Overview of Internal Audit Services in Dubai and UAE
As all business owners and entrepreneurs are aware, Internal Auditing is a process that needs to be done regularly. Internal Audits help businesses accomplish their objectives with a systematic, thorough, and well-organized approach to evaluating and improving risk management, control, and governance procedures. Avyanco provides internal audit services in Dubai, UAE, to ensure the disruption-free running of your business. We help you to identify holdups and pain points at each level of your company’s operation. The internal audit services offered by Avyanco will ensure that your business accounting and auditing remains flawless.
Why internal audits are performed in Dubai?
Internal audits are imperative to determine whether a business is on the right path to growth and profitability. Internal audits can expose vulnerabilities and deficiencies in the existing management processes. When properly done by any of the top auditing firms and assurance in Dubai, an internal audit can come up with suggestions and changes to fix any discovered weaknesses. This includes solutions to ensure optimal consumption of resources – both financial and manpower. Business owners in Dubai depend on internal audits to comprehend how different divisions of an organization are operating. Divisions that are performing well can provide information that can help boost weaker divisions. Suppose a division is discovered to be non-productive. In that case, management can choose to reduce losses by liquidating the division or redeploying the division’s resources differently. Internal audits are performed in Dubai to:
Increase operational efficiency
Since internal audits are essentially periodic reviews of your organization’s policies and processes, they can help identify and mitigate business risks. Regular monitoring and reviews give you the inputs needed to improve the effectiveness of business operations.
Evaluate risks and protects assets
Internal audits enable management and stakeholders to pinpoint risks via systematic risk assessment. Risk assessment can help to identify existing gaps in the business processes and guide in overcoming the same.
Eliminate identified risks
Conducting internal audits for your business in Dubai lets you eliminate business risks. Regular internal auditing services allow the management to come up with the best possible solutions to identified major business risks.
Internal audit facilitates your company for the far more stringent external audits. It will be simpler to prepare the necessary legal and compliance documents with regular internal audits.
The advantages of regular internal auditing in Dubai
Regular internal auditing is advantageous for a business in the following ways:
- Internal auditing enables your business evaluate its operational efficiency, thereby serving as a performance analysis.
- Internal auditing can be a helpful tool for risk management by proactively identifying any irregularities or inconsistencies in your company’s operations or reporting.
- Internal auditing can help your business reexamine its main business processes and provide the chance to scale up and improve continually.
Flow Chart/Methodology of Internal Audit in Dubai
- Define the Scope of Internal Audit which is a subjective matter from Industry to Industry. Here the Areas of Audit are based on the functions of the company such as financial, operational, information technology, regulatory compliance, human resources & payroll, general administration.
- Draft the Risk Assessment Matrix – defining risk category of each process based on their functions.
- Risk Based Internal Audit Plan – Identifying priority areas on discussion with management
- Execution of the approved Internal Audit Plan
- Submission of Draft Report highlighting the issues
- Follow – up & Action Taken Report
FAQs on internal audit services in Dubai
1. How long does an internal audit in Dubai take?
On average, an internal audit in Dubai typically takes 3 to 4 weeks depending upon the size of the organization & the industry.
2. Is it mandatory to have an internal audit in the UAE?
The Commercial Companies Law in UAE mandates audit of accounts are required for all companies in the mainland.
3. Do FZE companies need to be audited?
Companies that are situated in UAE free trade zones do not mandatorily get audited. However, some free trade zones like DAFZA, DWC, JAFZA, DIFC, DSO, and Creative City make it mandatory to submit audited statements.
4. Is it mandatory to have Internal Audit?
Companies regulated by the Dubai Financial Services Authority (DFSA) are required to establish and maintain an internal audit function with an added responsibility to monitor the appropriateness and effectiveness of its systems and internal controls. Furthermore most of the companies have established an internal audit activity as one of its core organizational governance elements.
Other than the fact that you will be working with the best auditors in Dubai, additional benefits of hiring our Dubai internal audit services include the following
- Ensured compliance with regulations, policies, and procedures
- Safeguarding financial integrity
- Identify and solve problems of fraud
- Improved business efficiency
- Professional services/ experienced workforce
- Designed in accordance with the client’s specific needs
- Identifying high-risk areas and devising plans to control the same etc.
If you would like any assistance with your organization’s financial strategy and or business processes, please get in touch with Avyanco team of auditors in Dubai immediately.
Why Choose Avyanco for internal audit services in Dubai?
Avyanco is one of the leading business setup consultancy firms in Dubai, UAE. Our expert team of top auditors in UAE is aware that the stringent internal audit process is vital and should be adhered to ensure the business’s proper functioning. Avyanco offers turnkey internal audit services in Dubai for different companies that aim to improve business operations and provide the best consultancy services. Our disciplined, systematic approach to this service guarantees improved risk management, control, and governance.
Avyanco is renowned for delivering quality internal audit services and for its accountability and integrity. Moreover, our services will act as an independent advising body to your company’s management and work together with you to thoroughly review all systems and operations to ensure that you are engaging in the best practices and complying with the government’s regulations. Avyanco’s internal audit services also ensure that you can identify any kind of fraudulent activity in your company.