Heads of internal audit face an increasing challenge to bring their methodology in line with developments in international best practice. In order to bring value to the business internal audit needs to find new ways of identifying issues whilst at the same time increasing the overall efficiency of the function. In connection with this audit software can play an important role in helping internal audit to manage the wide range of issues its deals with ensure effective tracking through remediation. At the same time the skill level of individual auditors often needs to be raised significantly to enable them to keep up to date with developments in the industry.
PwC offers a broad spectrum of data analytic services specifically designed for internal auditors, allowing to achieve audit objectives in a more reliable and cost-effective way.
Our services include:
We work with standard data analysis tools (such as Excel, Access, SQL) in addition to tailored analytic platforms (such as ACL, Lavastorm, etc), designed for internal auditors. This software has an extensive list of functionalities and can be tailored in accordance with audit objectives.
We assist in the implementation and post-implementation of data analysis software to ensure successful realisation of projects.
Specific audit tests and agreed upon procedures can be performed by experienced PwC experts.
Standard and tailored training are offered by PwC to demonstrate major capabilities and functionalities of the software.
Data analysis services may be customised in line with customers’ needs. Typically, they cover standard business processes, such as: purchases and receiving of goods, payments, invoicing and invoice processing, master data management, pricing and IT.
By partnering with PwC, our clients have been able to increase their ability to solve complex audit objectives through far-reaching data analysis solutions. Two client case studies demonstrate the benefits of using data analytics by internal audit teams
The internal audit team of one’s of the world’s largest retailers faced a challenge to identify, detect and analyse potential fraud indicators within their sales function. PwC in collaboration with the client has developed a list of potential fraud indicators (“red flags”), designed data tests, helped to extract sales data and performed data analysis. Based on results obtained within a reduced timeframe, their internal audit team was able to capture major sales trends, increase the reliability of audit results, expand scope of the audit, obtain meaningful insights on potential fraudulent activities and select specific transactions for substantive testing.
The internal audit team of a regional airline has undergone a data analytic training, specifically designed by PwC in line with clients needs. This allowed the client to tailor data analytic tools in accordance with audit objectives, which in turn enabled their internal auditors’ team to shorten audit fieldwork, decrease the volume of manual testing, enhance the reliability of audit results and increase the scope of their audits.
The most advanced and mature use of data analysis tools results in Continuous Auditing (‘CA’). CA has completely changed the internal audit paradigm from retrospective, sample-based and cyclical control activity to an automated, real-time review, covering 100 percent of transactions. Ideally, CA should be combined with Continuous Control Monitoring (‘CCM’), which is put in place by management to ensure that policies, procedures, and business processes are operating as expected.
PwC helps its clients to select, customize, develop and implement CCM/CA tools and additionally is offering various training on CCM/CA. PwC has developed a comprehensive methodology to ensure that our clients can leverage the strategic value of CCM/CA.
Heads of Internal Audit Departments, internal and external auditors, who need to improve their report writing skills.
Discuss reporting structure principles in accordance with International Standards of Internal Audit
Develop the following skills:
18 academic / CPD hours (2 days).