Internal audit outsourcing and co-sourcing

With increasing expectations and the need for greater value at a reduced or comparable cost, many in-house internal audit functions are falling short of optimum performance as they:

  • 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.

How can we help?

At PwC, we can help you by:

 

Outsourcing service

  • 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.

 

Co-sourcing services

  • 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.

How we have added value for our clients

  • Provided a review of the strategic role of the Internal Audit function;
  • Created increased peace of mind as you can rely on PwC 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 standardized / 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.

Contact us

Jasper Xu
China Mainland and HK Governance and Internal Audit Service Leader, PwC China
Tel: +[86] (21) 2323 3405
Email

Stephen Ducker
Partner
Tel: +[86] (10) 6533 2279
Email

Cimi Leung
Risk Assurance China/Hong Kong Markets Leader, PwC Hong Kong
Tel: +[852] 2289 2997
Email

Eric Yeung
Partner
Tel: +[852] 2289 1953
Email

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