Internal audit is the most important part of financial management. Accurate and reliable internal auditing is recommended mandatory in every type of firm. As the global economy is facing dynamic changes frequently, the financial planning in the organization has to be evaluated and monitored professionally.Organizational performance is affected by many internal cost control factors. Based on these, a thorough inspection to cross check that, everything move well within the set of regulations and financial policies.Internal audit services are focused to improve the organization’s operations. Internal audit process is highly recommended to the organizations as it help to attain the strategic objectives of the firm. This internal audit company will help you to increase the effectiveness of your financial policies.
Our dedicated internal audit experts will analyze and prepare the most reliable and accurate internal audit report which will guide the organization on its financial planning part. Professional internal audit process will frame the most scientific financial clarification and transparency of your firm.
Types of Internal Auditing
Internal audits are of different types based on the audit objective of the organization. It may be an on request auditing by management or a suggestive audit by regulatory policies or procedures. Major types of internal audits are as follows:
This type of audit evaluates the operational efficiency of the organization. Auditors inspect on the operational policies and regulations in a way to identify its effectiveness and efficiency in the organization. Operational audit includes structure of organization, process and procedure of the firm, accuracy of data, staffing and productivity etc.
This type of audits are done based on the policy or statutory needs by an organization. Auditors will evaluate an areas adherence to the financial planning of the company.
This type of auditing is done to fulfill the purpose of attaining accuracy and transparency in financial statements and deals of the organization. This auditing ensures that all of the financial operations are reflected accurately in the report
This is an audit process done after few months of an internal audit. This is intended to take corrective actions that will cover the audit issues in the original report.
Whenever there is anything suspicious in the organization, management may go for an investigative audit, which will bring out the unfortunate happenings if any. In such a situation, investigative audit will analyze on the extent of loss in the organization, weakness in control and also put forward the corrective measures also.
This type of audit evaluates controls related to the information processing system. IT audits check on the IT solutions and systems that are efficiently operating towards the organizational goal.
Management auditing is done based on the performance of the organization. Here the excellency and expertise of the auditors will be used in framing the organizational objectives with the review of business organizational structure, policies and regulations.
Challenges in Internal Auditing
Dealing with financial statements and data always exert high challenges to the internal audit process. Internal auditing team will perform strategically up on the set objectives with reference to the board of directors and organizational requirements.
How Internal Auditing will be Successful?
A successful internal audit will add on much value to the organization if the internal auditing team could:
- Concentrate on high risk areas prone to theft and corrupt
- Evaluate and suggest improvement opportunities
- Recommend changes based on researches
- Monitor and implement strategic action plans
- Organize as a cost effective firm
In the current global scenario organization has to go for cost effective strategies to meet the competitors. Internal auditing experts will analyze, evaluate and monitor all of the firms’ financial movements in detail and put forward with the most convenient cost reduction strategies. If an organization could cut down cost on internal expenses and activities, they could go cost effective without compromising on productivity.
Internal audit companies and professionals always stay on side with the organizations financial planning. Their expertise will assess the balance of the organization’s performance in parallel to the set financial policies.
How Our Internal Auditing Process does Happens?
- Audit plan preparation
- Opening meeting
- Audit field work
- Drafting audit reports
- Management meeting
- Closing meeting
- Final report
- Audit follow up
Find the Best Internal Auditors in UAE
We have an expert panel of auditing professionals who will take care of all your organizational accounts and auditing requirements. Our expert squad is equipped with all kinds of skills to serve you at best.
A Best Internal Auditor will have:
- Analytical and critical thinking skills
- Communication skills
- Data mining and analytics
- General IT knowledge
- Business acumen