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.
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:
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.
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.
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:
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.
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.