Find out the answers to the most frequently asked questions regarding Audit. To know more about Auditing services in Dubai,

1. Source : https://audit-firms-in-dubai.com/frequently-asked-questions-auditing-dubai/

2. What is Internal Auditing?
This is the job of professionals who are often part of a separate,
independent departmental unit.
They have a deep understanding of the organization’s business culture,
systems, processes, and procedures.
Audits can be performed to verify that the policies of management are
being followed, that adequate controls are in place to reduce risk of non-
compliance to established standards or regulations and fraud to ensure that
unit performance and performance are not compromised.

3. What are the benefits of internal auditing for an
organization?
The role of the internal auditor is to make recommendations for
improvements in areas that are lacking or where there are opportunities.
Management is responsible for the effectiveness and efficiency of internal
controls. However, the internal audit activity gives assurance to the
management and statutory audit committee.
The Director is responsible for leading the internal audit activity.
He or she determines the report’s scope, authority, independence, and limits.

4. How can I find out if I will be audited?
The Director develops an annual audit plan for review by senior
management as well as the Board of Trustees.
An annual plan will outline activities that must be completed each
calendar year for financial and government requirements.
Other activities are chosen randomly and rotated based on risk factors,
significant changes in operations, time since the last audit review, or as
requested and requested by leaders and administrative staff.

5. What is the average time it takes to audit?
The audit processes such as real estate audit usually takes six
months and is often completed in a matter of weeks.
The time frame is hard to predict as it depends on the scope of the
tax audit and the consideration of any records, systems or personnel
access that might be involved.
The department will be able to discuss the findings and make
comments after the audit report has been completed.

6. What are internal controls?
The policies and procedures that are used to enforce management
directives are called internal control activities.
Controls are necessary actions that are taken to reduce risk and
achieve the objectives. They usually include two elements:
1. A policy setting out what should be done,
2. Procedures that affect the implementation of that policy.

7. How can Internal Audit keep its independence and
objectivity?
Internal Auditors must adhere to the professional ethics established by their
professional associations.
They also have to follow the Institute of Internal Auditors’ standards of
professional practice.
Auditors are trained in their specific field. Professional credentials do not
follow the organization, but the auditor.
They take their professional reputations and integrity very seriously.

8. What Role Does Internal Auditing Play In
Investigating, Detecting And Preventing Fraud?
Employees, managers and auditors need to be alert for “red flags” to help
them monitor the situation and take corrective actions if necessary.
Internal auditors can identify suspicious behavior and help to determine
the cause. They can also use financial analysis, observation, or other
methods to evaluate and test weaknesses in existing controls.

9. Contact Us
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