Internal Audit

Internal Audit Services in Dubai, Abu Dhabi, Sharjah, UAE

As a business owner anywhere in the world, you would be aware that you have to adhere to certain regulations and responsibilities towards the government, and it is no different in Dubai. Owing to its flourishing economy as well as suitable political provisions, thousands and thousands of people withing the emirate within Dubai as well as from elsewhere in the world flock to Dubai to set up their business in the hopes of earning high profits and returns and they do.

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What is an Internal Audit? And Why it is Important?

One of the responsibilities you have to bear as a business owner is getting audited on a regular basis. An external audit is essentially an inspection done by an external body (not linked to your company by any means) to get a proper idea of your company’s financial situation. Since audits are done by independent bodies, they would see and note things as they are, which is why it is important to get an internal audit done so that you have an opportunity to improve your internal governance and can rectify any errors in the accounting process, so that the reports that are presented to tax regulators, investors, etc. speak positively about your company.

Internal audits are useful in getting a proper idea of your company’s internal governance, how the different departments are working, whether your accounts and financial statements are up to date, whether they are accurate and error-free, whether you have been meeting targets, whether you have been adhering to government guidelines as well as deadlines etc. Before an external audit is done, an internal audit service in Dubai will provide you with the opportunity to not only identify issues within your company, whether with regards to its functioning or simply in terms of its finances and accounts but would also give you the opportunity to try and rectify those errors. Some of the important work done by an internal auditor in Dubai include:

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Internal Audit Services - Internal Audit

Why Choose Aviaan Accounting for Internal Audit Services in Dubai, Abu Dhabi, Sharjah, UAE?

Adhering to a stringent internal audit process is very important to ensure the proper functioning of the business. Aviaan Accounting offers comprehensive internal audit services in Dubai for different kinds of companies, aimed at improving the operations of the business and providing high-quality consultancy services with regards to the same. Our disciplined, as well as a systematic approach to this service, assures you of improved risk management, control, and of course, governance. Aviaan Accounting is well known for providing not only quality internal audit services but is also known for its accountability and integrity. Moreover, said services act as an independent advising body to your company’s management and also work together with it to review all systems as well as operations thoroughly to ensure that not only are you engaging in the right practices but are also complying with the government’s regulations. Another benefit of hiring Aviaan Accounting’s internal audit service means that you would also be able to identify any kind of fraudulent activity going on in the company.

Benefits of hiring our Dubai internal audit services

Benefits of hiring our Dubai internal audit services include the following: –

Types of Internal Audit Services Offered by Aviaan Accounting

Besides providing key audit-related services such as Internal Audit, Risk Assessment/ Management, Audit plans, Co-sourcing of audits, etc., Aviaan Accounting is also dedicated to providing you internal audit services which serve your different needs and thus, the different kinds of internal audit services we offer are:

Difference between Internal & External Audits

Internal Audit

External Audit

Audit Focus

To improve and preserve organizational norms and values

Ensure regulatory compliance and fair representation of statements

Audit Scope

Operations and Business processes

Accounting records

Primary Audience

Senior Management and Directors

Regulatory Authorities, Investors, and Customers

Auditor Skills

Interdisciplinary

Tax, Compliance, Finance

Employment Relationship

An employee of the Organization

Auditing Firm, Agency, third party

Role of Internal Auditing in Change Management

The Internal Auditing department can give insights and assistance to the change managers. Change management is concerning managing the complexities and uncertainties connected with the process. Internal Auditors in UAE make sure that every business pursuit aligns with the business aspirations. Change management obligates setting the business to achieve the declared idea. The internal auditors in UAE must help determine change management goals, perform a risk evaluation with change management, maintain the change process, monitor and assess the change process, and perform investigation and performance examination.

Auditing Role in Modern Cybersecurity Challenges

Internal Auditing remains traditionally concerned with the correctness of financial reporting and monitoring. The scope and challenges are expanding for internal auditors in UAE to assess cybersecurity risks and give reports to mitigate such risks. The internal auditor needs to understand modern cybersecurity challenges, study and analyze the existing controls, measuring risk and strategy formulation, and understand their role in monitoring the cybersecurity risks. Internal auditors in UAE also need to provide reports on losses due to cybercrimes such as data theft, financial losses, legal issues, loss of competitive edge, loss of market share, etc.

What are Tips to Avoid Mistakes in an Internal Audit in Dubai?

Internal audit in Dubai is not a one-time assignment but a continuous process. The tips to avoid mistakes during an internal audit in UAE are to add some value to the business, avoid wasting time on micromanaging, and increase the adequacy of the audit reports. The other tips are planning to lay down a clear course right from the beginning, preparing for mishaps, and keeping the audit report short as senior managers usually have less time.

What is the Role of Internal Auditors in Dubai?

Internal Auditors in UAE focus on supervising the risks and carefully managing them. The internal audit has two principal mainstays of importance on Risk Management and Governance. Risk Management concentrates on the authenticity and sincerity of financial operations, safeguarding assets, compliance with regulations, operation effectiveness, and achieving objectives and goals. Governance focuses on administering an evaluation to enhance the governance process for achieving business goals. The need for an internal audit in UAE arises as and when the business flourishes. It can occur with time and change in the size of operations.

What is the Right Time for an Internal Audit of Your Business in Dubai?

Internal audits in UAE are vital because they let the management know how the company can improve its overall efficiency. The right time for an Internal Audit in Dubai is before you get an external audit. The situation that necessitates getting an internal audit for a business is having money flow problems, making new investments, and detecting discrepancies in accounts. It is indispensable to ensure that all the departments are working correctly. Internal Auditors in UAE also ensure that there are no issues with business operations or finances.

If you have any queries with regards to any internal audit services that we offer and how they can help you, you can always drop a line by either letting us know of your doubts through email or buzzing in on our phone at info@aviaanaccounting.com or +971502155301

FAQs

Certainly not! Internal audit report is used by the management, whereas external audit reports are required by stakeholders and creditors. Also, internal audit examines risks with respect to internal controls laid by the company, whereas external audit examines complete financial position of a business.

Internal audit work is risk–based and encompasses both financial and non–financial operations of an organization.

No, internal audit is not mandatory and it depends upon the size and internal controls of the company.

Internal auditors help your organization succeed by providing a combination of assurance and consulting services. The assurance part mainly involves informing wellness of the systems and processes designed to keep the organization on track are working.

An internal audit normally takes 1 to 2 weeks to be carried out and has to be carried out continuously over period for a financial year under consideration.

Reference

  1. UAE Internal Auditors Association – https://www.uaeiaa.org/
  2. Institute of Internal Auditors – https://global.theiia.org/Pages/globaliiaHome.aspx
  3. Information Systems Audit and Control Association – https://www.isaca.org/

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