Certified Internal Auditor: How Can They Help?

1. Certi?ed Internal Auditor: How Can They Help?  Auditing and Assurance  11th December 2019 Certi?ed internal auditor provides an objective and unbiased view of an organization’s operations, being independent of the company operations being evaluated. A report is given to the administration of an organization e.g. governors, senior managers, the board of directors or trustees and audit committee. For an internal audit to be e?ective, only a certi?ed internal auditor is to perform the activity as the expert is skilled, experienced, and quali?ed on top of having the ability to work in accordance to International Standards on Auditing. The roles of a Certi?ed Internal auditor in UAE include the following: Evaluate company management and processes   One of the important roles of an internal auditor is evaluating the processes and management of an organization. The internal auditors in Dubai will be able to point out any weakness of an organization e.g. in the operations or internal controls of the company. So, the management can use these insights to better the chances of achieving their goals. Internal controls are adopted by management to enhance the processes and procedures of an organization and meet its goals and objectives e?ectively. Internal controls also help to reduce the risk of fraud and enhance risk management. This is done through:

2. Risk assessment – Assisting management to identify and prioritize areas or processes that require attention and focus Control assessment – Identifying weaknesses with business practices and suggesting improvement opportunity Testing – Performing tests to verify whether controls are working as designed Reporting – Providing reports on observations and recommendations to improve processes and controls Maintaining compliance If you are in the UAE, your business is governed by local regulations which is why it is important to ensure that you are implementing all of the necessary activities to maintain compliance. Most companies in UAE have compliance requirements that need to be met for payment processing and other aspects of running a business. Reduce the risk of fraud Regardless of your industry, it is necessary to be proactive to protect your company against the risk of fraud. A certi?ed internal auditor in Dubai will be able to identify any errors or issues that have already happened. At the same time, weak points in the system can be located to reduce the chances of fraud in future. It is important that protection is put in place to minimize the opportunities for theft and scams.  Internal audit not only protects against dishonest activities of employees and customers but can also reduce cybersecurity concerns. Read More about Facts You Should Know About Fraud Auditing Provide accurate ?nancial statement An audited ?nancial statement o?ers a bog value by putting your investors at ease for accuracy of ?nancial information, giving them con?dence that your books of accounts are accurate. Lenders will also view your company as more reputable, leading to lower interest rates when borrowing. When a quali?ed auditor performs an audit, the ?nancial statements including various accounting documents such as accounts payable and expenses reports, will be examined to be sure a business is following generally accepted accounting principles. The internal auditor will also provide a quali?ed opinion on these statements which will help you make informed decisions in relation to the ?nances of the business, leading to greater success and increased pro?ts. Increase the value of a company by improving the performance

3. Another role of an internal auditor is providing critical analysis of company e?ciency. This is another way wherein employing approved auditors can actually save your business money over time. An auditor can determine whether or not your products and services are marketed at competitive rates and will also meet your short- and long-term ?nancial goals in addition to ensuring that vendor contracts are providing best value and services. Find out more info: Main Functions Performed by the Certi?ed Internal Auditors in Dubai Audit services in UAE Choosing the right auditor is a decision that’s important as you will be working with the expert year after year. The auditor’s insights are also integral to the success of an organization Farahat & co is an audit ?rm in Dubai o?ering a wide range of auditing services. Our top audit ?rms in Dubai provide quality audit services in Dubai, Abu Dhabi, Sharjah, UAE and other areas as well. We follow a precise and proven approach to ensure that every item requiring investigation and the veri?cation of ?nancial records are properly done. For more information, contact us and we will be glad to assist you! What happens during an internal audit? Internal audit is a function that helps to assess an organization performance or execution of a process against a number of standards, policies, metrics or regulation. An internal audit involves the examination of a business internal control around the organization. How long does an internal audit take? The length of time taken to complete an audit varies signi?cantly. Generally, the time required for the audit will vary depending on the size, complexity, and strength of the organization’s internal controls. Find out more detail- What is the Difference Between a Qualified and Unqualified Audit Report? Why is it mandatory to have an internal audit? Audit requirement for organizations depends upon the respective regulations and laws that govern the organization. certi?ed internal audit , certi?ed internal auditor