By evaluating the effectiveness and consistency of their best practices, firms can achieve their corporate objectives by consistently doing internal audits. An internal audit seeks to guarantee that corporate policies and processes are carefully followed, as opposed to an external audit. The best audit firms in Dubai are hired by businesses to outsource their internal audits in order to increase efficiency.
Internal auditors examine the procedures and controls within an organization and notify management of any significant flaws. Internal audits in Dubai can assist companies in managing performance and ensuring consistent quality if they are conducted regularly. In order to evaluate the efficiency of a company’s internal controls, corporate governance, and accounting systems, an internal audit is typically related to risk management.
Internal audits assist management and the board of directors in finding process weaknesses and fixing them before external audits. The eight procedures listed below should be followed while conducting an internal audit if you truly wish to increase a company’s efficiency or stop fraud:
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1. Identify the Auditing Needed Areas
Every process in your organization cannot be audited. A better option is to pinpoint particular areas whose audits will actually aid in the growth of your organization. You can determine whether or not your expenditure is on the right track, for example, by conducting an internal audit of your financial operations. Your corporation will have made the first step toward guiding the organization to success if it is successful in identifying the areas that require assessment.
Make a list of all the areas that need an audit to get started. Internal audit is a sure-fire method to guarantee ongoing development of internal accounting controls. To get the intended results, you must, nevertheless, remain clear from the beginning. Work with the best internal audit companies in Dubai to audit the organization’s internal controls with success.
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2. Establish the frequency of auditing that is required.
For your organization to successfully conduct internal audits, choosing the audit frequency accurately is crucial. You might discover that some sections require annual audits while others might need them half-yearly or quarterly upon closer inspection. In general, quality control sectors may demand for more frequent audits while financial operations would not. For instance, whereas a manufacturing process needs to be audited often, your company’s HR function might just need an annual audit.
3. Make an audit schedule
Without proper scheduling and sufficient planning, an audit will not be successful. You can prevent conflicts with the processes by preparing an audit calendar in advance. The team members needed for the internal audit will be available when the schedule is planned properly. In other words, it enables you to make sure that every single region gets audited. The seamless completion of the audit depends on the adoption of an organized and methodical approach to the auditing process.
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4. Inform departments of impending audits
Every department should be made aware that an internal audit is coming up as a matter of courtesy so they can prepare. If the department members are informed beforehand, they can come prepared with the necessary paperwork and other materials, such as proof for the action plans. By giving your team advanced notice, you are honoring their right to know about the organization’s actions. If the audit relates to suspect activity, however, you are excused from informing the team members.
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5. Document and examine audit findings
You should document the audit findings after the internal auditors in Dubai have finished the audit so you can determine whether the processes are operating as intended or not. Additionally, it can assist you in locating the regions that require development. Following the documentation of the audit findings, you can go on to analyze the areas that need immediate attention and those that can’t wait to be examined or corrected.
6. Investigate to create and carry out action plans is number six.
It’s time to look into the areas listed in the audit findings to determine the main cause and develop a plan of action based on that. Depending on how risky the issues found are, an investigation, an action plan, and implementation are required. To find the root cause, you can apply whichever methodology you like. However, it must be done quickly because you can’t afford to let the problems recur, which could result in overhead costs. For accurate audit results, it is preferable to leave your internal audit needs to the top audit firms in Dubai.
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7.Conduct the Effectiveness Review and Audit Follow-Ups.
The final phase will allow you to evaluate the effectiveness of the action plan by conducting an effectiveness evaluation and audit follow-up. Keep in mind that the internal audit procedure and schedule are equally crucial. Additionally, following up on audit results serves as a reminder for audit activities that need to be done right away. These actions are crucial because they guarantee that you follow compliance standards and the finest business practices. An efficient and consistent audit procedure.
Employ the Finest Internal Audit Companies in Dubai, UAE
Conducting internal audit before an external audit will help you uncover internal controls and process flaws inside your organisation. Internal audits are occasionally performed by organisations using their own internal resources, however top audit firms in Dubai produce superior results.
If you prioritise experience and skilled auditors, KGRN Chartered Accountants are the right choice for internal audits. KGRN has been serving the UAE for over 20 years and has some well-known customers. You may implement the best corporate governance principles within your firm by utilising our internal audit services in Dubai.
For enquires call @ +971 45 570 204 / Email Us : [email protected]
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