Certified internal auditor provides an objective and unbiased view of an organization’s operations, being independent of the company operations being evaluated. A report is given to the administration of an organization e.g. governors, senior managers, the board of directors or trustees, and the audit committee.
For an internal audit to be effective, only a certified auditor is to perform the activity as the expert is skilled, experienced, and qualified on top of having the ability to work in accordance with International Standards on Auditing.
The roles of a Certified Internal auditor in UAE include the following:
How to Evaluate company management and processes?
One of the important roles of an internal auditor is evaluating the processes and management of an organization.
The internal auditors in Dubai will be able to point out any weakness of an organization e.g. in the operations or internal controls of the company. So, the management can use these insights to better the chances of achieving their goals.
Internal controls are adopted by management to enhance the processes and procedures of an organization and meet its goals and objectives effectively.
Internal controls also help to reduce the risk of fraud and enhance risk management. This is done through:
- Risk assessment – Assisting management to identify and prioritize areas or processes that require attention and focus
- Control assessment – Identifying weaknesses with business practices and suggesting improvement opportunity
- Testing – Performing tests to verify whether controls are working as designed
- Reporting – Providing reports on observations and recommendations to improve processes and controls
How Certified auditors help in Maintaining compliance
If you are in the UAE, your business is governed by local regulations which is why it is important to ensure that you are implementing all of the necessary activities to maintain compliance. Most companies in the UAE have compliance requirements that need to be met for payment processing and other aspects of running a business.
How to Reduce the risk of fraud?
Regardless of your industry, it is necessary to be proactive to protect your company against the risk of fraud. A certified internal auditor in Dubai will be able to identify any errors or issues that have already happened. At the same time, weak points in the system can be located to reduce the chances of fraud in the future. It is important that protection is put in place to minimize the opportunities for theft and scams. Internal audit not only protects against dishonest activities of employees and customers but can also reduce cybersecurity concerns.
Read More about Facts You Should Know About Fraud Auditing
How Internal auditors can Provide accurate financial statements?
An audited financial statement offers a bog value by putting your investors at ease for the accuracy of financial information, giving them confidence that your books of accounts are accurate. Lenders will also view your company as more reputable, leading to lower interest rates when borrowing.
When a qualified auditor performs an audit. The financial statements including various accounting documents. such as accounts payable and expenses reports. These documents will be examined to be sure a business is following generally accepted accounting principles. The internal auditor will also provide a qualified opinion on these statements. Which will help you make informed decisions in relation to the finances of the business. And leading to greater success and increased profits.
How to Increase the value of a company by improving the performance?
Another role of an internal auditor is providing critical analysis of company efficiency. This is another way wherein employing approved auditors can actually save your business money over time. An auditor can determine whether or not your products and services are marketed at competitive rates. And will also meet your short- and long-term financial goals in addition to ensuring that vendor contracts are providing the best value and services.
Find out more info: Main Functions Performed by the Certified Internal Auditors in Dubai
Audit services in UAE
Choosing the right auditor is a decision that’s important as you will be working with the expert year after year. The auditor’s insights are also integral to the success of an organization
Farahat & co is an audit firm in Dubai offering a wide range of auditing services. Our top audit firms in Dubai provide quality audit services in Dubai, Abu Dhabi, Sharjah, UAE, and other areas as well. We follow a precise and proven approach to ensure that every item requiring investigation and the verification of financial records are properly done. For more information, contact us and we will be glad to assist you!
What happens during an internal audit?
Internal audit is a function that helps to assess an organization’s performance or execution of a process against a number of standards, policies, metrics, or regulations. An internal audit involves the examination of a business’s internal control around the organization.
How long does an internal audit take?
The length of time taken to complete an audit varies significantly. Generally, the time required for the audit will vary depending on the size, complexity, and strength of the organization’s internal controls.
Find out more detail- What is the Difference Between a Qualified and Unqualified Audit Report?
Why is it mandatory to have an internal audit?
Audit requirement for organizations depends upon the respective regulations and laws that govern the organization.