Internal auditing is essentially the process of assessing and enhancing a business's operational aspects, such as internal controls, regulatory compliance, corporate governance, and accounting systems, in order to provide value to the organisation by boosting its profitability. We examine the organisation in question's various business operations and internal controls as part of our internal auditing services.
Why Internal Auditing Is Done
Our main objective is to give the organisation the tools it needs to improve the effectiveness of its operational procedures. We identify problems and defects and work as soon as we can to fix or eliminate them.
We investigate whether all of the company's actions conform to the law. Financial reporting and corporate asset protection are also part of our services.
By ensuring that internal controls are suitable and operating efficiently and that the organisation is strong enough to handle the evolving needs of the external business and regulatory environments, we give management confidence in our internal audit services and external audit services.
The following are some of the main objectives of internal auditing:
Services in the internal auditing sector
An internal auditing programme must definitely be in existence in the current context. The world is constantly changing as a result of new innovations and technological breakthroughs. Every business aspires to improve from the day before. The use of technology, automation, and innovative procedures in the workplace today is essential, among other things.
When your business is running smoothly, you might be able to raise profits while still achieving your organization's goals and objectives. Our internal audit service will help you analyse your business' processes, spot control gaps, and put the right controls in place in order to increase operational efficiency.
To ensure your success, we give you access to specialised internal auditor resources, cutting-edge techniques, and tailored technology.
Our initial goal is to familiarise ourselves with your business. We then develop a plan that is in line with the objectives of your organisation with the aid of our services in Dubai.
The Internal Audit Department is looking into it.
Co-sourcing
An internal control architecture must be designed and put into action.
Case-by-case investigations into special cases are carried out.
Services for Internal Audits Offered by a Third Party
The Business Environment and Process Improvement
Activities in the Follow-Up Phase
Please give us the chance to improve the operations of your company.
Your internal control architecture could be made more successful by utilising our internal audit services.
methods for conducting internal audits
Four phases are frequently used to organise our services in Dubai.
Planning
In this early stage of our internal audit process, the main goals and service scope are established. We review important information, including laws and regulations as well as corporate policies, at the start of the planning phase. Along with other things, we also take a look at industry norms and procedures.
In addition, we review earlier audit reports and, in light of our findings, suggest areas for improvement. Our internal audit strategy is clearly laid out and includes, among other things, a budget and timetable. We also go over the criteria, access, and data that will be needed to carry out the audit.
Fieldwork
Our audit team conducts internal audits at this level. In this step, we interview workers from a range of distinct corporate divisions. This is required to make sure that we fully comprehend your policies and regulations.
Before putting the controls through their paces for a predetermined amount of time and evaluating their performance, we carefully review the supporting documentation and artefacts.
Based on the completed work, we produce internal audit working papers that include additional recommendations.
Reporting
We make every effort to offer reports that are helpful, simple to understand, and provide information. The internal audit report also makes practical, useful recommendations that can assist the business in moving forward.
After discussing the initial draught, management reviews it before we finalise it.
Follow-up
The follow-up phase is essential because it lets us know whether or not the recommendations made in the audit report were carried out. According to the findings, following up on the results has allowed us to gain a greater understanding of the company's governance across many deployments. We consider this phase to be important since it educates a company about the actual advancements being achieved in its business operations and operations.
Procedures for Internal Auditing
Our internal auditors are knowledgeable with risk management strategies and practises as well as corporate governance ideas. We evaluate a company's operational procedures, identify areas for process improvement, then suggest and implement those changes. We also offer services for process outsourcing.
Our auditors investigate our internal procedures and make suggestions for enhancements. We also assess the effectiveness and efficiency of managerial directives.
Our risk management specialists build a comprehensive risk-based assurance approach in addition to doing risk assessments. Our internal auditing team also looks at regulatory compliance needs and offers advice.
Information technology is used to automate internal audit programmes, and business intelligence technologies are employed to track the organization's daily operations.
Internal auditing with a risk-based perspective
Risk-based internal auditing's main objective is to find and reduce risks related to the operation of a business's operations. It is carried out by assessing the current framework for risk management and making adjustments in response to any flaws discovered.
We also determine the company's prospective risk appetite, or how much risk the corporation is willing to accept in the future. It is influenced by a variety of other factors, including the amount of total capital, borrowing capacity, liquid assets, management attitude, industry type, and business character, among other factors.
Additionally, our risk-based internal audit considers the following two significant factors:
The goal is to find a strategy that minimises both the chances of failure and their effects. As we develop our strategy and tactics, we make a great effort to take into account all potential threats. We are mostly worried about the situation's inherent and lingering risks.
We pinpoint the missing procedures or safety measures that raise the inherent risk. To avoid the hazard, we made all essential arrangements. When risks persist after implementation, we classify them as Residual Risk and work to further reduce them.
We maintain a risk management register that contains details like the following:
Our overall goal will be to entirely remove or, at the very least, lessen the possibility and impact of as many dangers as we can identify. Businesses will be able to better control risks while boosting earnings by using our risk-based internal audits in Dubai.
Learn More:
Top Audit Firms in Dubai, UAE 2022
Auditors in DubAudit firms in Dubai
Management Audit Services DubaiWhat is Management Audit?Management Audit is an objective and independent appraisal of Management’s effectiveness inattaining the overall objective of the business.
It also focuses on identifying the weak areas ofthe management and suggesting the steps to overcome such weakness.
It is a thorough-going,critical & constructive review of the quality of the management.
Management Audit Services in Dubai is usuallyconducted by External Independent Persons.
The Primary objective of Management Audit is tomotivate the Management to initiate necessary actions that will bring great efficiency andprofitability to the organization.Purpose of Management Audit:To assist the Management in framing its Plan, Objectives and Policies.To examine whether the integrated Management system is functioning properly and topresent a true & fair result of such examination.To create co-ordination among various departments and help the Management ineffective discharge of their duties.To ensure whether the organization is having a strong internal control system & ensurethat such system is functioning properly.To provide the Management a basis for Critical evaluation which will help them toovercome their deficienciesScope of Management Audit:The organizational structure setup by the ManagementRelationship among the Employees of the organizationServices provided by the Management to satisfy the StakeholdersSteps taken by the Management to attain the Financial target of the entityEfficiency in Production & SalesOther Key aspects like Management of Purchases, Distribution, Finance & Accounts etc.are also covered by Management AuditA good internal management system is required to run the Business efficiently.
Toadapt to emerging Business environment & to take on new opportunities, a goodManagement system needs to be implemented.KGRN for your Management Audit Services DubaiKGRN Chartered Accountants provides Management audit services in Dubai with a view to assist theManagement of your Business to function with Efficiency & provide Suggestions to developyour performance from the current state.
