Internal Audit And Risk Advisory in Dubai and UAE
A good internal auditing system ensures better management of an enterprise by improving its governance, risk management, and management controls.
Our Internal Audit team has been helping enterprises – comprising family-owned businesses as well as PJSC companies in Dubai, Abu Dhabi and other parts of the UAE in ensuring that their assets are protected and that enterprise-level risks are well addressed.
Our team adopts a risk-based approach to evaluate and mitigate organizational risks. Further, we also help clients in managing their costs, improving business productivity, and moving their performance to the next level.
Internal Audit Services we offer
- Outsourced Internal Audits
- Co-sourced Internal Audits
- Compliance Audits
- Risk Assessments and setting up internal control systems
- Preparation of Risk Registers
- Internal Audit Resource Outsourcing
- Internal Audit Training
What makes HLB HAMT Internal Audit different?
Frequently Asked Question – Internal Audit
- How does my company benefit from Internal Auditing?
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. A good internal auditing system ensures better management of your enterprise by improving its governance and risk management controls, while at the same time ensuring that your business objectives are achieved.
- What are the objectives of Internal Audit?
A good internal auditing system will aim to achieve:
- Independent assurance of compliances
- Risk Assessment and mitigation
- Process improvement
- What are the processes involved in Internal Auditing?
- Understanding of the organization, the key business objectives, policies, processes, risks, and controls
- Gathering audit evidence – Inquiry, Observation, Inspection, Vouching, Tracing, Re-performance, Analytical procedures, Confirmation etc.
- Evaluating relevance, sufficiency and competence of evidence gathered
- Data analysis and interpretation – Computerized Audit tools and techniques, Spreadsheet analysis, Statistical analysis/process control techniques, Analytical review techniques, Benchmarking etc.
- Review of Documentation/Workpapers
- Data reporting – Reporting test results to Audit Manager, developing conclusions regarding controls
- What is ‘risk’ in Internal Auditing?
Risk is the possibility of an event occurring that will have an impact on the achievement of an organization’s business objectives; measured in terms of impact and likelihood.
- Risk begins with strategy formulation and objective setting.
- Risk may relate to preventing adverse events from happening or from failing to ensure that favorable events happen.
- What is the difference between Internal Auditing and External Auditing?
Internal audit involves a holistic approach to an organization’s governance, risk, processes and control systems. The focus of an internal audit is across functions and not necessarily financial. An external audit, however, pertains to the accuracy of the organization’s accounts and compliance of financial reporting to international standards.
- How long does an Internal Audit process take?
An internal audit could be an ongoing activity for an organization – performed either internally with own resources, completely outsourced to third parties or as a blended activity with both internal employees and external companies. In such ongoing audits, companies prefer to have quarterly audit meetings and report discussions with the management/board of directors/audit committee.
Though less used, there are alternate approaches also to internal audits wherein the audits are carried out either once or twice a year and findings and recommendations are reported in a corresponding manner. At times, organizations also conduct an internal controls study as a one-time exercise, and this is usually followed by changes to policies, processes or the ERP.
- Is Internal Auditing a mandatory function?
Internal auditing is mandatory for companies operating under-regulated environments – such as publicly listed companies (or PJSCs), entities operating under rules of central institutions (such as entities regulated by the UAE Central Bank or Insurance Authority) etc.
Internal Audit is not mandatory for privately-owned companies, however, private companies that seek better governance, processes and controls conduct ongoing internal audits and use this function productively.
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