Internal Audit Service is an independent, objective assurance and consulting activity intended to add value and develop an organization’s operations. Internal Audit helps business to achieve its objectives by bringing a methodical, meticulous and disciplined approach to assess and enhance the effectiveness of risk management, control, and governance processes.
Internal Auditing is an activity carried on by the internal auditor to meet the management requirements of information. It is an independent appraisal activity within an organization for the review of operations as a service to organization.
What is the Role of an Internal Auditor?
Internal Auditor’s role is to provide Management with independent assurance on organization’s internal controls, risk management strategies and governance are operating effectively. Internal Auditors’ function includes supervising, evaluating, investigating and analyzing the risks & controls; checking and ensuring information and compliance with policies, procedures, and laws. Internal Auditor will assess for the achievement of goals and objectives set by the Senior management. In case of short of stated goals, the auditor will identify process gaps and make suggestions for improvement for bridging the same.
Objective of Internal Audit:
The objective of Internal Audit is to evaluate and improve the effectiveness of governance, risk management and control process. The overall objective of internal auditing is to assist all members of the management in exuding their responsibilities. Also, to help them with objective analysis, recommendations and relevant comments concerning with any phase of business activity wherein they can be of service to management. In short, Internal Audit will help the management for: –
- Assessing the Risk involved
- Assisting management in evaluation of internal controls
- To bridge the gaps by strengthening the internal controls and to accomplish organizational objectives
- Evaluating process performance and managing risk effectively
- Help to find the deviations from KPI and to get proper recommendation/ suggestion for improvement
- To verify fulfilment of plans and sound business requirements and also to focus on objectives
- To evaluate evidence in connection with the situation and issues
Ahmed Saleh Al Nuaimi Auditors and Accountants is a leading Auditing firm in the UAE. If you are looking for Financial Control Audit, Audit & Assurance Services in the UAE, then you are in the right place. Al Nuaimi Auditors provides highly qualified professionals in the related field of work by providing a wide range of Audit and assurance services all over UAE – Dubai, Abu Dhabi, Ajman, Sharjah, Fujairah & Ras Al Khaimah.
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