Are you the Head of Internal audit?

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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.

What regulations, standards and guidance should I follow?

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I have been asked to set up a new IA function. How should I go about it?

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I have many challenges. How can I tackle them in a structured way?

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What software is available to help manage my IA work?

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How PwC can help

…and what advantages does it bring me?

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How PwC can help

How can data analytics and continuous auditing add value to your internal audit function? - Effective use of technology

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:

1. Data analysis software solutions

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.

2. Post-implementation assistance and training

We assist in the implementation and post-implementation of data analysis software to ensure successful realisation of projects.

3. Outsourcing of data analysis

Specific audit tests and agreed upon procedures can be performed by experienced PwC experts.

4. Training

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

Case study 1

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.

Case study 2

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.

Do your internal audit reports have impact? - Expand your knowledge and expertise

Target audience

Heads of Internal Audit Departments, internal and external auditors, who need to improve their report writing skills.

Training objectives

Discuss reporting structure principles in accordance with International Standards of Internal Audit

Develop the following skills:

  • ability to draft a clear structure of audit report
  • writing of audit report in accurate, understandable and logic language
  • editing and self-editing of the auditor’s report wording

Duration

18 academic / CPD hours (2 days).

Outline of the training course:

  • Concept of report

    User, author, objective, theme, structure
  • Reporting guidelines

    Auditor’s reporting guidelines of the Institute of Internal Auditors and best practice
  • Form and substance

    Interrelation between the form and substance of the report
  • Interaction with management and auditees

    Agreeing the scope and the purpose with management and auditees. Communicating with auditees during engagement, presentation of audit findings
  • Preparation of the documentation

    Preparation of clear documentation of audit evidence and internal audit working papers . Preparation for the reporting, data collection
  • Structure of the report

    Structuring of information. Structuring of the report, logic of its design
  • Drafting of the report

    Preparation of the draft report, proofreading
  • Focus on value added

    Emphasising the role of consultations, not just compliance. Providing recommendations and solutions, not only problems
  • Quality control

    Editing (self-editing), amendments and preparation of the final version. Proof-reading of the final version of the report. Draft and final reports (following the results of wrap-up meeting with representatives of the unit covered by the audit).

How PwC can help

How can I improve the skills of my IA team?

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