Growth of Internal Audit in Dubai
Internal Audit in Dubai has grown at an enormous rate in the past few years. This management principle though was developed rapidly after the World War II in UAE and it came in practice much later. The internal audit may be in sourced or outsourced. Almost all the leading audit firms in Dubai undertake internal audit assignments as per their client requirements.
The main Advantages of internal audit are:
To identify errors: One of the greatest advantages of internal audit is that it helps to identify the errors well before the statutory audit is conducted. The management is more confident since internal audit ensures there is a better check on the policies.
Risk Assessment: The risk assessment is yet another advantage which is crucial for the companies. In order to achieve success, the company may have to overcome many barriers by carefully finding and controlling the risk. Such objectives can be achieved with the help of Internal Audit.
Internal Controls Evaluation: The internal audit in Dubai ensures that there are proper internal controls and such controls are evaluated from time to time. If internal controls are weak then necessary procedures are implemented to ensure that there are no chances for frauds to occur in the future.
The other benefits of Internal Audit in UAE for the companies:
Perfect control system: The internal audit tests the control system in the organization and suggests ways to improve them and monitors those improvements.
Morale Check: The internal audit ensures that the morale of the employees since there is always a close supervision and therefore the errors are minimized significantly.
Improves effectiveness and efficiency of processes: when the management extents the internal audit scope to include evaluation of enterprise risks, this has enhance the effectiveness and efficiency of processes by identifying duplication and redundant activities.
Though most of the internal audit is done by professional CPAs in Dubai there is significant number of CIA’s also who lead the internal audit team across various organizations. With the passage of time where more SME’s are expanding their businesses it becomes very important to have an internal audit division.
Internal Audit in Dubai is finding more interest among the SME’s too in the recent time. The Emirates Chartered Accountants Group provides internal audit service to clients all over United Arab Emirates. Reach us on “firstname.lastname@example.org”.