PwC division’s costs at 0.28% of revenue

A RECENT global benchmarking by PwC measuring the effectiveness of the internal audit department suggests average costs of Internal Audit are hovering at 0.28% of total revenue.

Bob Semple, Partner, PricewaterhouseCoopers said: “Companies are exposed to risks as never before — and internal audit has a vital role to play in helping management address them.

“The best way for Internal Audit to endear itself to management, to the Audit Committee and to the Board is to put itself in their shoes — and bring practical solutions to the problems they face.

“While Internal Audit’s traditional role has been to provide assurance they must increasingly focus on providing real added-value to the organisation. Otherwise they cannot expect to get the support they so badly need.”