Internal Control Studies in UAE
In an age where rapid customer response, operational efficiencies and competitive pressures are the order of the day, organizations are often faced with the challenge of losing controls over their internal processes. There are several situations where control gaps start emerging, then gradually widen, and eventually loose controls become the norm. Unfortunately, many organizations find the gaps only too late – well after they have caused significant damage.
Phone:- +971 4 327 7775
Mobile:- +971 55 807 4568
WhatsApp:- +971 56 219 1607
We help organizations to find the right balance between operational efficiencies and controls by designing customized internal control systems.
Our team uses a three-stage process in order to assess control gaps and design the required controls. This involves an understanding of the existing policies and practices, discussions with the management and staff members, process walkthroughs, transaction testing, assessment of gaps and ultimately the design of detective and preventive controls.
The stages involved and activities in each stage are the following
A. Internal Controls Assessment
- Initial meetings, process understanding & document reviews
- Study of existing policies & processes
- Review of existing practices vs. processes
- Review of existing controls
- Classification of controls based on
- Preventive / Detective
- Manual / Automated
- ERP system reviews
- Assessments of risks and gaps
B. Development of Controls
- Mapping of new business processes required
- Amendments to existing processes/practices and controls
- Finalisation of proposed controls
- Discussions with departments & process owners
- Preparation of implementation plan along with the management
- Roll-out of amended processes
C. Testing and Monitoring
- Preparation of risk-based testing plan
- Design of audit tests to determine compliance to processes and controls
- Performing of the audit tests
- Recording of non-compliance & identifying root causes
- Fine-tuning of controls if needed
- Management reporting & discussions with process owners
- Finalizing corrective actions and follow-ups
- Submission of monitoring reports
Our team at HLB HAMT that handles Internal Control Studies is a diverse mix of professionals with backgrounds in both process design and internal audits. We have expertise in multiple sectors including Trading, Retail, Real Estate, Manufacturing, Professional Services and Money Service Businesses among others.
Latest insights, case studies and news from across the network
Understanding Financial Feasibility in Project Management
A feasibility study is conducted to evaluate the practicality of a project or system by identifying its strengths, weaknesses, opportunities, and threats in the natural environment.
Top 5 Reasons Why Financial Due Diligence is Essential for Successful Buyouts
Financial due diligence is a critical step in any business transaction, especially for a buyout, as it helps the buyer to understand the financial health and performance of the target...
CBUAE Issues New AML/CFT Guidelines for the Insurance Industry
New anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) guidelines have been released by the Central Bank of the UAE
Partner and CEO