Profiler: Internal audit benchmarking tool
An integral part of our review methodology includes the use of Profiler, PricewaterhouseCoopers’ (PwC) unique, trusted benchmarking tool.
Profiler provides definitions for 11 key internal audit value drivers to ensure a common understanding. These value drivers have been identified during actual reviews of other internal audit departments performed by PwC. The tool is flexible, allowing us to assign relative importance to each value driver applicable.
The concept behind Profiler is not to benchmark your internal audit function in comparison to predefined best practices. Rather, we use it to measure your current internal audit processes against what should be best practices for your department given the value drivers identified.
In other words, what we determine to be the best practices will depend on your organization’s culture, ethical values, size, stakeholders’ objectives, and risk management priorities. In addition, through our work with leading internal audit organizations, we have learned that a "best practice" at one organization may be inappropriate at another.
Some of the key features of profiler are that:
- It is based on the PwC internal audit framework®
- It is comprised of an internal audit best practices library and best practices benchmarking tool for assessing internal audit department performance
- Benchmarking industry scores are based on high performing internal audit departments
- Benchmarking is performed only by experienced advisory services professionals
- Content is controlled by knowledge managers experienced in assessing internal audit departments
IIA compliance tool
We maintain a proprietary electronic tool ;— PwCs’ IIA compliance tool — that contains the professional standards set forth by the IIA and related testing procedures to evaluate compliance of internal audit departments with the IIA standards.
We use this tool to review internal audit’s compliance with the standards and identify potential areas for improvement.
