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Internal Auditing Services in Dubai
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Internal Audit
What is Internal Audit?
Our team’s internal auditor will help you thoroughly audit your business. They are trained professional who works with companies to deliver independent and fair valuations of financial and operational business activities, including corporate governance.
Benefits
What are the Benefits of Internal Audit in Dubai?
The Internal Audit department is one of the most significant pillars of an organization. It requires highly skilled internal auditors who can function without bias and internal conflicts. In addition, many entities need help to maintain an in-house internal team and plan to outsource. Outsourcing the Internal Audit services has several significant benefits, which include the following.
Reduces cost and time
An in-house internal audit team is more expensive than an outsourcing company. Therefore, outsourcing helps entities reduce costs, giving employees sufficient time to focus on the core activities of their business.
Unbiased Appraisal
An external party can give better insights into a company's performance than employees within the firm. As a result, there are fewer chances for conflict and competition. It can also lead to great ideas & proposals for enhanced performance and alleviation of risks & control.
Imparting industry best practice
Independent consultants have a better understanding of issues, be they industry-specific or general. As a result, they would have helped numerous companies with their internal audit function and will have the upper hand in analyzing and solving issues.
Functional Diversity
An outsourced internal audit team will likely have domain experts from diverse fields such as Finance, Operations, Human Resources, IT, and even Strategy. People with various skill sets are an asset, and it is usually rare to find it in a relatively more minor internal team.
Assures independence
An internal audit team within the organization might feel less empowered compared to an outsourced team, as the possibility of management not giving importance to their opinions are relatively high. They can't operate independently and according to their will.
Enhance Efficiency
Identifying redundant business practices and procedures and developing recommendations to improve or streamline processes becomes more accessible. In turn, it can save businesses both time and money.
Procedure
Stages / Procedure of Internal Audit in Dubai
Planning
During the planning phase of the Audit, the auditor will notify and discuss the examination's scope and objectivities in a formal meeting. This meeting will be held with organization management to gather information on critical processes and evaluates existing controls and plans for the remaining audit steps.
Announcement Letter
Internal Auditor Service will inform you about the Audit through a declaration letter from the Internal Audit Director. This letter conveys the objectives and goals of the Audit, as well as; information about the concerned auditors for the project and other relevant information.
Opening Conference
A professional from Internal Audit services in Dubai will discuss the process and the plan for completing the Audit. During this meeting, you must describe the unit or system to be reviewed, the organization, available resources, and other relevant information. In addition, the client must identify issues or areas of particular concern that should address.
Introductory Survey
In this phase, the internal auditor will collect relevant information about the company to obtain a general overview of operations. In addition, they meet with key personnel to review reports, files, and other sources of information.
Audit Report
Our final product will be the report in which we document our audit observations and recommendations for improvements. Internal audit also includes management's response and implementation plan, the time frame for completion, and responsible individuals.
Transaction Testing
After completing the survey, the auditor performs the procedures in the audit program. These procedures usually test the major internal controls and the accuracy and propriety of the transactions. Various techniques, including sampling, are used during the fieldwork phase.
Consulting & Communication
As the fieldwork proceeds, the auditor discusses any significant findings with the client. These findings will allow you to put forward insights and work with the auditor to determine the perfect way of resolving the conclusion. Usually, these communications are oral. However, memos and e-mails are written in more complex situations to ensure complete understanding by the client and the auditor.
Audit Report Discussion
After fieldwork, the auditor prepares a "draft" report. Audit management thoroughly reviews the audit working papers and the discussion draft before it is presented to the client for comment. This discussion draft is prepared for the unit's operational management and is submitted for the client's review before the exit conference.
Fieldwork
The fieldwork focuses on transaction testing and informal communications. During this phase, the auditor determines whether the controls identified during the induction review operate successfully and in the way described by the customers. The fieldwork stage summarizes the list of significant findings from which the auditor will prepare a final audit report draft.
Audit Conclusion
On finishing the fieldwork, the auditor concludes the audit findings, assumptions, and suggestions required to discuss with the business owner.
Exit Conference
When audit management has approved the discussion draft, Internal Audit meets with the unit's management team to discuss the draft's findings, recommendations, and text. The client comments on the draft at this meeting, and the groups work to agree on the audit findings.
Formal Draft
The auditor prepares a formal draft, considering any revisions resulting from the exit conference and other discussions. The final report is issued when the changes have been reviewed by audit management and the client.
Final Report
Internal Audit distributes the final report to the unit's operating management, the unit's reporting supervisor, the Vice President for Administration, the University President, the Controller, the Audit Committee Chairman, and other appropriate senior university management members. This report is primarily for internal University management use. The Chief Internal Auditor's approval is required to release the information outside the company.
Why You Need Us
Why Should you Hire Capital Plus Internal Audit Services in Dubai?
Capital Plus Auditing (CPA) is renowned and professional service Provider Company based in Dubai. They have the following qualities;
High Knowledge of the Relative Software
Personalized and Value-added Services
Qualified Opinion and Consultancy Advise
Professional and Industries Expert
Know What you Need
Qualified and Certified Team
Our services
- Financial
- statement audit
- External audit services in Dubai
- Internal audit services in Dubai
- Data Analytics
- IFRS Advisory service
