Internal auditing plays an important role in streamlining and boosting company performance. Best audit firms in Dubai help organizations in Dubai uncover key risk factors. This allows the entities to project potential future concerns and discover current weaknesses. Moreover, the company can identify underperforming controls and processes and opens up an opportunity to improve on these.

1. Internal auditing for boosting company
performance in Dubai
Internal auditing plays an important role in streamlining and
boosting company performance. Best audit firms in Dubai help
organizations in Dubai uncover key risk factors. This allows the
entities to project potential future concerns and discover current
weaknesses. Moreover, the company can identify underperforming
controls and processes and opens up an opportunity to improve
on these.

2. What is Internal Auditing?
• The main goal of internal auditing is to guarantee a company that its risk management, internal control processes,
and governance are working effectively. Internal auditors should be independent of the activities they assess and
report to the company’s senior managers’ audit committee or the board of directors.
• With the help of the managers, internal auditors review operations and systems. These audits help evaluate how
well the company manages risks, whether appropriate processes are in order, and whether stakeholders follow
procedures to the letter. Lastly, they discover an area of improvement and where processes should be improved and
streamlined.

3. The difference between an external auditor and Internal auditor
• External auditors report findings to shareholders and other associated parties outside the firm’s governing body. On
the other hand, internal auditors report to the senior management and board of directors of the company. The latter
analyzes and suggests ways to improve a Dubai company’s control processes. Internal auditors are often
employees of a company and report to the management.
• But, companies that don’t have an internal audit team could hire internal audit firms in Dubai to carry out audit
services. The auditors will evaluate various arms of the company, especially risks and practices. External auditors
normally check financial records and offer recommendations concerning the firm’s financial statements. External
auditors also work for independent audit services and are chosen by a shareholder vote. Therefore are answerable
to the shareholders.

4. How does a company benefit from internal auditing?
• Evaluation of Internal Controls
A crucial reason for carrying out an audit is to assess internal controls’ design and operational efficiency and assure company managers of these
controls. The main goal of internal audit firms in Dubai, UAE, is to uncover gaps and weaknesses in the internal controls and provide actionable
recommendations. As such, the certified internal audit in Dubai strives to avoid misappropriation, prevent fraud, and streamline the financial
viability of operations.
• Evaluate the Risk Management Processes
In a world experiencing immense globalization and rapid technological advancements, companies in Dubai, UAE, are compelled to be dynamic
and subject to different legal, financial, technological, and compliance risks.
As aforementioned, internal auditing services in Dubai are meant to discover crucial risks and suggest ways to transfer or mitigate the risks. They
measure the risk management processes within the company and confirm if they are working well.
• Protects Assets
Every business person in Dubai, UAE conducts minimum investment in assets from the beginning to the exit of the business. These assets are
prone to misappropriation or theft over some time.
Therefore, internal audit firms in Dubai, UAE, are important in protecting and deterring misappropriation and theft of assets by developing
effective internal controls on acquisition, usage, and disposition.
• Ensure Timely and Reliable Reporting
Internal audit services help the accounting and finance department with periodic and smooth management reporting. The audit
function checks the business performance concerning previous budgets, periods, variances, and trends. It also provides reasons for
the same via regular management reporting, such as profit/loss.
Dubai internal auditors review reports that accountants submit before submitting them to management. This allows managers to
make the right decisions and plan effectively.

5. • Provides Value Additions and Process Improvements
An internal audit helps promote value additions and improvements to the current business practices and
the industry level. It gets rid of redundant and outdated processes, hence creating opportunities for innovations
also enables employees to improve efficiency, be more productive, and enhance the quality of operations and
• Takeaway
To fulfil the responsibility of maintaining an internal control system, management would benefit from having an internal
process.
Setting up an internal audit function does not have to be expensive. It is unnecessary to hire a department when an entity
sourcing can be done just as easily as internalizing the function.
Starting with a preliminary risk assessment and prioritizing the areas of need would be very efficient, like wading into the
you will be able to make a meaningful decision about how to staff the priority projects effectively and benefit an internal

6. Are You in Need of Help?
If you are facing any difficulties contact audit firms in Dubai and Get in touch with internal audit experts at Audit Firms In Dubai for
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