All services at PRA Canada are tailored to meet unique client needs. An integrated, risk-based, multifaceted approach creates powerful business solutions for success.

The following provides some examples of the Internal Audit and Consulting services that PRA Canada provides:

Internal Audit Services

Financial institutions, government bodies, regulatory agencies and other organizations across Canada rely on PRA Canada’s internal audit services to help them manage risk and increase efficiency and profitability. They appreciate that PRA’s certified professionals utilize a risk-based, multifaceted approach that is tailored to each client’s unique needs and business objectives.
PRA Canada’s co-sourcing and outsourcing internal audit services are both cost-effective ways to:

  • Provide a high quality internal audit service;
  • Augment existing talent in the IA team by adding technology, treasury, regulatory, forensic accounting and other specialist resources according to audit requirements;
  • Improve the standards, skills, experience and methodology of an in-house IA team; and
  • Access senior audit leadership and strategic perspective for special projects or to address peak demands of internal audit cycles.

PRA’s experienced assurance professionals work with each client to determine the option that will best achieve the organization’s strategic objectives.

Enterprise Risk Management

PRA Canada has successfully championed and facilitated implementation of Enterprise Risk Management (ERM) for numerous clients across Canada. In the financial services industry, PRA is recognized as a national leader in fostering an understanding of ERM and establishing effective ERM systems that provide risk tracking, monitoring and reporting for both management and boards. 

PRA’s team of ERM specialists ensures optimization of ERM by tailoring the design to the complexity of each organization. Through alignment with the organization’s strategy, the benefits of ERM are readily apparent.

Utilizing proven methods for ERM implementation, PRA Canada facilitates workshops on ERM leading practices, including how to identify and evaluate risks and how to audit key mitigating controls for maximum effectiveness.

Information Technology Risk Services

PRA Canada is a national leader in information systems audit and assurance services, offering technology security, governance, operations, financial and control reviews, as well as threat risk assessments. 

PRA’s credentialed IT team includes Certified Information Systems Auditors (CISA), Certified Information Security Managers (CISM) and Certified Information Systems Security Professionals (CISSP). Our qualified professionals use leading audit technologies to conduct audits according to the globally recognized COBIT 5.0 Audit and Control Framework. 

In addition to IT internal audit, the PRA team has extensive specialist experience in IT Governance Processes and Framework reviews, IT Security Audits, and Internal and External Vulnerability Scans.

Regulatory Compliance

PRA Canada has been conducting Anti-Money Laundering (AML) compliance audits in Canadian financial institutions for more than 12 years. We have specialized expertise with AML regulatory requirements in both the credit union (PFRI’s) and the banking sector (FRFI’s) in Canada. We have a designated CAMLI-PA on staff that provides oversight on all AML audits. 

PRA Canada’s growing clientele includes banks and insurers that are regulated by the Office of the Superintendent of Financial Institutions (OSFI). As an outsourced internal audit service provider, our audit plan and work meets the standards of OSFI.

 

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