An internal audit evaluates a company's financial and operational activities to ensure compliance with laws and regulations. The internal audit process assesses business procedures and risks, while an external audit evaluates financial records. To create an effective internal audit report, auditors follow several steps: planning the audit scope and objectives, conducting fieldwork like transaction testing and risk assessment, providing a draft report of conclusions and recommendations, and following up to ensure recommendations were implemented. Hiring an independent audit firm is preferable for quality internal auditing services in Dubai.