It's easier than ever to open and manage a business, and also to carry out internal audit services in Dubai. This is due to increased internet access and understanding by governments across the globe about the importance and impact of businesses on the economy. Over the past few years, the UAE has seen a rise in established companies.
Small and medium businesses dominate the economy. They are often considered to be the backbone of the economy. Every business should be fully aware of every aspect of their business. These details will allow you to understand your business's future and make necessary adjustments.
One of the most sought-after locations for establishing a business is one of the Free Zones. These zones provide many benefits to the company both when it comes to incorporation and business travel. Businesses need to be aware of the requirements for setting up a business in this country. Conducting mandatory Internal audit compliance is one of the essential requirements for company incorporation.
What is Internal Audit Outsourcing?
Outsourcing refers to the use of internal audit firms in Dubai. Companies in the UAE can outsource their internal audit function by using external services. This involves the hiring of certified internal auditors in Dubai specialists who are not employees. They can work in the same way as internal auditors.
Large UAE companies often have an internal auditor function. This function handles complex processes and all related services. To perform their duties properly, internal auditors need to have specialized skills. Many internal auditors are registered professionals with a professional organization. It can be difficult and expensive to hire experienced and skilled internal auditors.
There are many responsibilities that the internal audit function of a company has. One of the most important responsibilities is to evaluate the risks and assess the effectiveness of the company's internal controls. Internal auditors must be able to monitor the company's operations throughout all these operations. It may be more difficult to have an external-internal auditor function.
Here Are 7 Advantages of Outsourcing Internal Audit in 2024
- Expert technical expertise
- Bring your industry experience to the table
- Minimize costs and save time
- Unbiased appraisal
- Ability to guide companies in specific issues
- Functional diversity adds to the mix
- Be confident of your Independence
1. Expert Technical Expertise
Sometimes, large corporate organizations hire external audit firms in Dubai to only audit certain company areas. Because audit committees and boards of directors need to provide adequate assurance in key areas, this is a common practice. These areas might not have the expertise needed to be audited internally. This is especially true if the company doesn't have the resources or staff to keep up with rapidly changing technologies. This problem can be solved cost-effectively by outsourcing the specific requirement to internal auditor firms.
Read also : Why Dubai and UAE SMES must carried out Internal Auditing?
2. Bring Your Industry Experience to the Table
Internal audits are more effective if they have the right experience. internal audit companies in the UAE that offer internal audit services can claim extensive industry experience. These companies have the knowledge and experience required to perform in particular industries. This allows them to minimize risks within key functions of the company.
3. Minimize Costs and Save Time
It is expensive and time-consuming to build an in-house team with the necessary specialist skills. Companies must invest in their training, recruitment, and remuneration. The company will also need to invest in training employees for new technological and regulatory changes. On the other hand, outsourcing helps businesses cut costs and allows employees to focus on their core competencies.
4. Unbiased Appraisal
A company's independent internal audit review gives stakeholders an objective assessment specific to their industry. This impartial appraisal allows for sharing new ideas to improve operations and reduce risk.
Internal audit services in Dubai are better able to analyze the company's performance than internal employees. There is no room for conflict, ego, or competition when internal auditors are hired in Dubai. Outsourcing will lead to innovative ideas and proposals for improved performance and control.
5. Ability to Guide Companies in Specific Issues
Many internal auditors whom Dubai audit firms hire have a better understanding of issues in general and industry-specific areas. These issues may not be known to the staff of an organization, so such auditors can help them reduce risk and minimize potential negative impacts on the organization. Independent internal auditors are more adept at identifying and solving problems because they have worked for many companies in the industry.
6. Functional Diversity Adds to the Mix
Outsourced auditors can have a variety of skills. This team will include domain experts in Finance and Operations, Human Resources, IT, Strategy, and IT. This diverse range of skills is rare in an internal team. The organization can also benefit from outsourcing to access specialist expertise and innovative audit techniques and technologies.
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7. Be Confident of Your Independence
The chances of the management downplaying or ignoring the views of the internal audit team in an organization may make them feel less empowered. Outsourcing allows for independence. If you are looking for an impartial and fair approach to help you achieve your business goals, outsourcing your internal compliance/audit function will be the best choice.
AFD specialists will take the time and get to know your business to provide the best possible solution. Our certified internal audit in Dubai professionals offer many other services, including Auditing Services and VAT and tax-related Services. For more information, please get in touch with us. We're happy to help you.
Umapathy Anuruthan, is a Senior Auditor at the firm, holds a Business Management Degree and carries with him an experience of 6+ Years, having worked in two of the Big 4 audit firms. He has a ‘hands-on’ understanding of external audits and financial reporting and is well-known for his approach to ensuring the highest quality and accuracy in audits for clients of numerous industries.
