A Look at the Key Role & Responsibilities of Internal Auditors
Building a strong internal audit team or outsourcing to the best internal audit firms in Dubai is essential for companies to ensure their internal processes and controls are robust and free of fraud. However, the companies first need to understand the roles and responsibilities of an internal audit professional to ensure the process goes smoothly.
Internal auditor professionals hold the expertise and authorisation to assess, review and verify the accuracy of your company’s records to ensure the security of information and regulatory compliance. Internal auditors in Dubai investigate suspected mismanagement of funds, create solutions to nullify the risks of fraud and waste. Most importantly, internal auditors provide assurance on risk management, internal controls and governance. Audits conducted by experienced internal audit firms in Dubai improve and enhance your organisation’s business practices.
This is a summary of what internal auditors do. Now let’s move on to the roles & responsibilities of internal audit professionals in the UAE.
The Major Responsibility of Internal Auditors
Conducting regular internal audits will help you ensure your organization can survive in Dubai’s highly competitive business environment. It will also let you know whether the company can continue to prosper in the tough business landscape. Internal auditors in Dubai do this by:
- Monitor, analyse and assess the risks & controls of the organisation
- Review the company’s compliance with the government policies and laws
- Provide reassurance and recommendations to the business owner, or board members
In short, internal auditors collect information on how a company is operating and use it to show the areas where improvements are needed. Independent audits conducted by internal audit firms in Dubai is a better business investment than relying upon an in-house internal audit team.
The Role of Internal Auditors in Dubai, UAE
The primary role of an internal auditor is to monitor and assure that your business assets are properly secure from threats. The assets can be financial, technological, or any other assets. The auditor also verifies that the organization’s processes are complying with your documented policies and procedures.
Other major roles of internal auditors include:
Offer Objective Insight
The insights provided by auditors should be objective and that’s the core principle and aim of every audit. The internal auditors hired by you should be free from any affiliation or responsibility to your company. In this way, an internal auditor will offer an objective insight into the issue at hand.
Measure Operations & Policies Against Best Practices
You might be regularly meeting with the company’s CEO and CFO to discuss the procedure to be followed to ensure that the goals for security are in line with the decision procedures. You may also ask your staff to follow this set procedure. A review done by internal auditors in Dubai will help you identify the strong points and weak points of the policies & procedures, which is essential for risk mitigation.
The recommendations from the internal auditor’s report will help you improve the company’s controls. This is essential for mitigating risks and achieving the key goals of your organisation.
Evaluate Risks and Protect Valuable Assets
Every internal auditor will assist the management and stakeholders to safeguard their control environment by conducting a systemic risk assessment. This process will help you identify the dangerous gaps in the control environment, which gives you a chance to seek out a remediation plan.
Check Compliance with Relevant Regulations
Depending on the industry, you may have a set of regulations or laws to comply with. Internal auditors are your allies in ensuring how far your organisation is compliant with the laws and requirements. Internal auditors in the UAE will help you keep up with these critical legal requirements, understand how they impact your activities, and make sure you stay in compliance going forward.
Mediate Whistleblowing Cases
Internal audit firms in Dubai add true value to your company when they help you with whistleblowing cases. Internal auditors are your ideal third-party ally to deal with whistleblowing cases due to their knowledge about the Policies & procedures of the company, Organisational controls and Industry standards.
Internal auditors, due to their knowledge of the organisational framework, are capable of accessing information during the investigation of potential internal infractions. Since internal audit firms in Dubai exist outside the organisation, whistleblowers need not worry about coming forward and sharing potentially damaging information.
Outsource to the Best Internal Audit Firms in Dubai, UAE
For Internal Audit functions to be effective, companies need to deploy a pool of skilled and scalable resources. Such a team should be ready and capable of assessing and providing assurance about the risks faced by the organisation. Instead of building a team, it’s better to outsource it to the best internal audit firms in Dubai such as Jitendra Chartered Accountants ( JCA).
JCA has a team of highly qualified auditors who can provide the best internal audit services in Dubai, UAE. JCA has over 20 years of experience in the UAE providing the best services such as external audit, internal audit, accounting, Tax, Economic Substance Regulation (ESR) services, and Anti-money laundering compliance services. By associating with JCA, you can achieve business success in addition to having robust internal controls and processes.