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Internal auditing is a process that strives to improve the operations of an organisation by going through the management process that is followed at that organisation. The internal auditing brings about an improvement in the design of the internal operations of the organisation to make them more systematic, disciplined, and to make the governance and the risk management process effective in the organisation. Internal auditing is the work of the professional internal auditors who possess that understanding about the business milieu and the various processes that are followed within a business.
Internal auditing in Dubai helps the organisation in becoming organised, disciplined, and systematic to have a better and smooth process for the systems and to achieve its pre-defined objectives. The internal auditor reviews the internal processes and the management that is followed in the organisation to come up with solutions that provide better ways for the company to achieve its goals and objectives. They also study the risk factors that are included in the business operations to prevent the company from incurring any unexpected risks in the future.
How does internal auditing help?
The internal auditing in Dubai is an integral process that helps in organising the business and evaluating the risk factors to make it immune to the factors that might affect the business in the future. There are various ways in which the internal auditing in Dubai helps an organisation, some of which are mentioned below:
- Escalate operational efficiency
The internal auditing studies the policies and the procedures that are followed in the organisation to help in mitigating the risks that might be involved in the business of the organisation. The reviews and the evaluations done by the internal auditors assist in finding the recommendations that would be beneficial in improving the operational efficiency in an organisation.
- Management of the business
The internal auditing in Dubai supports the containment of the risk factors that are associated with the businesses. The continuous evaluations and the review help in the management of the risks in the business and also to find suitable solutions to work out the risk factors.
- Risk assessment
The internal auditors focus on determining the risks that could be assessed by evaluating the management and stakeholders of the organisation. They follow a systematic risk management strategy to identify any voids in the business milieu and draw some important solutions to manage the risks.
- Regulates the compliance to laws
The internal auditors in Dubai view the policies, processes and the systems of the business used in the organisation to ensure that the firm works in compliance to the work laws and the regulations that are implemented by the government. They check for the integrity of the legal documents to avoid any legal problem for the organisation in the future.
The internal auditing in Dubai is an essential tool to make the business more systematic and to efficiently increase the productivity and the outcome of the business. The internal auditors evaluate all the aspects of the business process, systems, policies, management, risk factor etc. to provide you with a performance report of the business and the effectiveness quotient of the organisation.
They are the ones that could devise the necessary strategies that could help the firm to overcome the risk factors to make the business immune to any unexpected risks in the future. They report about the inconsistencies in the business and are most often qualified to put forth the schemes that would fill in the voids and surmount the inconsistencies in the organisation. They also review the business policies and processes in great detail so that they can put forward any suggestions to improve the same.
Internal Audit Process
The work done by the internal auditors in Dubai is a step by step process that assesses each and every component and the element of the business that could affect its performance. The pattern that is followed by the internal auditors is quite similar for most of the organisations. The basic steps that are followed throughout an auditing process are: –
- First, they plan an audit search that is based on the information that is provided to them by the organisation.
- Then they would conduct a meeting to inform the respective managers about the auditing process that is going to be conducted.
- Then they conduct the interviews with the employees and study the organisation’s policies and procedures.
- Next, they communicate with the various departments about their performances.
- They draft an audit report after reviewing the important aspects of the management in the organisation.
- Then they ask the management to send in their responses to be considered for the auditing process.
- Then they collectively prepare an audit report that includes all the responses and their reviews as well.
- Lastly, they would count for the management’s response to devise certain amendments in the functions of the organisation.
The internal auditing process in Dubai is easy said than done. The amount of work that goes into evaluating each of the polices and the procedures that are followed in the organisation take up a lot of time and then the preparation of a final audit report is a difficult task to complete as it has to hold all the responses that will improve the management at the organisation.
The internal auditing in Dubai examines the organisation’s operations closely and follow up with the processes that are followed at every step in the organisation to assess the voids and the risk factors that are involved in the work. The identification of these voids and risks are extremely important because if they go unidentified, then they could cause a ruckus in the future that could result in huge losses for the business.
The improvements in the organisation that are based on the audit reports are crucial for the growth and the expansion of the company because they account for the ways in which the management could be improved to function in a systematic way. The internal auditing assists the management to collectively improve its governance over the operations and to devise the smooth conduction of its procedures, thereby generating productivity and efficiency in the organisation.