Internal Audit

An internal audit is a detailed analysis of a firm performance according to the business plan of a company. It delivers corporate governance and the accounting process of a company. Altogether, it offers risk management and helps identify the accuracy of internal controls.

Why perform the internal audit?

Effective Management

First, an Internal Audit is an essential tool to assure management of the business is following the right way to business development. It can particularly reveal weak points in the management process. It also suggests changes regarding weaknesses.

Evaluate Sectors

Second, top businesses rely on internal audits to evaluate how the various sectors of a company are performing. If we find an industry less or non-productive, management may decrease losses by eliminating the industry by reconsidering the resources in a new and valuable direction.

Effective Use of Finance

Third, financial institutions also require internal audits to assure effective utilization of finance. It also identifies the risk to managing the investment property.

Assure Compatibility with Compliance

Sometimes, government rules and regulations alterations create an internal audit to ensure compatibility with the new compliances. An internal audit can prepare the company for changes when the marketplace environment changes. Hence, assess the risks created by the new market.

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Identify Hidden Threats

An internal audit that focuses on risk management will usually reveal hidden threats. Further, it also offers recommendations to balance both new and well-known risks.  

Evaluate Business Performance

Since the scheduled internal audits in the business plan determine the performance of the business. If the version is not according to any reason, an audit can help determine the weak points

Identify Data

The internal Audit can provide varied information. The authentic Audit will identify the data expected, and we summarize it in a formal document, internal audit charter.

Who performs the internal audit?

Auditing departments perform internal auditing within the company. Small businesses are unlikely to have dedicated auditing departments, so most outsource this service. Large companies have their dedicated auditing team, but their issues get complex because of their size. Most of the time, they will use the auditing functions of a company unless accurate objectivity is significant. The recommendations of neutrality are easier to present by an outside auditing agency. Therefore, the quality and reliability of the data reported by the auditor are significant. However, Nobel auditing companies rely on a solid reputation of reliability.
Who performs the internal audit?
internal audit process

How A E Y Auditing can help?

Add Value: Our professional audits look notably at how they can add value and decrease costs. Further, they can also change the effectiveness of your business.
Experienced Consultants: We can make your company more successful. A E Y Auditing uses experienced consultants coupled with technical information to help your clients.
Evaluation and Suggestions:  Overall, we summarize the process and system and evaluate its effective working. We also give significant suggestions to create more effectiveness in these systems.
Effective Internal Audit: Our experts will assist you in developing a practical internal audit function. It delivers focusing on achieving the objectives.
Accomplish Demands: In the meantime, our internal audit resources are adequate; hence, we support your needs.
Suggest Improvements:  Furthermore, our team carries out an in-depth analysis of accounting systems’ internal auditing to conclude essential suggestions for improvement.

Who requests an internal audit?

Many of the processes can request or start it. It usually included internal audits in the business plan, particularly for new companies. We intend these audits to evaluate management’s effectiveness or verify the company is processing according to plan. Outside entities such as shareholders can request or file audits to appraise the risks to their investments. Government agencies file internal audits to assure compliance with rules and regulations. Managers of a firm request to evaluate and manage risks to clarify inappropriate activities, in conclusion, can improve overall performance. Regularly scheduled audits are usually part of management processes to manage and measure all aspects of business procedures. As a result, you can accurately manage risks.
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FAQs Of Auditing

The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.

According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.

Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.

However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level. 

If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.

Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.

(5) years.

You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.

Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.

The mandatory documents by management are as below:

  • Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
  • Secondly, copies of vouchers, invoices, receipts, and bills
  • Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
  • Moreover, maintained reports of all the payroll functions of a business.
  • Further, copies of legal documents of the business
  • Verifications from clients, suppliers, associated entities, etc.
  • Above all, evaluate related parties and transaction examinations with related parties.
  • Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
  • Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
  • Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
  • Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
  • Firstly, we follow our services’ highest professional ethics and quality level.
  • Secondly, our company has a fast-growing team of qualified & dedicated professionals.
  • Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
  • We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
  • A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.

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