How do you know if your operations are running as they should? Do you understand the risks that are relevant to achieving your objectives, and are you in control of them? How do you know whether you comply with all the legislation and regulations? The answers to these questions fall within the domain of the Internal Audit Function. Legislation and regulations (both national and international) are constantly changing, technological developments are moving at breakneck speed, and markets are changing, so that business operations and risks are constantly changing too. This imposes high demands on the quality, effectiveness, and adaptability of your Internal Audit Function.
Whether you are responsible for the Internal Audit Function, a director, or a member of a supervisory body, you need to be sure that you are in control of the risks that may prevent achieving the strategic and organisational objectives. The Internal Audit Function must therefore have sufficient knowledge and expertise. Especially in a constantly evolving organisation and environment, it must operate at the highest level and must therefore continuously adapt and improve. The added value of that function lies not only in providing assurance but also in proactively advising on improvements in your organisation’s governance, risk management, and internal control.
The Internal Audit Function has a special place in the governance of an organisation. Alongside the management and the functional organisations (such as Finance, Risk & Control), it forms the ‘third line of defence’ within the organisation. CEOs and other directors, audit committees, and other supervisory bodies rely on the findings of the Internal Audit Function in determining whether the organisation is in control. We can help you improve and strengthen that function. We can also make things easier for you by organising some or all of your Internal Audit Function and taking care of it for you.
PwC invests in the latest trends and developments in the field of internal auditing, so that you don’t need to do so. Moreover, in today’s dynamic world, it’s virtually impossible for organisations to have sufficient expertise in all fields. Within our worldwide network, we have access to both sector and profession specialists, for example in the fields of cybersecurity, privacy, IT, and fraud prevention. We will be happy to share our knowledge with you. We have the flexibility to scale up to your needs, we provide continuity and make, where needed, improvements and adjustments to your Internal Audit Function.
The world of internal auditing is becoming increasingly complex. Outsourcing, constant pressure on cost control, the impact of IT, striving for efficiency, finding and retaining top talent, and changing legislation – all these issues are putting pressure on the organisation – which must remain in control. Talented people with up-to-the-minute knowhow about information security, IT, compliance, and risk management are few and far between. Meanwhile, the importance of a good Internal Audit Function continues to increase. Our auditors and advisors can support you in your work, but we can also carry out work for you on the basis of a co-sourcing model.
We can help you with:
As a CEO or CFO, you are responsible for the organisation and you have to ensure that you manage all the risks. The first task of the Internal Audit Function is to guarantee that your organisation has a high-quality risk and control system. That way, you can lay a solid foundation for achieving your goals, so that you can focus on creating value in the future.
We can help you:
As a member of an audit committee or other supervisory body, you rely on the findings of the Internal Audit Function regarding the design and operation of your organisation’s system of governance, risk, and compliance (the GRC system). However, the value of that function also lies in making recommendations to improve the quality of the systems even further and to balance the risks and measures even better. Providing certainty about the risk management system is the starting point; creating value is then the logical next step.
We can help you:
Your responsibility means that you are directly involved in issues in the field of governance, risk management, and compliance. In that context, it’s important that the various ‘lines of defence’ work together as effectively as possible to ensure that the internal risk management and control systems function properly.
We can help you: