Internal Audit firms in UAE can take your business to the next level- How?
Internal audit service is provided by many audit firms in Dubai. Audit firms in UAE recommend internal audit for every business. It is because it helps in risk management and effective achievement of objectives through better process management. Audit firms in Dubai have professionals who can be employed as internal auditors in your business. They will not only identify the risk factors but also manage them in the right way. For better internal audit, the auditor is required to understand the processes of the organization and identify the key areas where improvements can be made. The proper synchronization of internal audit with the management is required. Audit Firms in UAE will also ensure that internal controls have adhered properly. The internal control measures must work according to the procedures, strategies, and norms framed by the management.
Why internal audit is required?
- Internal Audit by audit firms in UAE ensures proper compliances of laws and regulations. Any non-compliances are reported so as improvements can be made in future.
- Audit firms in Dubai review the operations carried out by different divisions. Any inefficiency in the working of divisions is corrected by taking the right measures.
- The issues that are significant for the survival of business are also handled by internal audit. Such issues if handled properly by audit firms in Dubai will help in the prosperity of the business
- Internal auditors have expertise not only in accounting but also in functional areas of management and various organizational behaviours
Scope of internal auditors employed by audit firms in the UAE
The main areas where internal auditors lay emphasis includes risk management and governance.
- Risk management includes identifying threats of risk prevailing in the organization. The internal audit team provided by audit firms in Dubai will not only help in risk management but further will look after the control systems of the organization. The auditors will check the reliability of the finance team by reviewing the accuracy and completeness of financial reports. Moreover, they will check the processes available for record keeping and reporting in the organization. The compliances with UAE laws are compulsory and this is ensured by audit firms in UAE by checking the ongoing operations of the business. The plans, policies, and procedures have a substantial impact on the business which is the reason ongoing processes are reviewed to ensure law compliances of the particular region. Audit firms in UAE will make you aware of the serious consequences and huge penalties if UAE laws and policies have not adhered. The internal auditors are also responsibly safeguarding the assets of your business. They will evaluate the systems and processes related to the safeguarding of assets, risk of losses from sudden incidents such as theft, fire, etc. They will also check exposure to future elements and any improper operations having a threat on assets of the business.
- Audit firms in Dubai will ensure that efficiency and effectiveness of operations are maintained in an organization. It requires compliance of international standards. The management of the organization must frame the operating standards that will define cost-effective measures and will be responsible for the efficiency of such measures. The duty of the management does not end by just framing these operating standards. All such standards must be properly understood by all working divisions so that they follow them as required. The internal auditors appointed by Audit firms in UAE will check whether the operating standards are framed by the management and properly communicated to all divisions or not. They will also check the discrepancies if any in operating standards and ensure its communication to a responsible person who will take corrective action against such discrepancies. It will also be ensured by the internal auditor that a responsible person has taken corrective action.
- Another task takes care of by the internal auditor of the Audit firm in Dubai is to ensure the accomplishment of objectives related to operations. The management frame certain goals related to business operations that are required to be achieved to ensure that operations are going on smoothly. Audit firms in Dubai will ensure the achievement of such objectives and will evaluate the development of such operations regularly. They will ensure that the end results of such operations must be constant along with the achievement of goals. The policies framed are taken forward as decided will also be reviewed by internal auditors.
- Governance in an organization is the responsibility of Audit firms in UAE. Their internal audit team will make the necessary improvements in the governance by conducting the assessment. Now the question arises as to how they will do so. Audit firms in Dubai will endorse integrity and morals in the organization. They will make sure that the supervision of the performance of the organization and accountability is going on progressive mode. In other words, internal auditors will make sure that the organization is performing well and supervised effectively. Audit firms in UAE will collect the risk and control evidence and will communicate them efficiently to the concerned department. Any information that is required to be communicated among board members, management and auditors must be communicated effectively. Audit firms in Dubai will manage such events and actions necessary for effective communication.
Modern approach in Internal Audit practices followed by Audit firms in UAE
The modern internal audit practices adopted by Audit firms in Dubai covers vast areas in an organization. Starting from the traditional functions of reviewing of activities it takes care of the safeguarding of assets, compliances of laws and regulations, policies prevailing in an organization, and reliability of accounting information. In addition to that, it takes care of modern functions such as organizational performance, reviews the economic resources of an organization, and ensures effective use of such resources. Finally, when all functions are accomplished effectively, it will move towards evaluating governance and give necessary recommendations in different areas that will help in business enhancement. You must be thinking which audit firm in Dubai will give such brilliant services. Your search ends at Alkhadim LLC, one of the best audit firms in UAE that has employed highly qualified professionals providing a wide variety of audit services. Besides Internal audit services, they offer numerous audit services better than other audit firms in Dubai such as due diligence audit, business