What is Internal Audit?
5 best practises for avoiding Internal Audit mistakes: Internal audit’s role is to provide independent assurance that an organization’s risk management, governance, and internal control processes are working properly. In most cases, this is the board of directors or trustees, the accounting officer, or the audit committee. Internal audits seek to identify weaknesses in the organization’s processes and control environment so that they can be addressed as soon as possible to avoid harm to the organisation or its stakeholders.
While conducting an internal audit in Dubai, the auditor should consider these 5 best tips that will help you avoid Internal Audit mistakes
5 best tips that will help you avoid Internal Audit mistakes
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Always add some value
Audits are commonly known as micromanagement process. So, while performing an internal audit with your audit team, do not spend your valuable time on micromanaging the entire process. Adopt an efficient workflow process that you can trust, and stick to it.
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Always look at the big picture
Increase the efficiency and effectiveness of your documentation and reporting to the audit committee. Then, provide accurate and up-to-date information to the review committee that will offer assistance. In this way, it will give you an opportunity to rapidly and viably return to analysing the information that was required.
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Always keep planning
In the beginning, you need to prepare an explicit plan to make sure that your time is spent where it should be.
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Always be prepared for mishaps
While you plan for an audit, you also need to prepare in advance for probable mishaps. In case any unexpected things arise, you and your team should be able to resolve the situation efficiently and effectively.
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Always keep the audit report short
No senior managers and executives have time to thoroughly examine a long audit report. So, spend time working on a real-time, executive-level dashboard that highlights the most significant metrics and data.
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