Neethu
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Certified Internal Auditor: How Can They Help?
Certified 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 effective, only a certified internal auditor is to perform the activity as
the expert is skilled, experienced, and qualified on top of having the ability to work in
accordance to International Standards on Auditing.
The roles of a Certified 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.
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Internal controls are adopted by management to enhance the processes and procedures of an
organization and meet its goals and objectives effectively. Internal controls also help to reduce
the risk of fraud and enhance risk management. This is done through:
• 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 the 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 certified 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.
Provide accurate financial statement
An audited financial statement offers a bog value by putting your investors at ease for accuracy
of financial information, giving them confidence 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 qualified auditor performs an audit. The financial statements including various
accounting documents. such as accounts payable and expenses reports. These documents will be
examined to be sure a business is following generally accepted accounting principles. The
internal auditor will also provide a qualified opinion on these statements. Which will help you
make informed decisions in relation to the finances of the business. And leading to greater
success and increased profits.
Increase the value of a company by improving the performance
Another role of an internal auditor is providing critical analysis of company efficiency. 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
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competitive rates. And will also meet your short- and long-term financial goals in addition to
ensuring that vendor contracts are providing the best value and services.
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
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 significantly. Generally, the time required
for the audit will vary depending on the size, complexity, and strength of the organization’s
internal controls.
Why is it mandatory to have an internal audit?
Audit requirement for organizations depends upon the respective regulations and laws that
govern the organization.
Source - https://farahatco.com/blog/certified-internal-auditor-how-can-help/
Visit - https://farahatco.com/
Email - [email protected]