Internal audit outsourcing and co-sourcing

Lack communication with the Board and other stakeholders to align their work with stakeholders expectations;
Focus more on financial reporting and compliance matters than value enhancement for business operations;
Do not have the critical mass to provide the expected level of assurance required as its role is being shaped by its capabilities and not by the business’s needs;
Are not managed by a strong Head of Internal Audit who has sufficient credibility and independence to challenge the Board and Audit Committee;
Struggle to recruit the right skills and expertise across the full spectrum of risks;
Are staffed by individuals with limited experience in business consulting and advisory services; and
Do not track latest developments within the industry and lack knowledge of the latest developments in Internal Audit.

At PwC, we can help you by:

Providing ongoing access to a PwC Partner/Director who will be respected at senior levels to translate the needs of the Board / Audit Committee into reality, as well as to provide independently robust challenge and insight;
Implementing a world class Internal Audit methodology;
Developing meaningful metrics to measure performance and reporting mechanisms tailored to your needs;
Establishing an optimum resourcing model with access to staff resources with depth and breadth of Internal Audit / industry / geographical coverage as and when required — thus moving from a fixed overhead cost to a variable cost model.

Providing ongoing access to a team of leading PwC Internal Audit specialists who will advise you on how best to translate the needs of the Board/Audit Committee into reality, whilst providing you with valuable, independent challenge and insight;
Advice as appropriate on how to implement best practice in relation to Internal Audit methodology, tools and techniques;
Providing industry knowledge and expertise to deliver a market leading Internal Audit service benchmarked against the best in the world; and
Providing the best resources to meet your changing needs with unrivalled depth and breadth of Internal Audit, industry, and geographical coverage as and when required.

Provided a review of the strategic role of the Internal Audit function;
Created increased peace of mind as you can rely on us to understand your risks; ensure they are appropriately controlled; and deliver an optimum Internal Audit Services;
Achieved greater efficiencies through the effective use of technology and standardised / simplified processes; and
Provided an efficient management solution with staff recruitment hassle and overhead costs removed, and a full complement of resources throughout the year.