Internal audit is sometimes called 'management control' in its most basic understanding. Internal audit is a process of an independent, systematic review and consulting that helps ensure that the organization's management achieves its goals, objectives, and mission. An internal audit helps to improve the effectiveness of governance, control, and risk management regulations while performing this task.
Although the definition demonstrates the benefits of management control, there are many more things an organization can do to increase its knowledge. Most people in Dubai and UAE still have misconceptions about the process.
Internal audit functions help organizations adhere to good business practices regardless of the business size. These are vital for an organization's efficiency and compliance. It is also the second-line defense against frauds, violations of laws, and whistleblowing (after the first). It includes peer reviews, segregation, whistleblowing, and rotation of staff.
An external audit looks at the financial statements and reviews internal controls. However, it is very different from how interior audit firms in UAE evaluate and assess internal controls.
Even if an organization hires skilled employees, they may have assumed additional responsibilities over time without adequate training. Internal management control can be used to address these issues.
Many of these operational errors merit an effective and robust internal audit review. This is part and parcel of a Dubai, UAE organization's efforts to mitigate financial, operational, and control risks that can have severe consequences if not addressed promptly.
Parameters of the Audit Plan
There are several critically proven ways to make internal audits more efficient for Dubai and UAE organizations. These are some of the best ways to ensure that internal audit in the UAE is efficient and timely to the risks that have the most significant impact on an organization's business.
Cybersecurity
Cybersecurity is a priority in the management control agenda due to the increased use of digital tools and associated cyber risks. An extensive cybersecurity audit includes all digital assets, processes, and systems.
Cultural Program
An organization's culture reflects its core values, which directly affect public trust. This is why an internal audit is performed to assess the cultural drivers. It also allows the UAE to align its culture with financial objectives, compliance activities, and operating models.
Integrated Assurance
Integrated assurance is an internal audit technique that considers all risks and leverages compliance, governance, and audit functions across Dubai's various business operations. It helps to assess the business implications of rising trends and associated risks and opportunities.
Regulatory Compliance
The cost of compliance is constantly changing both local and national regulations. Internal audit is a process that evaluates the responses to different requirements and highlights risks and costs of non-compliance. Internal audit also assesses how cost-effectively compliance can be managed, considering the business environment, strategies, and inherent risks facing a Dubai, UAE organization. It assures the design and operation of an organization's compliance system.
Third-party Relationships
Global organizations are dependent on third parties. A function of internal audit to monitor and track third-party relationships gives you a level of safety against many risks, including reputation, data security, and legal and compliance risks.
Corruption and Bribery
In tandem with the legal team and management, the process evaluates an organization's anti-corruption guidelines and procedures. This is done following regulatory guidance and leading practice. The management control process is then followed by implementing the main elements of anti-corruption or anti-bribery programs to ensure against corruption, bribery risks, and possible non-compliance.
Read also : Benefits of Continuous Internal Audit of Restaurant in Dubai
Emerging Technologies
A variety of new technologies is disrupting businesses. Organizations in Dubai and UAE are constantly adopting new technologies. Therefore, the internal audit process must be proactive in assessing and gaining insights into the risks associated with these technologies. A robust internal audit team can help detect and prevent new risks.
Data Analytics and Performance Management
Utilizing data analytics capabilities in every business area leads to direct cost savings via more efficient and targeted audits. The internal audit ensures the company's financial and operational performance while allocating resources to the essential objectives and efforts.
Hire The Best Internal Audit Service UAE Provider
Our team internal audit services Dubai executes proactive risk-based inspections to strengthen control systems. This helps reduce the risk of financial losses or control failures.
The main focus of the business is on Business Risk and Control Reviews and Compliance Audits, Continuing Assurance, and Preparation of Operating and Accounting Procedures Manuals.
For a complete internal audit, we can help you identify strengths and weaknesses in your business and provide professional advice on how to improve business operations.
Internal audit companies in UAE have one primary goal: to follow best practices and improve business planning, performance, and management to achieve their objectives.
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.
