Optimisation of the Internal Audit Function

Business's core processes need an optimally functioning Internal Audit Function to be efficient. Specialists at PwC assist with the setting up and strategic alignment of an Internal Audit Department.

Common errors need to be eliminated at the planning phase to avoid delays and to enable the newly built Internal Audit Function achieving its goals.

PwC provides comprehensive expertise covering the whole implementation process, including assistance in finding an appropriate Internal Audit manager.

Once the Internal Audit Department is up and running, it needs to work efficiently, effectively and in accordance with international standards. PwC can help departments achieve the quality assurance required by the auditing standard 1312 from 1 January 2007 by bringing in qualified, independent and external auditors who are experienced in running the quality assessment reviews required under the standard. PwC's approach goes beyond meeting professional standards to take strategic and operational criteria into account (QARPlus).

PwC analyses the core Internal Audit processes: work practices and methods, reporting and communication, human resources, technology, knowledge management, performance assessment and quality assurance. The audit process is first planned and then validated through interviews with Internal Audit stakeholders. At the same time the core Internal Audit processes are tested and assessed through a benchmarking process. The audit process ends with an evaluation and final report.

PwC management systems allow rapid planning

PwC's experts include a comparative assessment of the situation in their official quality assurance statement. In doing so they use a benchmarking process to compare key structures and processes with those of other businesses or with internal audit best practices. This is done with the aid of PwC's Profiler^TMevaluation tool, which makes it possible to manipulate a range of comparable data to make differentiated statements.

High potential for value creation of Internal Audit Functions is seen in the areas of Risk Assessment, Risk-Based Audit Planning, Audit Execution and Follow-Up.