Internal Audit Services in UAE
BOOKBLISS provides internal audit services in UAE for the smooth running of your business, identifying gridlocks in each level of operation and mitigation factors to overcome risks and guide the organisation to attain the goals. Internal Audit experts at BOOKBLISS offer customizable services to drive strategic value for your business through comprehensive professional services. Being one of the leading internal audit firms in UAE, BOOKBLISS offers cutting-edge solutions to make your business auditing flawless.
Purpose:
Internal audits evaluate the effectiveness of a company’s internal controls, risk management, and governance processes.
Scope:
Includes assessing financial and operational processes to identify weaknesses and areas for improvement.
Benefits:
- Enhances risk management
- Improves compliance with laws and policies
- Helps prevent fraud and errors
- Supports better decision-making and operational efficiency
Who it’s for:
Companies seeking ongoing assurance on their internal processes and controls.
F A Q
Frequently Asked Questions on Internal Audit Services
How does internal audit benefit for increasing operational efficiency?
Internal audit enables to increase the operational efficiency through (1) understanding the needs of the customers and retaining them by establishing quality control measures, better pricing options, (2) identify the week areas of your business, (3) frequent review through SWOT analysis on employees, (4) identifying the various risks and mitigating their effects, (5) provides training and implement tools for the sustainable growth of the organisation, (6) set up internal control procedures, (7) continuous evaluation of market strategies and investment patterns. Internal auditors, with their expertise in controls and risk management, make sure that the pursuit of operational efficiency doesn’t leave a company exposed to potential fraud.
How independence and objectivity are maintained?
The most critical components of internal audit are independence and objectivity. The Internal auditors render impartial, unbiased judgment through the conduct of their engagement in the auditing. Independence is obtained in the form of (1) full support and access to organizational resources, (2) authority to make sure broad audit coverage, (3) adequate consideration to communications and appropriate action on recommendations. The internal auditor avoids conflict-of-interest situations, which may affect to perform the duties objectively. The results of internal audit work must be reviewed and analysed before they’re released, for the assurance that the work has been performed objectively.
Is it mandatory for an organisation to conduct Internal Audit activity?
No, but it is recommendable in companies to comply with the rules and regulations related to VAT and ESR Filings. The internal audit increases the transparency and accuracy in the financial statements which helps to make more informed decisions. It also plays a major role in the Enhancement of Management credibility with good corporate governance.
How about the confidentiality of the audit report provided?
We believe that confidentiality is the most important code of ethics to be maintained. We assure no kind of data disclosure will happen from our side. No audited information of the client shall be used for any personal benefit.
How internal audit is helpful for MIS reporting?
Internal auditing helps to bring a scientific, disciplined approach to management. Internal audit helps in MIS reporting by (1) generating reports to assist and evaluate business daily activities, (2) compliance with international standards, (3) provides informed decisions and track progress, (4) mitigates risk and make recommendations.
What are the external controls in the audit?
External control includes any rule or regulation which has an impact on the actions of an organisation which includes: Federal laws of the country enacted by the government (VAT, ESR, Labor law) and laws which prevent discrimination within the company’s hiring procedure.
What happens when an internal audit identifies a control deficiency or non-compliance?
If control deficiency or noncompliance is observed the issue will be fully explored through frequent observation. If confirmed, the recommendation will be developed and included in the audit report. All issues will be fully vetted with the unit’s management and a recommendation will be developed to best suit the company’s individual needs.
How much does an audit charge?
The audit charges depend on the (1) size of the company, (2) complexity of transactions, (3) turnover of the company, (4) scope of an audit.