Rising to the challenge Delivering Internal Audit excellence

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1 Rising to the challenge Delivering Internal Audit excellence Internal Audit. Expect More. November 2016

2 Welcome Lindsey Paterson Scotland Internal Audit Government and Public Sector Leader PwC 2

3 A route map for delivering Internal Audit excellence 16% Of stakeholders consider their Internal Audit function as a trusted advisor 11% of stakeholders say IA is providing value-added services and proactive advice 66% of HIAs indicate they will be evolving their delivery model to provide value added services in the next five years. PwC 3

4 Attributes of Internal Audit excellence PwC 4

5 Stakeholder Management Trusted advisors deliver added value by driving accountability across their teams, structurally aligning individual team members to specific stakeholders, providing clear expectations to expand interaction beyond the audit and routinely measuring results and driving actions to improve performance. PwC 5

6 Stakeholder Management Case study becoming a trusted advisor within higher education Audit team members mapped to individual stakeholders Regular update meetings and flexibility helping IA to stay relevant and aligned The skills needed reach far beyond that of a traditional auditor communication, confidence, empathy Stakeholders more willing to ask for help and address risks in partnership with IA. PwC 6

7 Risk focus Trusted advisors do not limit their audit plans based on their in-house capabilities, they go outside the team to find the right resources to address the risks facing the business. PwC 7

8 Risk Case study cost reduction within an oil and gas company Economic conditions mean many oil and gas companies have focused efforts on reducing costs Trusted advisors do not limit their audit plans based on their in-house capabilities, they go outside to find the right resources to address the risks facing the business. Basic contract compliance review was not sufficient Concerns over compliance with contract terms and lack of scrutiny Identified material contracts that didn t have a clear contract strategy and terms which could be renegotiated and bring potential cost savings PwC 8

9 Technology Leading Internal Audit functions are innovating their processes investing in data analytics, technology and tools. Their objective is not simply to automate isolated audit procedures but to transform their function in order to unlock real value across the entire Internal Audit life cycle. PwC 9

10 Technology Case study data enabled Internal Audit within a central government body The client P2P process was mapped end-to-end using 100% of transactions from that year Leading Internal Audit functions are innovating their processes investing in data analytics, technology and tools. Their objective is not simply to automate isolated audit procedures but, to transform their function in order to unlock real value across the entire Internal Audit life cycle. Legacy system that dealt with a lower volume of transactions was compared to the new system Deviations from expected standard process and procedures were identified and tested Additional insight through demonstrating the time taken for each step in the process, identifying possible improvements PwC 10

11 Questions? This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it PricewaterhouseCoopers LLP. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

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