Audit of Internal Financial Control over Financial Reporting (IFCR) A complet...Taufir Alam
Introduction to the Presentation on internal financial control over financial reporting_a complete guide
The Companies Act, 2013 has introduced some new requirements relating to audits and reporting by the statutory auditors of companies.
One of these requirements is given under Section 143(3)(i) of the Act which requires the statutory auditor to state in his audit report whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
The section has cast onerous responsibilities on the statutory auditors because reporting on internal financial controls is not covered under the Standards on Auditing issued by the ICAI.
Since the concept of reporting on internal financial controls is still new in India this new reporting requirement has thrown up many challenges for the members.
To help the members properly understand and perform the various aspects of this reporting responsibility, the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has brought out this Guidance Note on Audit of Internal Financial Controls Over Financial Reporting.
The Guidance Note covers aspects such as Scope of reporting on internal financial controls under Companies Act 2013, essential components of internal controls, Technical guidance on the audit of Internal Financial Controls, Implementation guidance on the audit of Internal Financial Controls.
I have presented the above guidance note into a presentation that will have a complete guide for those who are planning to go for Audit of Internal financial control over financial reporting. this presentation will cover all the relevant aspects and also provide the standard operation process for the efficient conduct of the IFCR Audit. You don't need to read the complete Guidance note.
Audit of Internal Financial Control over Financial Reporting (IFCR) A complet...Taufir Alam
Introduction to the Presentation on internal financial control over financial reporting_a complete guide
The Companies Act, 2013 has introduced some new requirements relating to audits and reporting by the statutory auditors of companies.
One of these requirements is given under Section 143(3)(i) of the Act which requires the statutory auditor to state in his audit report whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
The section has cast onerous responsibilities on the statutory auditors because reporting on internal financial controls is not covered under the Standards on Auditing issued by the ICAI.
Since the concept of reporting on internal financial controls is still new in India this new reporting requirement has thrown up many challenges for the members.
To help the members properly understand and perform the various aspects of this reporting responsibility, the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has brought out this Guidance Note on Audit of Internal Financial Controls Over Financial Reporting.
The Guidance Note covers aspects such as Scope of reporting on internal financial controls under Companies Act 2013, essential components of internal controls, Technical guidance on the audit of Internal Financial Controls, Implementation guidance on the audit of Internal Financial Controls.
I have presented the above guidance note into a presentation that will have a complete guide for those who are planning to go for Audit of Internal financial control over financial reporting. this presentation will cover all the relevant aspects and also provide the standard operation process for the efficient conduct of the IFCR Audit. You don't need to read the complete Guidance note.
Goldman Sachs Investor Presentation Deck Oct 2007.pdfBryann Alexandros
1MDB is a Malaysian state fund that was established in 2009 to promote development in the country. However, it became the center of a corruption, bribery and money laundering scandal that involved the former prime minister Najib Razak and his associates. It is estimated that billions of dollars were embezzled from 1MDB and diverted to various accounts and assets around the world, including luxury real estate, art, jewelry, yachts and even a Hollywood movie. The scandal sparked investigations in several countries, including Malaysia, the US, Singapore, Switzerland and Australia. Najib Razak was found guilty of abuse of power and money laundering in 2020 and sentenced to 12 years in prison, but he is appealing the verdict. Several other individuals and entities have also been charged or fined in relation to the 1MDB scandal, including Goldman Sachs, which agreed to pay $3 billion to settle the case. Goldman Sachs was a key player in the 1MDB scandal, as it helped the fund raise $6.5 billion through three bond offerings in 2012 and 2013.
Internal controls maturity and SME corporate governananceBrowne & Mohan
Good Corporate governance is a key factor in ensuring sound financial reporting and deterring misappropriations of capital and resources. Internal control and corporate governance go hand in hand. Many SME
have an ambitious goal of reaching a
reliable, continuous and integrated internal
control state. However, many SME’s are
still grappling to build a comprehensive
control process. In this paper, we present an
internal maturity framework that SME can use to benchmark and know how they can discourage frauds, improve compliance and adoption of standards.
POSITION OF INTERNAL AUDIT IN THE CORPORATE FRAMEWORKHaresh Lalwani
This presentation is my endeavor to bring to notice the new position that internal audit enjoys today in the corporate framework, expectations of the industry and emerging opportunities for the professionals.
Malaysian Code of Corporate Governance 2017 (MCCG2017): Principle B - Effecti...Dayana Mastura FCCA CA
Malaysian Code of Corporate Governance 2017 (MCCG2017): Principle B - Effective Audit and Risk Management - Risk Management and Internal Control Framework
Value based internal auditing - Nilai Dasar Internal AuditDr. Zar Rdj
Nilai dasar Internal Audit
Metodologi di mana auditor internal melakukan layanan audit internal yang berwawasan ke depan untuk menawarkan pemahaman dan secara aktif mencari inovasi untuk meningkatkan organisasi, berupaya melakukan hal ini dari perspektif klien audit.
Audit berbasis nilai adalah tempat profesi audit internal menuju. Tidak banyak fungsi audit internal yang belum terlihat, tetapi merupakan tren yang muncul. Elemen kunci dari audit berbasis nilai ditunjukkan dalam diagram di dimaksd, kemudian diperluas pada komentar terkini.
The role of Operational and Performance-based Auditing on Government and the ...paul young cpa, cga
Many companies and various levels of government have internal audit departments. The problem many times with audits is the lack of resources. Analytics can play a bigger role in terms of expanding audits.
In PKC Management Consulting Internal Audit Services play a critical role in assessing and reporting on an organization's internal control environment. Chat with Us
info@pkcindia.com
+91 91761 00095
explain in details, auditing and its importanceSolutionANSWER.pdfboothlynntur11512
explain in details, auditing and its importance
Solution
ANSWER:
Auditing refers to evaluating the effectiveness of a company\'s internal controls. An audit is an
assessment of an individual, process, system, firm, organization, institution, company, project, or
product. Audits are carried out to check and verify the reliability of any given information and
give an evaluation of the internal control of the system. When auditing is done, it monitors the
control system and expresses an opinion on the subject that is in the question, afterwards gives
its reports to the senior management.
Importance:
--Pursue goals: An effective auditing system is a important because it facilitates to pursue for the
attainment of several corporate purposes. It helps to prevent and identify irregular transaction,
measure the performance of the corporate, maintain adequate business records and to enhance
the productivity.
--Reliability of Information: A thorough company audit of the statements by a qualified public
accounting firm will satisfy majority questions about the reliability of its financial statements.
These will the serve the purpose of various kinds of entities such as banks, finance companies,
suppliers, insurance companies and investors
--Prevents debilitating misstatements: Without an effective auditing system, a company is
incapable to create reliable financial reports for interior or external purposes. Thus would be
difficult to know how to allocate its resources and would be unable to know which of its
divisions or product lines are profitable and which are not. Thus, an auditing system is important
in preventing debilitating misstatements in a company’s records and reports.
--Fraud Prevention: Auditing serves vital role for companies in the prevention of fraud.
Recurring analysis of the operations and maintaining rigorous systems in the company can
prevent and detect various forms of accounting irregularities and other fraud activities. Audit
professionals helps in the design and modification of the control systems the purpose of which
includes, among other things, prevention of fraud.
-- Cost of Capital: Effective audit systems can decrease the several forms of risk in an enterprise,
including its information risk (the risk of material misstatement in financial reporting), the risk of
suboptimal management due to insufficient information on its operations and also the risk of
fraud and misappropriation of assets..
The depth and scope of examination, time of audit, processing methods, etc. In deciding on a specific technique, also need to take account of the objective of the audit action and the capacities limited by time or other factors.
Virtual companies can conduct selected professional activities that include services related to printing and advertising; computer programming, consultancy and related activities; and design activitie
Excise Tax in UAE – Scope Expansion.pdfFiyona Nourin
In UAE, tobacco and tobacco products, Energy Drinks and Carbonated drinks are subject to Excise tax and the nation has now decided to levy excise tax on all e-cigarettes, e-liquids and sweetened drinks with effect from December 1, 2019
Goldman Sachs Investor Presentation Deck Oct 2007.pdfBryann Alexandros
1MDB is a Malaysian state fund that was established in 2009 to promote development in the country. However, it became the center of a corruption, bribery and money laundering scandal that involved the former prime minister Najib Razak and his associates. It is estimated that billions of dollars were embezzled from 1MDB and diverted to various accounts and assets around the world, including luxury real estate, art, jewelry, yachts and even a Hollywood movie. The scandal sparked investigations in several countries, including Malaysia, the US, Singapore, Switzerland and Australia. Najib Razak was found guilty of abuse of power and money laundering in 2020 and sentenced to 12 years in prison, but he is appealing the verdict. Several other individuals and entities have also been charged or fined in relation to the 1MDB scandal, including Goldman Sachs, which agreed to pay $3 billion to settle the case. Goldman Sachs was a key player in the 1MDB scandal, as it helped the fund raise $6.5 billion through three bond offerings in 2012 and 2013.
Internal controls maturity and SME corporate governananceBrowne & Mohan
Good Corporate governance is a key factor in ensuring sound financial reporting and deterring misappropriations of capital and resources. Internal control and corporate governance go hand in hand. Many SME
have an ambitious goal of reaching a
reliable, continuous and integrated internal
control state. However, many SME’s are
still grappling to build a comprehensive
control process. In this paper, we present an
internal maturity framework that SME can use to benchmark and know how they can discourage frauds, improve compliance and adoption of standards.
POSITION OF INTERNAL AUDIT IN THE CORPORATE FRAMEWORKHaresh Lalwani
This presentation is my endeavor to bring to notice the new position that internal audit enjoys today in the corporate framework, expectations of the industry and emerging opportunities for the professionals.
Malaysian Code of Corporate Governance 2017 (MCCG2017): Principle B - Effecti...Dayana Mastura FCCA CA
Malaysian Code of Corporate Governance 2017 (MCCG2017): Principle B - Effective Audit and Risk Management - Risk Management and Internal Control Framework
Value based internal auditing - Nilai Dasar Internal AuditDr. Zar Rdj
Nilai dasar Internal Audit
Metodologi di mana auditor internal melakukan layanan audit internal yang berwawasan ke depan untuk menawarkan pemahaman dan secara aktif mencari inovasi untuk meningkatkan organisasi, berupaya melakukan hal ini dari perspektif klien audit.
Audit berbasis nilai adalah tempat profesi audit internal menuju. Tidak banyak fungsi audit internal yang belum terlihat, tetapi merupakan tren yang muncul. Elemen kunci dari audit berbasis nilai ditunjukkan dalam diagram di dimaksd, kemudian diperluas pada komentar terkini.
The role of Operational and Performance-based Auditing on Government and the ...paul young cpa, cga
Many companies and various levels of government have internal audit departments. The problem many times with audits is the lack of resources. Analytics can play a bigger role in terms of expanding audits.
In PKC Management Consulting Internal Audit Services play a critical role in assessing and reporting on an organization's internal control environment. Chat with Us
info@pkcindia.com
+91 91761 00095
explain in details, auditing and its importanceSolutionANSWER.pdfboothlynntur11512
explain in details, auditing and its importance
Solution
ANSWER:
Auditing refers to evaluating the effectiveness of a company\'s internal controls. An audit is an
assessment of an individual, process, system, firm, organization, institution, company, project, or
product. Audits are carried out to check and verify the reliability of any given information and
give an evaluation of the internal control of the system. When auditing is done, it monitors the
control system and expresses an opinion on the subject that is in the question, afterwards gives
its reports to the senior management.
Importance:
--Pursue goals: An effective auditing system is a important because it facilitates to pursue for the
attainment of several corporate purposes. It helps to prevent and identify irregular transaction,
measure the performance of the corporate, maintain adequate business records and to enhance
the productivity.
--Reliability of Information: A thorough company audit of the statements by a qualified public
accounting firm will satisfy majority questions about the reliability of its financial statements.
These will the serve the purpose of various kinds of entities such as banks, finance companies,
suppliers, insurance companies and investors
--Prevents debilitating misstatements: Without an effective auditing system, a company is
incapable to create reliable financial reports for interior or external purposes. Thus would be
difficult to know how to allocate its resources and would be unable to know which of its
divisions or product lines are profitable and which are not. Thus, an auditing system is important
in preventing debilitating misstatements in a company’s records and reports.
--Fraud Prevention: Auditing serves vital role for companies in the prevention of fraud.
Recurring analysis of the operations and maintaining rigorous systems in the company can
prevent and detect various forms of accounting irregularities and other fraud activities. Audit
professionals helps in the design and modification of the control systems the purpose of which
includes, among other things, prevention of fraud.
-- Cost of Capital: Effective audit systems can decrease the several forms of risk in an enterprise,
including its information risk (the risk of material misstatement in financial reporting), the risk of
suboptimal management due to insufficient information on its operations and also the risk of
fraud and misappropriation of assets..
The depth and scope of examination, time of audit, processing methods, etc. In deciding on a specific technique, also need to take account of the objective of the audit action and the capacities limited by time or other factors.
Similar to Internal Audit in Post COVID Era.pdf (20)
Virtual companies can conduct selected professional activities that include services related to printing and advertising; computer programming, consultancy and related activities; and design activitie
Excise Tax in UAE – Scope Expansion.pdfFiyona Nourin
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Regulation of the submission of reports by multi-national companies in UAE.pdfFiyona Nourin
The CbC report must be submitted within 12 months of the end of the reporting period. Accordingly, for the financial years commencing on 1 January 2019, the CbC report must be submitted by 31 December 2020
UAE Implements New Law to Support Financially Insolvent Individuals.pdfFiyona Nourin
The law will lead to greater transparency, in terms of civil debt repayment transactions, and will reinforce the position of the country as an ideal destination for investment, where equal rights are given to all the parties. It helps in creating an atmosphere that encourages entrepreneurship and creates favorable conditions for doing business.
Protection against the dangers of cyberspace, support for innovation in cyberspace and the growth of the emirate and its economic prosperity, are the motives of Dubai cyber security strategy.
There has been widespread scepticism and fears that the integration of emerging new technologies like AI into an industry such as HR would inevitably lead to multiple job losses
Block-chain lacks a single point of failure. In addition to being efficient, the blockchain has other unique characteristics that make it a breakthrough innovation.
A Future Economy Research Centre that will provide a platform for scientific research will be the eighth initiative and the ninth initiative is a programme that intends to consolidate the culture of entrepreneurship and inspire students to start economy companies.
VAT Errors and ways to rectify them.pdfFiyona Nourin
When a person fails to charge and account for the correct amount of output VAT or does not recover the correct amount of input tax, it is considered as an error.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
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https://viralsocialtrends.com/vat-registration-outlined-in-uae/
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HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
1. Internal Audit in Post COVID Era
Internal Audit (IA) is an independent management function, which involves a
value addition by suggesting improvement methods and strengthening the
overall governance mechanism of the entity, including the entity’s strategic
risk management, internal control system & processes.
Internal Auditing demands professionals to acquire an in-depth understanding
of the business culture, systems, and processes, in order to provide
organization with an assurance that internal controls in place are effective/
adequate to mitigate the risks.
The Internal auditor should do a risk assessment of an organization and
identify critical audit areas. The audit process should be organized in such a
way that more time is devoted to high-risk areas and issues, while less time is
devoted to low-risk areas.
2. Risk
Risk prevents an organization from achieving its objectives. Risk can cause
financial disadvantage, or it can result in damage, loss of value, and /or loss of
an opportunity to enhance the enterprise operations or activities. Risk is the
product of the likelihood of occurrence of an event and the impact of such
occurrence to an enterprise. Risk may be broadly classified into Strategic,
Operational, and Financial.
Strategic Risks:- are associated with the long-term objectives of the
enterprise
Operational Risks:- are associated with the on-going, day-to-day operations
of the enterprise.
3. Financial Risks:- are related specifically to the processes, techniques, and
instruments utilized to manage the finances of the enterprise, as well as
Enterprise Risk Management processes involved in sustaining effective
financial relationships with customers and third parties.
Impact of COVID -19 on Internal Audit
In the recent past, due to COVID-19 many companies had to limit or suspend
business operations and permit employees to work from home. These
measures have significantly disrupted the activities of industries such as
tourism, hospitality, transportation, retail, entertainment, manufacturing and
the financial sector.
The significant risk which have popped up for companies includes impairment
of assets due to financial losses, inventory valuation lower than cost,
disruption in supply chain management, delay in recovery of receivables,
changes in risk assessment, and the impact on its ‘going-concern’. Other
important risk includes liquidity, Working capital, employee health and well-
being, and employee return to work.
The impact of COVID-19 should be identified at an early stage of the
preparation of the Audit plan with the help of appropriate risk assessment
procedures that are actively communicated to relevant stakeholders, including
4. the management, to assess and identify situations that require immediate
actions and enable auditors to plan the audit.
While Making Audit plans the auditor should consider :
Availability of client staff to provide necessary explanation and supporting
evidence Via online video calling
Ability of audit teams to visit client sites to conduct audit work.
Ability to confirm reliability/authenticity of scanned documents provided to
enable remote auditing
Ability to obtain sufficient appropriate audit evidence if physical stock counts
are attended remotely
Auditors may need to identify and reassess the risks associated with company
operation as a whole as the information on which the initial risk assessment
was based may have changed. Due to COVID -19, the operations of few
companies may have been materially impacted.
COVID -19 and remote working requires companies and organizations to take
immediate decisions and actions to ensure business continuity, strengthen
finances through the recovery of receivables and protect staff by restricting
travel.
Ways to respond to COVID -19
Video conferencing technology with software like Zoom, Microsoft teams,
Webex, Skype, Goto meeting, etc. has been particularly helpful to enable
internal audit functions in a remote working environment. Internal audit
functions have used the technology to hold virtual meetings in place of face-
to-face meetings, carry out inventory walk-throughs or walk-throughs of
specific processes with process owners. Data analytics has also been an
effective tool, enabling internal audit functions to focus on high-risk areas by
analyzing data for anomalies, patterns, and trends.
Audit plans can be modified/prioritized from a traditional basis to one that
focuses on the current year only and including an audit function where risk is
5. very high and which can be easily done remotely. Audit plans can be
prioritized based on :
Areas/functions which can be kept on halt, or postponed because they are no
longer relevant
Functions which can be done remotely
Areas to be added due to new risk because of change in operations due to
COVID-19.
Audit areas which should be covered mandatorily as per regulatory
requirement
Internal Auditors should focus more on crisis management and business
continuity and later review the effectiveness of the same. They should make
use of RPA and AI & data analytics in identifying the outliers, exceptions, and
in obtaining other meaningful results. Internal Auditors should obtain offsite
access to the client system in order to gather the data independently without
the help of any client staff.
The pandemic has opened up many new practices that work effectively and it
is highly recommended that the internal audit functions adopt these as the
‘new normal’.
Get Free Consultation
6. Internal Audit in Post COVID Era
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
Dubai – United Arab Emirates. Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com
www.hlbhamt.com