Internal Audit Services in Dubai
As a business owner anywhere in the world, you would be aware that you have to adhere to certain regulations and responsibilities towards the government, and it is no different in Dubai. Owing to its flourishing economy as well as suitable political provisions, thousands and thousands of people withing the emirate within the UAE as well as from elsewhere in the world flock to Dubai to set up their business in the hopes of earning high profits and returns and they do.
What is an Internal Audit? And Why is it Important?
One of the responsibilities you have to bear as a business owner is getting audited on a regular basis. An external audit is essentially an inspection done by an external body (not linked to your company by any means) to get a proper idea of your company’s financial situation. Since audits are done by independent bodies, they would see and note things as they are, which is why it is important to get an internal audit done so that you have an opportunity to improve your internal governance and can rectify any errors in the accounting process, so that the reports that are presented to tax regulators, investors, etc. speak positively about your company.
Internal audits are useful in getting a proper idea of your company’s internal governance, how the different departments are working, whether your accounts and financial statements are up to date, whether they are accurate, whether you have been meeting targets, whether you have been adhering to government guidelines as well as deadlines etc. Before an external audit is done, an internal audit in Dubai will provide you with the opportunity to not only identify issues within your company, whether with regards to its functioning or simply in terms of its finances and accounts but would also give you the opportunity to try and rectify those errors. Some of the important work done by an internal auditor in Dubai include:
- Risk factor assessment
- Helping the company management with internal controls assessment
- Helping achieve organizational targets by strengthening internal controls
- Assessment of process performance as well as risk management
- Helping with the location of deviations from KPI and offering recommendations for enhancements
- Helping devise plans to attain company goals
- Identify and assess evidence of issues or situations in general
Why Choose Aviaan Accounting for Internal Audit Services?
Adhering to a stringent internal audit process is important to ensure the proper functioning of the business. Aviaan Accounting offers comprehensive internal audit services in Dubai for different kinds of companies, aimed at improving the operations of the business and providing quality consultancy services with regards to the same. Our disciplined, as well as a systematic approach to this service, assures you of improved risk management, control, and of course, governance. Aviaan Accounting is well known for providing not just quality internal audit services but is also known for its accountability and integrity. Moreover, said services act as an independent advising body to your company’s management and also work together with it to review all systems as well as operations thoroughly to ensure that not only are you engaging in the right practices but are also complying with the government’s regulations. Another benefit of hiring Aviaan Accounting’s internal audit service means that you would also be able to identify any kind of fraudulent activity going on in the company. In simpler words, some of the plus points of hiring our UAE internal audit services include the following: –
- Ensured compliance with regulations, policies, and procedures
- Ensuring financial integrity
- Identify and solve problems of fraud
- Increased 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.
Types of Internal Audit Services Offered by Aviaan Accounting
Besides providing key audit-related services such as Internal Audit, Risk Assessment/ Management, Audit plans, Co-sourcing of audits, etc., Aviaan Accounting is also dedicated to providing you internal audit services which serve your different needs and thus, the different kinds of internal audit services we offer are:
- Management Audit: This is essentially a complete evaluation of the company or organization so as to get an idea of the company’s internal management, identify any problems, and to rectify them.
- Operational Audit: This is a process which is aimed at evaluating the company’s operations in terms of their efficiency, effectiveness as well as economy under the concerned management, and reporting the results of the same to the concerned authorities.
- Investigation Audit: Investigation audit is primarily concerned with the identification of any fraud, embezzlement, or mismanagement of the company’s finances by assessing its financial processes.
- Supply Chain Audit: It is concerned with assessing all the financial processes that are linked to the flow of goods and services.
- Cost Audit: It is an essential service that seeks to help companies control costs and improve their overall cost efficiency so as to enhance profits.
- Due Diligence Audit: This is a service that is concerned with the company’s overall financial situation and happens before major events.
- Information Systems Audit: Since IT is linked to the proper recording, storage, as well as analysis of all financial data, an IT internal audit is concerned with evaluating the company’s IT systems.
If you have any queries with regards to any internal audit services that we offer and how they can help you, you can always contact us by either calling us or letting us know of your doubts through email.