An audit plan is essential for any certified internal audit in dubai specialist who focuses on carrying out operational audits, ranging inventory to human resources audits. Internal Audit can demonstrate more value to its clients if it has a comprehensive operational audit plan. Internal Audit can add tangible value to the business, which will result in better relationships with clients and more leverage for project resources. Putting together an efficient, cost-effective, and well-organized program is not easy. These are essential areas to be aware of when creating an auditing architecture.
Instant Access to Your Operational Audit Environment
A lack of visibility can make it difficult to update the audit managers about the overall status and create reports. When setting up your program, create a central place that gathers all the vital information and keeps you updated on the status. This will allow for real-time reporting to stakeholders and management on the status of projects. The following should be included in your hierarchy:
- Audit planning documents, risk and scoping
- Email folders that track emails from the owner of the funnel process
- Calendar for the audit plan, including check-ins and milestones.
- A real-time dashboard is an excellent option if you’re looking for an operational audit tool. It can provide various list views, automated workflows and data visualization tools.
- Dashboard for audit operational audit software
Follow Up With Stakeholders and Workflow
It is crucial for audit firms in uae and other financial statement users to follow up with stakeholders to move your operational audit function forward. Too often, audit firms in uae fall into email exchanges that lack accountability. Here are some ways to help you get ahead of the game.
- A reminder system was set up to give both auditors and auditees insight into due dates.
- To create expectations and work deadlines, plan regular meetings with audit customers and check-in points
- You can create a central request list that tracks all activity between Internal Audit staff and stakeholders.
Managing Version Control
To avoid losing control during an audit, there are several steps you can take. To prevent version control issues, internal audit services dubai teams can use a cloud-based storage platform for creating and editing documents. Google Drive is a popular and easy choice.
You should log any issues and remediation actions received from business owners in your Issue Log immediately. To keep your clients and audit staff accountable, establish multiple check-ins during the remediation phase. This will ensure that you are always up to date on progress. You can create a folder for only emails from audit clients or stakeholder. Technology can help with the management and organization of your operational audits. Most tools include basic dashboards and workflow features and reporting.
Configurable, not Customized
It should be easy to configure and intuitive. These are signs of a highly configurable tool: You can mimic your environment and how your team is organized. It doesn’t require a lot of customization You can adapt your process to the solution rather than changing your entire practice to fit with pre-made software.
The audit tool should be intuitive. Request a sandbox or set aside some time to test each device. It would help if you looked out for:
- You can access the place you want with one click—no need to navigate through multiple menus or ribbons.
- No run-time problems, no bugs, and loads times that remain the same regardless of data size
- Good user interface: Users with audit backgrounds should be able to see and follow the flow of things intuitively.
- Fully integrated, configurable dashboarding that is real-time and fully configurable
- A powerful audit dashboard should allow you to drill into data instantly in multiple ways. This will enable you to extract critical information in seconds instead of hours.
- These are the signs of a robust audit dashboard
- Easy reporting makes it easier; saves time when preparing for audit committee meetings
- You have clear visibility into your internal audit function, including project status, updates, list views, and risk levels.
Data Visualization Tools are included to help you Create Reports
This tool allows individuals and whole teams to see their workload instantly. This will make it easier for management to keep track of the overall status. Management should also be able to see the environment to determine its status.
Work with the best Audit Firms in Dubai , UAE
We are able to provide more than financial statements with our deep business insight. Learn more. We provide audit services in UAE which comply with IFRS and government regulations in UAE, as well as, globally recognized as being highly competent. So, if you would like a professional audit firm in Dubai to help you improve the efficiency and accuracy of your internal audit function, Kindly get in touch with us today.
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.