Internal Audit

Internal audit is critical to good governance and performance. It provides confidence in managing key risks, informs decision making and improves organisational performance.

We deliver, support and transform internal audit functions by using smart people, a smart approach and smart technology. This combination delivers real value to our clients and helps them improve their performance.

Risk assessment, planning and resourcing

The three keys to effective internal audit are risk assessment, planning and resourcing. Delivering these requires experience and knowledge. PwC brings together a range of internal audit, industry and subject matter experts for all our internal audit services. This collaboration enables us to anticipate and focus on key risk areas and bring leading insights to our clients.

How PwC can help you?

Our services include:

  • Outsourcing
  • Co-sourcing
  • Staff augmentation and secondments
  • Internal Audit transformation
  • Internal Audit quality review
  • Internal Audit training.

To ensure their internal audit function is contemporary, efficient and delivering high value to its stakeholders, our clients regularly ask us to help them in the following areas:

Data analytics

Data analytics is valuable at every stage of an internal audit:

  • Planning: helps identify potential areas of risk and opportunity. We can then concentrate on these for a more efficient audit.
  • Fieldwork: offers new insights by combining client data, and sometimes external data.
  • Reporting: our informative visual presentation style increases management and board understanding of any problems and their causes.

We embed data analytics across the audit cycle. Our devoted analytics capability supports our internal audit reviews and our team uses these techniques on most reviews.

Lean and Six Sigma - improving operational efficiency

While effectiveness of risk management and controls is essential for internal audit, equally important are opportunities to gain efficiency by automating or optimising processes and controls.

All our internal audit team members are trained in Lean and Six Sigma techniques, enabling them to identify redundancy in processes or controls, and areas where manual functions could be automated.

Root cause analysis - pulling the right lever for change

When an organisation experiences a problem, internal audit must get to the bottom of what happened, why it happened, and what should be done to fix it. Only then can we ensure a better outcome in the future.

Our internal audit teams are well trained in root cause analysis, to help our clients see opportunities for productive and sustainable improvements in their organisation.

Risk culture - the power of behavioural observation

Risks become problems as a result of human behaviours. So understanding the role that behaviours play can be crucial to identifying the root cause of a problem.

PwC applies risk culture auditing and behavioural questioning and observation techniques when carrying out internal audits. All our team members are trained in these methods. We can also bring in PwC's People Consulting team and behavioural psychologists when deeper insights are needed.

Benchmarking

PwC offers clients an optional, customised, Benchmarking Insights Report. This annual document benchmarks the client organisation against some 500 other PwC internal and external audit clients across a range of financial and non-financial criteria.

In today's business environment, this useful measurement tool helps clients identify areas for improvement and, if needed, formulate a convincing business case for change.

Risk and Controls Insight Report - joining the dots

PwC's Risk and Controls Insight Tool brings together a range of risk and assurance information, to produce an annual controls summary of the most critical themes and insights - the Risk and Controls Insight Report.

This report identifies issues needing additional management consideration, in order to optimise the organisation's internal controls and provide a realistic view of the overall health of the organisation. Management may wish to include this in an annual report on internal audit to key stakeholders.

Among executive and board members, the report stimulates discussion of issues in the organisation and useful ideas from elsewhere.

AskU - innovation in gathering information

AskU is a unique social mobile app developed by PwC. It helps our clients to survey populations and gather data - cost-effectively and efficiently. Real-time insights are achieved as survey quotas are filled within hours, rather than weeks, accelerating decision making.

AskU can constantly profile respondents, providing deeper and richer insights. Additional benefits include broad reach, demographic depth, geo-fencing and corporate responsibility. A number of our internal audit clients have successfully used AskU to gather evidence to support their broader work.

Contact us

Andrew McPherson
Partner
Tel: +61 2 8266 3275
Email

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