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The audit services offered by NAK Auditing L.L.C., its Dubai-based audit services, will protect your organization against the most devastating threats, both in strategy, operations and finances.
The Dubai internal auditors conduct independent auditing; they do not have any other purpose than to improve the organizational operation. This helps the organization to review its risk management, control and governance process.
Internal auditing is a process by which the internal controls of the Company both on corporate governance and accounting, are evaluated. Internal audit will be used to ascertain the adherence to laws and regulations, which will ensure accuracy, timely financial reporting, and collection of information.
The analysis and assessment of the Internal Audit will be done based on the information provided and compiled as per the following:
1• Conferences and conferences with managerial, supervisory and other personnel of the Company.
2• Walkthrough Process/ Sub-process.
3• Records and books held in the Company.
4• Documents and other vouchers kept of the transactions.
5• Operational and financial reports and projections made by the management.
6• Policies, Procedures and Manuals adhered to by the Company, etc.
During the period of conducting the Internal Audit, in case of the presence of any significant information that needs to be immediately reported to the management, they will be informed accordingly. After reviewing the areas or segments of concern under internal audit, the internal audit report will be given to the owners at regular intervals with an offer to rectify them.
The report will categorize the risk area into three: high risk, medium risk and low risk areas.
In this case, at NAK Auditing L.L.C., we appreciate the paramount role of internal audit services in the success of an organization. Our highly experienced team of auditors and years of practice make us provide quality internal audit firms in Dubai that have a number of benefits to your firm. Find out how having our internal audit services can be of benefit to your business:
1. Better Risk Management
→We have our internal auditing in Dubai.
→ Identifying the most important business practices, workflow, and systems, which have the potential to cause the organization the greatest risk.
→Formulating effective risk control measures and plans that can be effective in reducing the effect of the exposed risks.
→Developing your organization’s early risk detection and responding capabilities to the changing circumstances.
2. Improved Governance and Compliance:
→ Adherence to the applicable laws and regulations in your industry.
→The effectiveness of the internal control and governance systems of your organization has improved.
→ Reducing the remaining noncompliance and the punishment thereof, the damaged reputation, and legal risks.
3. Increased Operational Effectiveness:
→ Recognition and assessment of the probable threats to the business activities of the Company.
→ Institution of effective measures and controls to reduce risks and the magnitude of the effects of the risks.
→ Increasing organizational predictive, management, and responsive capacity to risks and change regimes.
4. Fraud and Misconduct:
→Fraud and misconduct are addressed by the auditors using audit procedures and audit reports, which depend on the risks identified in each material transaction.
→Fraud, unethical conduct, and misconduct of other forms are identified and prevented.
→ Implementation of anti-fraud controls and measures as stipulated by the organization to guard its assets.
We have Dubai internal audit companies, which help us to investigate suspicious fraud activities and provide evidence to be used against individuals in court in case if need.
5. Good Financial Reporting:
→ Delivering proper, transparent and dependable financial reporting.
→Maintaining financial reporting, records and transaction integrity.
→Improvement of stakeholder confidence and help to make informed decisions.
6. Strategic Advice and Recommendations:
→Examples of information to bring out: Highlighting of analysis of activities, risks and opportunities of your organization.
→Outlining tactics on how to maximize results, goals and expansion of the organization.
→ Aiding in the provision of pertinent and timely information to the top management of the organization to enable their making of rational decisions.
1• Regulatory Compliance and Fastens Business Processes: Adheres to the local and international regulations, maintains the effectiveness of business processes and alleviates compliance risk.
2• Independent Objective Assessment: The outside auditors are independent and offer their own assessment, which assists the management and other stakeholders to have a different perspective and adds value to their evaluation.
3• Cost-Effective: Outsourcing also allows businesses to only focus on their main business, as specialized staff handles the controls and risk, and in most cases, provides a superior value at the cost.
External Audit Services in the UAE as a Step towards Better Business Performance:
Some of the outcomes of the use of internal audit services in the UAE include increased business performance as well as improved risk management and compliance.
1• Auditing internal processes in a business: Internal audits identify the obstacles in the workflow of a business and can give recommendations to increase the performance, therefore, enhancing the operations.
2• Risk Prevention: Internal audits assist in evaluating the potential of internal controls and operational procedures and therefore reducing potential risks, in particular with financial fraud.
3-Internal Compliance: The UAE has a wide range of regulatory needs that demand close attention to VAT, Corporate Tax and rational Financial reporting, which is what necessitates comprehensive internal audits of business processes to reduce chances of incurred fines and reputational losses in case a business process can be found as suspicious of illegal activity. The audits of lawyers are also anchored on the business processes and strive to propel business practices to sustainable levels.
4• Informed Decision Making: Both internal reports and final decision is based on the management sustaining the business tactics that are achieved in the Company. Businesses should also detail the company investment that will be directed towards the anticipated expansion of the Company. Expand to be sustainable and develop long-term investment.
1. Co-sourcing and outsourcing of internal audit is provided by IFC, Jaxa, BMS Auditing, N R Doshi, Shuraa Tax and AMA Audit, whose internal audit practice is tailored to provide the greatest number of measurable business implications by incorporating the company-specified best practices into the internal audit.
2. Any company planning to hold and work on business growth has solid control and management of closing performance gaps. The trot waist and mechanisms applied in unlocking the business growth are also effective in ensuring that management does not rest on any section of the business, with the increasing risk coupled with the emergent regulations of the Company.
Here are some common questions about Fraud Investigation Audit
Internal audit can help an organization improve by determining inefficiency, control lapses and weaknesses in processes. Through regular audits, internal audit teams will be able to evaluate and give suggestions on how to streamline operations, improve internal controls and eliminate risks. This assists in maximizing the use of resources, reducing wastage, improving decision-making and promoting a culture of continuous improvement, which results into the eventual increased efficiency and effectiveness in operations.
Internal audit a NAK Auditing L.L.C may take different levels of time based on the scope and complexity of the audit and the size and nature of the audited organization. An internal audit usually may take between a few weeks and a number of months, and it is a safeguard of the comprehensive and complete look at the internal controls, processes, and financial information of the company.
Reputation, experience in your industry and familiarity with the applicable auditing standards and regulations should be taken into consideration when selecting an auditing firm in Dubai. Find a company that has a history of providing quality audits and that is independent. Evaluate the credentials and capabilities of their team and ask them how they communicate with clients and how they incorporate technology. Finally, compare their prices and make sure that they offer clear-cut prices.
Yes, internal audit is vital to organizations. Internal audits are independent and objective evaluation of the operations of an organization, processes and controls. They may be employed to detect the risks, ensure adherence of the rules and regulations, prevent fraud, improve efficiency of the operations, and security the assets. Transparency, accountability and overall governance are also enhanced through internal audits as internal systems and processes are refined which translates to enhanced decision making and performance of an organisation.
Yes, there is mandatory internal audit of all companies in Dubai.
The Dubai Commercial Companies law imposes a responsibility on the companies to establish an internal audit facility. Internal audit should check compliance with laws and regulations, to assess and minimize risks and increase efficiency of operations. In order to carry out this requirement, firms must possess a company auditor or independent auditing firm.
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