Internal Audits in UAE: Why Outsourcing is the Best Option for you?
Modern internal audit functions warrant a broad range of skills to yield an effective and comprehensive internal audit. Even though a company employs a small number of internal audit professionals, their responsibilities may require a wide range of skill sets. This may include IT audit; data mining; data analytics etc. depending on the type of industry and size of the organisation. In-depth knowledge of the regulatory regime is another critical skill that internal auditors in Dubai must possess.
Investing in employees that possess these wide skills may be tougher for organisations and they outsource the internal audit requirement to third party internal audit service providers in Dubai. Read ahead to know further about the reasons and benefits of outsourcing internal audit functions to audit firms in the UAE.
Specialist technical expertise
Larger corporate organisations, sometimes, hire the services of internal audit firms in Dubai to audit only specific areas in their company. This is because an audit committee or board of directors require adequate assurance on key risk areas. The expertise required to audit such risk areas may not be available internally. This happens especially when the internal team is not up to date with the fast-developing technologies or the company can’t invest in providing continual training to the team. Companies navigate this problem cost-effectively by outsourcing that particular requirement to internal audit firms.
Bring Industry Experience to the Table
Experience is a key factor that determines the efficacy of an internal audit. Companies that provide internal audit services in Dubai can rightfully claim experience in a wide range of industries. They possess the know-how required for particular industries, which the companies can utilise to minimise risks in key internal functions within the organisation.
Minimises Cost and Time
Building an in-house team that possesses the required specialist skills is costly and takes time. The company has to invest in their recruitment, training, remuneration and other benefits etc. Also, the organisations will be required to make additional investments to train employees when new technological or regulatory changes come up. On the other hand, outsourcing helps businesses reduce costs and let employees devote precious time to their core competencies.
Unbiased Appraisal
An independent internal audit review provides the stakeholders with an unbiased assessment specific to the company’s industry of operation. This unbiased appraisal allows for new ideas to be communicated to enhance the effectiveness of operations, improve internal controls, and minimise risk.
A third-party auditor in Dubai is in a better position to analyse the company’s performance when compared with the internal employees. When internal auditors in Dubai are hired, there is no space for conflict, ego and competition. Outsourcing will result in innovative ideas & proposals for enhanced performance and control.
Ability to Guide Companies in Specific Issues
Internal auditors hired from audit firms in Dubai often possess a greater awareness of the issues that are both industry-specific and general. The organisation and its staff may not be privy to such issues and therefore such auditors can guide them in those areas to help reduce risks and likely negative impact on the organisation. As they have been in the industry working for numerous companies, the independent internal auditors have an upper hand in assessing and resolving issues.
Adds Functional Diversity into the Mix
A good team of outsourced internal auditors come with various skill sets. The team will have domain experts in Finance, Operations, Human Resources, IT and even Strategy. Such a diverse portfolio of skills is usually rare to find in a relatively smaller internal team. Furthermore, the organisation could gain from outsourcing by having access to specialist expertise, innovations in the latest audit techniques and technology and the opportunity for benchmarking.
Assures independence
An internal audit team within the organisation might feel less empowered, as the chances of management belittling or downplaying their views are pretty high. Whereas, outsourcing opens the door to independence. Companies looking for a fair and unbiased approach that lets you accomplish your business objectives, then think no further – outsourcing your internal audit/compliance function is what will serve you best.
Hire the Best Internal Audit firms in Dubai, UAE
Creating and maintaining an in-house internal audit team may not be a feasible option for most of the companies operating in Dubai. Recruiting and retaining highly skilled internal auditors in Dubai is a huge challenge in the evolving corporate world. Also, companies have to face risks of bias and internal conflicts that could derail their audit process. In contrast, outsourcing the internal audit requirement to the best internal audit firms in Dubai such as Jitendra Chartered Accountants (JCA) is the best option. JCA can provide the best internal audit services in Dubai, saving your money and precious time. By hiring JCA, the companies can strengthen their internal controls thereby reducing risks.