Internal Audit

Implementing the Institute of Internal Auditors (IIA) new Global Internal Audit Standards

Use the Institute of Internal Auditors new Global Internal Audit Standards to drive transformation and value from your Internal Audit function

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PwC Global Internal Audit Study 2023

Seeing through walls to find new horizons

As the world enters a risk landscape that’s more complex and connected than ever before, it’s time for Internal Audit to shine.

Internal Audit is at the heart of trust. It gives companies and their stakeholders confidence in their people, processes, systems and data, allowing them to see risk differently, move faster and make better decisions.

At PwC Australia, we know that – with the right vision, approach and technology – Internal Audit can help organisations navigate risk and anticipate what’s coming. By providing confidence in people, processes, systems and data, Internal Audit allows organisations to see risk differently, move faster and make better decisions.

We can enhance your Internal Audit with the remit, skills and tools to shed light on opportunities to protect and create value. We combine a risk-mindset, objectivity and organisational reach to help you see further ahead, avoid hazards, and move forward with confidence.

With PwC Australia, Internal Audit is not just the last line of defence – it’s also the first to be called to help.

Our experience working with world-leading organisations has demonstrated that solving important problems cannot be undertaken alone. When we combine our capabilities, we multiply our value.

Modern Internal Audit needs to combine skills and capabilities across different areas to address the many risks that companies face.

At PwC, we combine core Internal Audit capabilities with other expertise to cover the full risk spectrum, including working with specialists in areas such as cyber security, ESG, regulation and compliance, culture and behaviours, forensics, and tax. We also add industry experts and the latest digital tools to ensure Internal Audit is focused on the right areas and delivered efficiently.

This allows Internal Audit to achieve a ‘multiplier effect’—adding up to better risk coverage, greater efficiency, and more valuable insights.

The virtual world is not the real world. Unlocking the true value of Internal Audit requires not just technology but our human superpowers too.

At PwC, we have already built advanced technology into our Internal Audit services; however, we know that to make it meaningful to you, we need to combine it with specialists that understand your business, culture, values, strategy and people. In today’s hyper-connected world, we cannot afford to have any missing links.

Our Internal Audit teams can use or deploy technology to enhance your Internal Audit risk assessment, testing and analysis, investigation, and dashboarding and reporting, as well as the end-to-end audit lifecycle. This includes technology for robotic process automation (RPA); data analytics and visualisation; artificial intelligence (AI); enterprise resource planning (ERP) and governance, risk and compliance (GRC); continuous monitoring; and Internal Audit management.

This means PwC Internal Audit adds up to more than the sum of its parts and helps you solve your real world issues. This is Internal Audit evolved.

Our Internal Audit services

Wherever you want to take your organisation, our Internal Audit team can join you on the journey. We’ll ensure you’re using the information you need to deliver better business results now, and further down the track. What would you like to do?

I want to…

Set up or transform Internal Audit
Deliver the Internal Audit plan
Implement or use technology in Internal Audit
Develop my people in Internal Audit
Assess the maturity and quality of Internal Audit
Address a particular business problem or risk

Set up or transform Internal Audit

Plan, develop and structure Internal Audit, so that it is the right fit for your organisation—and fit for the future.

Internal Audit function set-up
Internal Audit charter, strategy and vision
Policy and plan development
Restructuring Internal Audit (e.g. due to an IPO or merger)
Organisation-wide alignment and integrated assurance across the second and third line

PwC Perspective: A bold Internal Audit vision - aligned to other governance functions - helps position Internal Audit as a pioneer, reduces duplication, increases collaboration, and ultimately strengthens the ‘risk shield’ around the organisation.

Deliver the Internal Audit plan

Combine modern audit methods, technology, industry knowledge and subject matter expertise to deliver effective Internal Audit, anywhere in the world

Internal Audit co-sourcing and outsourcing, including:
- Risk assessment (including use of digital risk tools)
- Planning, scoping, and work programme design
- Audit execution (including tech-enabled and data-led audits)
- Global project management, coordination and communication (multi-language)
- Reporting and stakeholder engagement, including visualisation tools
- Internal Audit management (including taking the Chief Audit Executive or Head of Internal Audit role)
Full Internal Audit managed services—scalable, efficient and effective end-to-end service using PwC's technology and Internal Audit teams, and delivery centres across the world
Organisation-wide internal controls programmes, such as Sarbanes–Oxley Act (SOX) or equivalent
Specialist audits, such as cyber, ESG, M&A, HR and culture, media, and strategy audits
Third-party audits, such as vendor compliance and due diligence audits
Forensic audits and investigations, including responses to fraud and compliance breaches

PwC perspective: Many Internal Audit functions are considering how they tackle strategic risks in an organisation, such as corporate strategy and decision-making, transformation, M&A and cost management. This requires Internal Audit to have a clear and conscious plan of how to achieve the right balance in the audit programme so that more ‘traditional’ risk areas receive adequate coverage, and the right tools and talent are available. Effective stakeholder communication is also needed to ensure different expectations are understood.

Implement or use technology in Internal Audit

Deploy, configure and use technology to increase the efficiency and effectiveness of Internal Audit, and extract knowledge and insights from data.

Internal Audit technology strategy
System selection, implementation and configuration
Design and use data analytics, Robotic Process Automation (RPA), continuous auditing and Artificial Intelligence (AI). Our AI Readiness Diagnostic Tool helps support Internal Auditors with a comprehensive evaluation platform designed to assess the maturity of organisations to fully leverage the potential of AI, in a safe and responsible manner.
Alignment and integration with other technology across the organisation, including risk, compliance, and Enterprise Resource Planning (ERP) tools and data
Digital training and upskilling

PwC Perspective: There is an increasing convergence of technology used for Internal Audit, risk, compliance, and business operations. This means Internal Audit has the opportunity to help digitise governance and assurance across the organisation and benefit from better risk data and automation. A clear Internal Audit technology strategy and good communication with first and second line is needed so that investment is not siloed and the whole organisation can benefit.

Develop my people in Internal Audit

Build confidence and develop new skills to unleash the potential of your people and equip them for success.

Internal Audit talent strategy and framework implementation
Design and delivery of in-person and on-line training for:
- Internal Audit and other assurance teams, including those running controls programmes
- Business teams, including risk and control owners
- Executive and other management, including upskilling on corporate governance topics
Subject matter specialist support on audits where knowledge transfer is important
Coaching and mentoring, including Internal Audit leadership, Audit Committee members and other management

PwC Perspective: Whilst technology is critical to modern Internal Audit, becoming a pioneer and trusted advisor is as much about the human journey. This means having people who can turn data into insight, risk into opportunity, and ideas into action. This requires a holistic and strategic approach to getting the right mix of technical and human skills, such as communication, project management and negotiation.

Assess the maturity and quality of Internal Audit

Reframe, reinvent and reposition your Internal Audit function for success under the Institute of Internal Auditors’ newly released Global Internal Audit Standards.

Gap assessments and develop readiness plans for adopting the new Standards
Broader implementation support for specific elements in alignment with our ongoing Internal Audit Transformation initiatives, addressing newly required aspects according to the Standards:
- Strategic planning
- Assurance maps/combined assurance
- Internal Audit methodology transformation
- Internal Audit data and technology maturity roadmap

Evolve your capabilities to meet the promises and potential of ‘next-gen’ Internal Audit, and the expectations of your stakeholders.

External Quality Assessments (EQAs) and External Strategic Assessments (ESA)
Benchmarking and ‘health-checks’ on IA maturity and performance
Development and review of Internal Audit quality management framework and quality processes
Internal Audit Key Performance Indicators (KPIs), including alignment to corporate strategy
Optimising Internal Audit and stakeholder reporting

PwC Perspective: Like any ecosystem, the governance ecosystem benefits from renewal and evolution. There is an opportunity, for example, to relook at what KPIs drive Internal Audit excellence, and ensure that these are aligned with corporate strategies and priorities, and properly reflect what stakeholders value. This includes getting the right balance between quantitative, qualitative and ‘inward and outward’ looking KPIs.

Address a particular business problem or risk

Leverage Internal Audit’s ‘superpowers’ to understand or quantify problems, provide advice on improvement and remediation, and offer perspectives on blindspots and emerging risks.

Examples of areas that Internal Audit can add value to:

Corporate transactions, such as due diligence and post-merger integration
Regulatory breaches, including root-cause analysis and remedial monitoring to satisfy regulators
Board effectiveness, such as management decision-making and delegation of authority (DoA) processes
Local country laws, regulations and risks; for example, as part of a market entry strategy
Culture and behaviours, for example, to address workstyle reform or organisational transformation risks

PwC Perspective: Organisations always benefit from an objective viewpoint and Internal Audit is well placed to provide this. This does not always require a traditional audit, and can be more effective as a risk position paper, executive update, or simple discussion, for example.

ESG for Internal Audit: Maturity Assessment

Benchmark the maturity of the ESG control environment and processes in your organisation.