Internal Audit Services (IAS)...PwC Focus on protecting and enhancing value The PwC IA Services are...
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Internal Audit Services (IAS) Needs and expectations are changing… is internal audit benefit? Does your internal audit function have sufficient resource to audit complex areas, such as IT? Do your internal auditors have relevant professional qualifications? ...Maximizing the contribution of internal audit… it does not need to be a cost! Key to good governance – the eyes and ears of the Board The challenges facing Internal Audit (IA) have never been greater with an increasingly complex and global business environment, as well as heightened governance awareness and increased stakeholder expectations. The Board faces continual pressure from stakeholders to mitigate risk yet drive business performance. Internal audit plays a critical role in providing objective and independent assurance that protects the business value, informs strategic decision-making and improves its performance. However in today’s fluid, challenging environment, many companies are struggling to manage the complex risks they face. How Internal Audit can add value To add value, Internal Audit (IA) must deploy an increasingly wide range of skills and capabilities. Internal auditors need to be experts in corporate governance, risk manage- ment, process improvement, information technology and a wide range of specialist areas across the whole business if they are to fulfill their remit. To meet these challenges an increasing number of companies are recognizing the benefits of working with a third party to support their IA needs. Strategy Structure People Technology Process Strategy Implementation Enterprise strategy Stakeholders’ expectations Shareholders value drivers Risk management alignment Structure Board expectations Dynamic mission vs. static / limited purpose Organisational aligment Flexibility Technology Effective utilisation Enhance risk-based approach Leveraged to change process Substitute for labor People Stature across enterprise Achieve mission/objectives Attract and retain talent Successful progression to manage- ment roles in the organisation Potential leaders of departments or business unit Process Process ef ficiency Willingness to change Effective communication
Transcript of Internal Audit Services (IAS)...PwC Focus on protecting and enhancing value The PwC IA Services are...
Internal Audit Services (IAS)
Needs and expectations are changing… is internal audit benefit? Does your internal audit function have sufficient resource to audit complex areas, such as IT?Do your internal auditors have relevant professional qualifications?
...Maximizing the contribution of internal audit… it does not need to be a cost!
Key to good governance – the eyes and ears of the BoardThe challenges facing Internal Audit (IA) have never been greater with an increasingly complex and global business environment, as well as heightened governance awareness and increased stakeholder expectations. The Board faces continual pressure from stakeholders to mitigate risk yet drive business performance. Internal audit plays a critical role in providing objective and independent assurance that protects the business value, informs strategic decision-making and improves its performance. However in today’s fl uid, challenging environment, many companies are struggling to manage the complex risks they face.
How Internal Audit can add valueTo add value, Internal Audit (IA) must deploy an increasingly wide range of skills and capabilities. Internal auditors need to be experts in corporate governance, risk manage-ment, process improvement, information technology and a wide range of specialist areas across the whole business if they are to fulfi ll their remit. To meet these challenges an increasing number of companies are recognizing the benefi ts of working with a third party to support their IA needs.
Strategy Structure
PeopleTechnology
Process
Strategy ImplementationEnterprise strategyStakeholders’ expectationsShareholders value driversRisk management alignment
StructureBoard expectationsDynamic mission vs. static / limited purposeOrganisational aligmentFlexibility
TechnologyEffective utilisationEnhance risk-based approachLeveraged to change processSubstitute for labor
PeopleStature across enterpriseAchieve mission/objectivesAttract and retain talentSuccessful progression to manage-ment roles in the organisationPotential leaders of departments or business unit
ProcessProcess effi ciencyWillingness to changeEffective communication
PwC Focus on protecting and enhancing valueThe PwC IA Services are covering all aspects of internal audit from IT to accounting and business process compliance with experienced professionals and sector specialists.
PwC’s solutions include:• Internal audit outsourcing – an outsourced service provided through a combination of a
dedicated, core delivery service team and a virtual team comprising the broadest range of specialists.
• Internal audit co-sourcing – in our co-sourcing arrangements, we work in partnership with our clients, taking a variety of roles and responsibilities, giving special expertise but reporting overall to the head of internal audit.
• Information technology reviews – including general or application level control reviews, IT security assurance, ERP control and data migration reviews.
• Quality Assurance reviews of internal audit department in the light of IIA standards and global best practices.
• Internal audit performance improvement services – Services that address the key concerns of internal auditors, including strategy, methodology, technology, risk assessments as well as benchmarking at start up or at transformation.
• Trainings on internal audit – We prepare your team to be a CIA (Certifi ed Internal Auditor). We also deliver trainings tailored to your business to improve the professional knowledge of your internal audit staff using a consistent approach on a global basis.
• Audit Tool, Team mate support – if you are to implement this audit software, we can help you with its confi guration, customization, installation, testing as well as providing user trainings to your staff.
• Internal audit for Budgetary units and EU organization – we can help you in an audit according to EU and Hungarian regulatory requirements.
Andrea Major – PartnerPhone: + 36 1 461 9364E-mail: [email protected]
Nóra Berta – ManagerPhone: + 36 1 461 9791E-mail: [email protected]
Full in-houseFull internal staffi ng
Implementation of internal audit function using only internal resources
In-House resources perform majority of functionsOutsource specialized skills
Head of Internal Audit is supported fully by outsourced resourcesSpecialized skill & geographic coverage are readily available
Implementation of internal audit function by external provider
Advisory services Co-sourcing
Options and alternatives
Outsourcing
Limited internal staffi ng
Limited co-sourcing
Signifi cantco-sourcing
Full sourcing
For further information on our services, please contact our colleagues:
© 2011 PwC. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Auditing Ltd., PricewaterhouseCoopers Hungary Ltd. and PricewaterhouseCoopers Advisory Services Ltd. which are member fi rms of PricewaterhouseCoopers International Limited, each member fi rm of which is a separate legal entity.
