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.
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 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:
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)
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.
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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