What is internal audit ?
Internal audit is an independent consulting activity designed to involved in helping organizations to achieve their objectives. ineternal audit services in dubai activities are generally focused on three principles areas including, but not limited to, Internal Control Over Financial Reporting, Time Value of Money, and Compliance Review. Internal audit activities must be designed in a systematic and disciplined way to achieve organizations goals and objectives.
Now-a-days in UAE, most of the business owners start to realize the importance of Internal Audit. They mostly ask audit to oversee operational internal control and internal control over financial reporting. Assessing the risk of errors and fraud in the business also the most important part of its mission.
How internal Auditing is different from accounting?
Medium and small size business owner has strong perception in their mind that internal audit services in dubai is require for big nature of company only, that’s why they used to focused only to maintain in house accounting. Many of the basic processes of both accounting and auditing are similar. Both activities are inter-related but scope of internal auditing is wider than accounting. Accounting and bookkeeping involves preparing and maintaining the financial statements of a company, starting with bookkeeping. Auditing on the other hand, is the evaluation of the financial statements prepared through accounting. Auditing starts only when the work of an accountant is done. Once the statements are prepared, the auditor starts verifying their completeness and accuracy. Elevate auditing company in Dubai UAE First Accounting and Auditing team believe to improve accounting by; evaluating accounting systems for weaknesses, designing and monitoring internal controls, determining the degree of organizational fraud risk, interpreting financial data for unusual trends, and follow up on fraud indicators.
Internal audit vs External audit
- internal audit services in dubai in which Internal auditor is part of management who responsible to create value addition in the organization by way of all aspects like internal control, external compliance and fraud detections. External auditor is responsible for providing an independent opinion on the organization financial statements.
- Internal auditor report primarily to the management of an organization. Whereas External auditor report primarily to the shareholders.
- The internal audit follow up will be agreed on a case by case basis. It can include looking to see whether recommendations have been implemented and/or consultative help to guide the implementation of recommendations. There is no external audit follow up, until the planning stage of the next year’s audit; when past issues should be considered.
- Internal audit is carried out on continuous basis; while external audit is carried out after the preparation of final accounts and financial statements usually on yearly basis.
- Internal audit involves the checking of almost all the financial statements and records; while external audit may be carried out through test checking or sample checking.
The scope of internal audit is determined by the
management of the company; while the scope of external audit is determined by
the relevant law or a regulator.
Benefit of outsource to your internal audit work to Elevate First Accounting and Auditing rather than hiring full time internal audit staffs:
- Many medium and small size organizations may not have good cash flow to support a full-time audit staff. Quarterly or semi-annually internal audit cover everything as require by management. Thus comparatively we, audit firm in dubai can save their internal audit cost by outsourcing to independent internal auditor. Our services are always cost savings meaning your company can realise up to 50% savings.
- Elevate team has much more diverse background that includes expertise in information technology, business administration, finance, data analytics, and accounting. Hiring of a employee may have specialized in one area like data analysis or information technologies.
- Stakeholders perception that the independence of the internal auditor from management would be strengthened
- Outsourcing to us is an attractive option for organizations that either need to quickly establish an internal audit function or struggle to maintain a high-quality function internally, especially in light of an ever-changing regulatory environment.
- We can provide service to our client as need of immediate priorities confronting the business, like plant closings, staff holidays, year-end reporting, annual planning and budgeting.
Business man has well knowledge about value of highly skilled and
experienced professionals and leading technology. Elevate team has experienced
professional to meet organization requirements.
Scope of internal audit maintain by Elevate Team
Elevate First Accounting and Auditing commonly focus on following area as an internal auditor to make value addition in business of our clients in terms of Improve the reliability over financial statements, and internal control of financial reporting, Improve operational internal control, Three E audit: Efficiency, Effectiveness, and Economy, Review compliant: Both Internal policies and External Policies (Law and Regulation), Detect Fraud and Errors, Complete VAT solutions and confidence to stakeholders.