INTERNAL AUDITING


INTERNAL AUDIT

Internal auditing is an independent function offered by professional accounting and audit firms in Dubai. It evaluates the financial records of a company from risk management and control perspective.  It is done by professionals with years of experience and knowledge about business processes and culture. Company and firms which are doing this for a long time, are capable of easily detecting any faults and trends in accounting systems.

Objectives of internal auditing are to ensure the effectiveness of business processes, the reliability of financial statements and management reports, compliance with laws and regulations along with safeguarding of company assets.

One can have the best bookkeeping in the world but having a fresh perspective by experts on your financial records can give you an advantage over others.

Financial statements: internal audit provides you an insight whether your financial statements are accurate. It can critique your auditing process and find errors. Ensure you are spending the right amount of time and money in the right area.Otherwise, guide you to redirect your investments to areas which can provide you with maximum returns. Many tests and analytical procedures are carried in your accounting system to detect any misreporting of accounts by your employees or defectiveness in their methods.

Risk management:  under COSO enterprise risk management framework an organization's strategy, operations, reporting, and compliance objectives all have associated strategic business risks - the adverse outcomes resulting from internal and external events that inhibit the organization's ability to achieve its goals. Internal auditing helps you govern all the processes and minimize risks so that you gain maximum profits.

Control: internal audit reports on governance and execution of procedures within the company ensuring effective control, monitoring and optimization of all activities. It helps the processes and procedures to be carried out with best available resources and manner.

Laws and regulations: compliance of the company with the laws of the country is a major concern. If the company provides the wrong financial statements to the government. It can land into trouble which can expose the company to additional costs, penalties and time. We help you check whether all laws and regulations imposed by the government are being abide and company’s functions are in place considering the relevant laws.

Reporting inaccurate financial returns can increase the tax liabilities. Overpricing inventory value and other items can increase the amount of taxes owned by the company. Such risk will be restricted to one individual when the business is owned by a single proprietorship. But cases where such risks pertains to big companies, inaccurate reporting affects all the stakeholders’ viz. shareholders, directors, customers and suppliers. Many a times Inaccurate accounting and reporting in business creates problems in personal wealth accounting also, as personal wealth is a resultant of accurate business reporting.

Fraud detection: many fraudulent activities can go undetected if you don’t audit your financial records often. As an independent auditing firm, you can get an unbiased check of all your employees and processes of your company. It is easy for an audit firm to detect fraud than an internal employee. Fraudulent activities can cause you a major loss. We provide enough evidence by going through all your financial records and identifying trends and discrepancies in them.

Cost control: by reviewing your financial records, we access where you are spending the most amount and suggest you measures to cut them. There may be activities where spending is not necessary or an area where spending will be more efficient.

Why is it beneficial?

Financial statements for potential investors: businesses or private investors looking to invest in a company will give more importance to financial reports provided by an external audit firm. For public firms, an external audit report is a must but for private firms and small business looking for lenders will also benefit from it. A financial statement given by an external accounting firm can increase your credibility in the market.

Unbiased expert recommendations:  A fresh perspective of your business can give you insights which you have never thought about. We provide expert recommendations based on concrete evidence found in your company records.  We maintain an independent attitude and highlight your risk issues while suggesting appropriate changes for the betterment of your company. Your employees can be unwilling to change and overlook the benefits of new processes.

Educating business owners: when working with external business auditor’s, business owners and top management learn about the importance of accounting information. They gain professional insights into their accounting processes and improvise on them increasing maximum profits for their companies.

Get an internal audit of your business by our firm to propel it into greater heights of success.

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