Internal Audit in UAEAhmed Alaa
Internal Audit in UAE By Truth Economic Consultancy
According to the World Economic Forum, the UAE ranked 27 in its latest World Competitiveness Report 2018, which uses a brand new methodology to fully capture the dynamics of economies in the Fourth Industrial Revolution. The UAE was rated the 17th most competitive economy last year as per previous methodology, which is equivalent to present ranking.It consists of 7 Emirates. It is highly developed regarding an ecosystem. To improve the internal audit firm’s work and to add value to the companies, the economy is done to control the compliance of the company management with the efficiency and efficiency principles. Internal audits are a service provided by consultant firms that offer risk and consultancy services.
Internal Audit in UAE How?
Internal audit by professional auditors is a process that creates long-term relationships with customers. For an efficient study, companies should regularly analyze internal audit processes. Within the scope of the project, inspections are routinely made, and control weaknesses are determined. Audit results are reported to the top management with an objective and objective approach. Risk and process methods are developed together with the company managers, and business-specific solutions are produced. It is a fact that there are gaps in expertise and resource use even in large investment organizations. Internal audit personnel is responsible for identifying the weaknesses and shortcomings in the company structure by working with the senior management. The Internal Audit team reviews operational and financial processes while examining internal controls in UAE.
Internal Audit Service in the UAE
Internal audits carried out with a very focused and strategic approach are useful in determining the critical and risk areas. It is essential that internal audits are carried out by experienced personnel. An experienced team of internal auditors of international enterprises, foreign affiliates, family businesses, and partnerships is required. Consultant firms are providing Internal Audit Service in the UAE; is professional in management and business performance, technological infrastructure, and experience.
The most critical points in an internal audit in uae are:
Deficiencies and risk factors in the process are determined to increase the performance of the work. The internal auditor recommends concrete solutions to senior management. To improve the standard operating procedures and to increase efficiency, a joint study is carried out with senior management. The internal audits that add value to the business are the works that provide convenience to the company in obtaining many quality certificates. It contributes to the determination of the company’s deficiencies in the way of being a corporate company and working with maximum efficiency.
Internal Audit in UAE
Internal audit by an experienced and certified team includes models that can be easily adapted to the needs of companies. Internal audits play a significant role in the firm success and smooth operation of the enterprise. Risk assessment and management are among the first concerns for each company. Internal auditors address these concerns and provide objective support in design, implementation, and operation.
The internal audit process in the UAE :-
-To advise the management to create a controlled environment
-To ensure effective and safe internal control
-To ensure that operational measures related to occupational safety are taken
-Linking risk management and actions to business goals
-To move from existing applications to more efficient business consciousness
-To emphasize the importance of staff training in the development of new skills.