Internal Audit Service in Dubai

Internal Audit Service in Dubai, UAE

Internal auditing is an impartial, impartial assurance and consulting activity that adds value to and improves an organization’s operations. Internal audit assists businesses in achieving their goals by assessing and improving the efficacy of risk management, control, and governance systems using a methodical, precise, and disciplined methodology.

Internal auditing is a task performed by the internal auditors to ensure that information management criteria are met. It is a non-profit organization’s independent assessment activity for the purpose of reviewing operations as a service to the organisation.

Internal Auditor’s Role

The Internal Auditor’s role in Dubai, UAE is to give independent assurance to Management that the organization’s internal controls, risk management measures, and governance are all functioning properly. Internal auditors are responsible for overseeing, evaluating, investigating, and assessing risks and controls, as well as monitoring and assuring information and policy, procedure, and legislation compliance. The Internal Auditors will evaluate whether the Senior Management’s aims and objectives have been met. In the event that stated goals are not met, the auditors will identify process gaps and provide recommendations for improvement to close them.

Internal audit’s goals:

Internal audit’s goal is to review and enhance the efficacy of the governance, risk management, and control processes. Internal auditing’s overall goal is to assist all members of management in carrying out their obligations. Also, to provide them with objective analysis, recommendations, and pertinent comments relating to any aspect of business activity where they can assist management. In a nutshell, Internal Audit will assist management in the following areas:

  • Assessing the Risk involved
  • Assisting management in the evaluation of internal controls
  • To bridge the gaps by strengthening the internal controls and to accomplish organizational objectives
  • Evaluating process performance and managing risk effectively
  • Help to find the deviations from KPI and to get proper recommendation/ suggestion for improvement
  • To verify THE fulfilment of plans and sound business requirements and also to focus on objectives
  • To evaluate evidence in connection with the situation and issues

Internal audits goals

Methodology Used in Internal Audit in Dubai

Methodology Used in Internal Audit in Dubai, UAE:

1. Defining the Scope of Internal Audit

2. Drafting the Risk Assessment Matrix

The Risk Assessment Matrix (RAM) is used to categorise the risk of each process, sub-process, or region under audit. The possibility or probability is weighed against the severity of the consequences to determine the level of risk.

3. Risk-based Internal Audit Plan

In consultation with management, a detailed audit strategy will be prepared, with areas to be prioritised based on the risk category and the nature of the function. The following are some of the broad areas that will be covered (Can vary depending on the industry and choice of Management)

  • Revenue
  • Procurement of Goods/ Services
  • Inventory
  • Logistics
  • Information Technology Infrastructure.
  • Finance
  • Fixed Assets
  • Statutory Compliance
  • Admin & general Operations, etc.

4. Execution of the approved Internal Audit Plan

Following approval of the audit plan, fieldwork is carried out, including walk-throughs, inquiries, and questionnaires. Clients are kept up to date on the audit process and its progress.

Risk-based Internal Audit Plan

Submission of Draft Final Reports

5. Submission of Draft/ Final Reports to highlight the issues with risk rating and reporting to the management

All of the observations are compiled in a draught report when the execution step is done. All observations with the responsibility of the concerned function receive a risk rating. To emphasise the difficulties, problems, and deviations, this report is reviewed with Management or Authorized employees.

6. Follow-up and Action Taken Report

The scope does not end with the filing of reports because it will be an ongoing process. The status of observations and its closure status will be communicated to management in the follow-up action taken report (ATR). Any long-awaited observations that are crucial to the business will be brought to the attention of management so that a course of action may be taken.

When the internal auditor is not a part of the company and is independent, the evaluation and assessment of the organization’s financial and pertinent operational operations will be better.

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