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The review of internal controls of the company on its finances and policies is known as internal auditing. Through auditing, it can be decided whether or not the company’s resources are recorded and in that case the benefits and deviations are assessed. Nowadays, certified Internal Auditors are carrying out a self-governing appraisal with respect to how an organization works.
Some functions performed by internal auditors in Dubai
- Finding Fraud
It is the most important function to keep any company away from fraud and malpractice. Most companies often have full trust in their employees. Internal auditors are required to investigate employee behavior and uncover the malpractices. Employing labour that is disloyal to the organization can prove harmful for companies. Auditors help in extracting out such employees before they can become a source of loss for the company.
- Preventing worst happenings
Auditors help with on emergency planning and crisis apart from identifying the risks. Whether it means identifying a low-cost process to help with the increasing costs or managing the company accounts, auditors can assist in identifying everything. These situations can then be prevented so that they do not affect the business.
- Risk Assessment
Every organization can have its own risks. It is the responsibility of auditors to help their clients to understand and identify the risk involved. By researching the market and gaining information, auditors enable themselves to comprehend the trends in the market and deal with them effectively. Due to their experience and ability to study the different departments, they are able to foresee the risks that could emerge.
- Report Making
Internal auditors make a report on the operations and proceedings of the company. They are experienced in understanding how a company can be run in a way to gain more outcomes effectively. They are able to recognize the imitation of work and also highlight the difficulties that might occur.
Apart from above, other functions that are performed by internal auditors in Dubai are:
- Objectively assess a company’s business processes.
- Assess the company’s risks.
- Ensure compliance with relevant laws and statutes.
- Evaluate internal control and make recommendations on deviations, (if any).
- Promote ethics.
- Assure safeguards.
- Communicate the findings and recommendations.
- Provide an opinion on findings.