Over the years, internal audit function has changed to meet changing stakeholder needs. An internal auditor in Dubai and UAE can certify financial statements’ reliability and provide advice on business risks, regulatory changes, and culture. They are also able to adapt to changing business expectations and work in dynamic environments.
Internal audit firms in Dubai were forced to shift their work to address the COVID-19 crisis and find new ways to support their organizations in coping with it. With the new year upon us and the distribution of vaccines, the end of the pandemic seems possible. How can internal auditors add value to organizations as they prepare for a post-COVID-19 future?
This eBook provides some insight into how internal audit services Dubai professionals can improve their strategic advisory role in order to improve business performance. These insights led to four priorities that internal auditors should focus on in 2021.
A lot of Dubai and UAE businesses face many challenges, including digital disruptions, compliance, and cost pressures. These issues require that internal audit firms in UAE step beyond their roles as corporate cops to become strategic advisors. Boards and executive teams rely on auditors to identify and fix weaknesses in control environments and offer insight into ways to improve the business’ efficiency and effectiveness.
Traditional audit responsibilities such as fraud detection and risk detection no longer apply. Other issues that are important include supply chain disruption, climate change, and business resilience. Data privacy in remote locations, digital transformation risks, data privacy. These conversations allow internal auditors to make a difference for clients. They can assist companies in creating better risk and compliance programs and preparing for future challenges.
How can internal audit companies in UAE rise to the occasion and deliver the results that businesses need? These are the steps that will help you get started.
Make Sure Your Organization Is Ready for Any Future Crises
The COVID-19 pandemic, although it was unprecedented in its severity, is not likely to be the last major emergency. UAE organizations have learned to be more resilient and prepared. Internal auditors will lead this effort, helping businesses to predict the effects of crises and improve their agility.
After other defense lines have completed their inspections, identified key risks, and implemented controls, the internal audit doesn’t have to be performed. Auditors have an exclusive view of the business and can take part in all aspects of activities. In times of crisis, auditors’ contributions are crucial.
A certified internal audit in Dubai can look into a company to identify gaps and silos and ensure that crisis management plans align with communication strategies. Auditors can ensure that crisis plans are approved and then implemented promptly. Auditors can add more value if they’re involved in more ways.
Audit Agility Is Crucial
Risks are constantly changing, and long audits with predefined plans that are rigid and inflexible are no longer feasible. The ability to pivot quickly and react to new risks is a requirement for internal auditors. Agile auditing is a great tool to help with this.
Agile is about efficient audit operations, faster reporting, and a couple of documentation requirements. As such, this encourages auditors and stakeholders to identify the value that a specific audit project will deliver. It allows you to prioritize audits based on their urgency and importance, which is important in today’s fast-changing environment. These top tips will help you be more agile when internal auditing
Increase Your Use of Data Analytics (RPA) And Robotic Process Automation
RPA can save significant auditing time and resources by minimizing the need for human intervention, more in data computation, continuous control observation, and actual uncovering of financial fraud. RPA gives auditors the ability to expand their scope by using statistical sampling and full population testing. The auditors can dig deeper into the data to identify hidden issues early and prevent any risks from being missed.
Advanced analytics can also reveal anomalies, new risks, gaps in internal control, and other opportunities. These tools enable internal auditors to improve the quality and scope of their work while also providing greater insight for stakeholders.
Data analytics requires data of high quality and sufficient funding. Skilled auditors are also required. These problems are not impossible to overcome. Internal audit teams have opened up an opportunity to develop an analytics program to provide greater assurance to business clients.
Hire A Top Certified Internal Audit in Dubai
Our Dubai-based internal audit firm has a core competency for risk assessment and management. This will help avoid future challenges. To achieve your goals, we identify fraud and risk at the assertion level, conduct analytical procedures and review management practices.
We are committed to delivering the best quality internal audit firm services in Dubai. We work around the clock to ensure our clients’ satisfaction. By listening to and fulfilling our clients’ needs, we strive for long-lasting relationships.
Audit firms in Dubai does not only provide services for Internal audit firms, but also excels in accounting & bookkeeping, VAT consultancy, and compliance with government and auditing requirements.
