconnected world, the complexity and speed of change can make it challenging to prioritise and gain clear insights into what truly matters. Many organisations still operate within rigid functional silos, struggle with accessing reliable information and data, and face resistance to change. These obstacles create barriers that hinder agility, inhibit innovation, and undermine the collaborative strength of the organisation.

Internal Audit can help organisations to connect the dots to empower it to break down these barriers, unlock new value, and provide stakeholders with the assurance needed to navigate complex risks. Find out how in PwC’s Global Internal Audit Study.

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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PwC Global Internal Audit Study: Real-time Benchmarking

Our benchmarking tool allows you to answer a subset of questions from this year’s survey and compare your responses against the global data.

Benchmark yourself

The PwC Internal Audit - pioneers in a world of changing risk

We recognise the critical role of Internal Audit (IA) in building trust and confidence among stakeholders. By providing assurance on people, processes, systems, and data, IA empowers your organisation to effectively navigate risk and change.

We believe that IA can serve as a ‘unifying force’ to help organisation's stay true to their strategy and purpose, while proactively addressing risks and preparing for future challenges. Our team works closely with organisations in the Private Sector, Public Sector and Financial Services Sector, offering deep industry-specific support to enhance your IA function. Leveraging cutting-edge technology and expertise, we deliver internal audit solutions tailored to your needs, ensuring relevance and effectiveness.

Our collaborative approach enables you to operate with agility, make informed decisions, and proactively mitigate risks, ultimately positioning you to stay ahead in an ever-evolving business landscape.

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PwC and Workiva Alliance

Gain transparency and confidence in your risk, compliance, and disclosure processes.

Our collaboration with Workiva merges our extensive industry knowledge with Workiva's reliable platform to centralise your data and foster collaboration across your compliance, control, and reporting framework. Together, we aim to streamline your operations, promote transparency, and build trust.

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How we can help

We collaborate with organisations worldwide to establish, strategise, enhance, and execute cutting-edge Internal Audit capabilities delivering services across the following key IA domains.

Outsource
Co-source
Managed Service
Advisory

Transforming Internal Audit

A visionary IA approach, in alignment with other governance functions, positions IA as a leader, minimises redundancies, promotes collaboration, and fortifies the organisation's risk management framework.

We help you tailor IA to your organisation's needs and future goals through comprehensive planning and structuring.

Our services include:

Setting up the IA function
Developing IA charter, strategy, and vision
Crafting policies and plans
Restructuring IA due to events like IPOs or mergers
Aligning organisation-wide operations and integrating assurance throughout the second and third lines

Executing the Internal Audit Plan

IA functions must now address strategic risks within organisations, such as corporate strategy, transformation, M&A, and cost management. This requires a meticulous plan to balance traditional risk areas with new challenges, equipped with the right tools and talent. Effective communication with stakeholders is crucial to align expectations and objectives seamlessly.

We use modern audit techniques, technology, industry expertise, and subject matter knowledge to deliver impactful IA services globally.

Our services include:

Co-sourcing and outsourcing of IA functions
Risk assessment, incorporating digital risk tools
Planning, scoping, and designing work programs
Tech-enabled and data-driven audit execution
Global project management, coordination, and communication (multilingual)
Reporting and engaging stakeholders, with visualisation tools
IA management, potentially assuming Chief Audit Executive or Head of IA roles
Comprehensive IA managed services leveraging PwC's technology, IA teams, and global delivery centers
Organisation-wide internal control programs, such as Sarbanes-Oxley Act (SOX) compliance
Specialised audits, including cyber security, ESG, M&A, HR and culture, media, and strategy audits
Third-party audits like vendor compliance and due diligence assessments
Forensic audits and investigations, including responses to fraud and compliance breaches

Technology in Internal Audit

The integration of technology in Internal Audit, risk, compliance, and business functions presents an opportunity for digitising governance and assurance practices across the organisation. An established IA technology strategy and effective communication with all operational lines ensure that investments benefit the entire organisation.

We harness the power of technology to enhance the efficiency and effectiveness of your Internal Audit operations and derive valuable insights from data.

Our services include:

Developing an IA technology strategy
Selecting, implementing, and configuring systems
Using data analytics, Robotic Process Automation (RPA), continuous auditing, and Artificial Intelligence (AI)
Aligning and integrating technology with other organisational tools in risk, compliance, and Enterprise Resource Planning (ERP)
Providing digital training and upskilling opportunities

Talent in Internal Audit

While technology plays a crucial role in modern IA, achieving leadership and trusted advisor status also relies on human capabilities. It is essential to have individuals who can translate data into actionable insights, turn risks into opportunities, and transform ideas into impactful outcomes. Striking the right balance between technical skills and interpersonal abilities, such as communication and project management, is key to success.

We help you empower your teams with confidence and equip them with the necessary skills to unlock their potential for success.

Our services include:

Crafting an IA talent strategy and implementing a talent framework
Providing in-person and online training for IA and assurance teams, business teams, and executive management
Offering subject matter specialist support for knowledge transfer in critical audits
Providing coaching and mentoring for IA leadership, Audit Committee members, and other management

Internal Audit maturity evaluation

Just like any ecosystem, the governance framework benefits from continual innovation and progression. Evaluating and refining KPIs that drive IA excellence, ensuring alignment with corporate strategies, and reflecting stakeholder values are essential components of sustainable growth.

We help you to enhance your capabilities to align with the evolving landscape of 'next-gen' IA and meet stakeholder expectations.

Our services include:

External Quality Assessments (EQAs) and External Strategic Assessments (ESAs)
Benchmarking and health checks on IA maturity and performance
Developing and reviewing IA quality management frameworks and processes
Defining IA Key Performance Indicators (KPIs) aligned with corporate strategy
Optimising IA and stakeholder reporting

Business challenges and risks

Organisations benefit from an objective perspective, and Internal Audit serves as a valuable resource in providing insights and recommendations beyond traditional audits. Delivering risk position papers, executive updates, or engaging in discussions can be more effective in addressing complex business challenges and risks.

Leverage IA's expertise to analyse problems, offer recommendations for improvement and remediation, and provide insights on emerging risks and blind spots.

Our services include:

Corporate transactions like due diligence and post-merger integration
Root-cause analysis and monitoring to address regulatory breaches
Enhancing board effectiveness in management decision-making processes
Addressing local country laws, regulations, and risks in market entry strategies
Focusing on culture and behavior to mitigate workstyle reform and organisational transformation risks

Discover additional PwC services

Explore a variety of specialist areas within PwC that Internal Audit collaborates with to enhance our value. Delve into the capabilities and insights offered: