M006, Omar Mohd Bin Dhaher Bldg, Al Qusais 1, Dubai, U.A.E.
+ 971 4 33393651
NAK Auditing L.L.C.’s internal audit services in Dubai will safeguard your organization from the worst risks in terms of strategy, operations, and finances.
Internal auditors in Dubai perform independent auditing with only one sole goal to enhance the organization’s operation. This enables the organization to assess its risk management, control, and governance procedure.
Internal auditing is a process of assessing the internal controls of the company, including corporate governance and accounting processes. Internal audit ensures the conformity of laws and regulations, which maintains accuracy, timely financial reporting, and information gathering.
The evaluation and analysis of Internal Audit will be made based on the below information provided and compiled from:
1• Meetings and discussions with managerial, supervisory, and other members of staff of the Company
2• Walkthrough Process & Sub-process
3• Books and records stored in the Company.
4• Documents and supporting vouchers retained for the transactions.
5• Financial and operational reports and projections prepared by the management
6• Policies, Procedures and Manuals followed by the Company etc.
At the time of conducting Internal Audit, if there is any crucial information which needs to be brought to the immediate notice of the management they will be intimated immediately. Upon evaluation of the concerned areas or segments internal audit report will be presented to the owners in regular intervals with suggestion for the rectification.
The report will define the risk area into three, high risk, medium risk and low risk area.
Here at NAK Auditing L.L.C., we value the critical contribution of internal audit services in Dubai to an organization’s success. With our highly experienced team of auditors and years of practice, we offer quality internal audit firms in Dubai that have several advantages to your company. Learn how having our internal audit services can benefit your business:
1. Better Risk Management
• Our Dubai internal auditing assists
• Recognizing the critical business practices, workflows, and systems that may expose the organization to the most potential risk.
• Developing risk control measures and plans that are effective in minimizing the impact of the exposed risks.
• Enhancing your organization’s capacity for early risk detection and response to changing situations.
2. Enhanced Governance and Compliance:
• Compliance with relevant legal and regulatory standards applicable to your industry.
• The improvement of the effectiveness of the internal control and governance systems of your organization.
• Minimizing the rest of noncompliance and the associated penalties, reputational harm, and legal liabilities.
3. Greater Operational Effectiveness:
• Identification and evaluation of the potential risks associated with the business processes of the organization.
• Implementation of effective measures and controls to mitigate risks and minimize the impact of the risks.
• Improving the ability of the organization to predict and manage risks, and to react to changing conditions.
4. Management of Fraud and Misconduct:
• Identification and prevention of fraud, unethical conduct, and other types of misconduct.
• Adoption of prescribed anti-fraud controls and measures within the organization to protect its assets.
• Our Dubai internal audit companies assist in the investigation of suspected fraud acts and present evidence for legal action if required.
5. Effective Financial Reporting:
• Providing accurate, transparent, and reliable financial reporting.
• Ensuring the integrity of financial reports, records, and transactions.
• Enhancement of stakeholder trust and facilitation of informed decision-making.
6. Strategic Insights and Recommendations:
• Highlighting relevant analysis of your organization’s activities, risks, and opportunities.
• Outlining tactical direction on optimizing outcomes, achieving objectives, and facilitating organization expansion.
• Assisting in the provision of relevant and timely information to the organization’s top management to help them arrive at rational decisions.
1• Regulatory Compliance and Fastens Business Processes: Meets requirements set by local and international bodies, keeps business processes efficient, and eases compliance risk.
2• Independent, Objective Assessment: Outside auditors provide their own evaluations, which helps the management and other stakeholders gain a different perspective and added value.
3• Cost Effective: Outsourcing permits business units to concentrate on their primary activities, while dedicated personnel take care of the controls and risk, and usually offer a better value for the price.
Internal Audit Services in UAE as a Stepping Stone to Improved Business Performance:
Increased business performance in addition to better risk management and compliance are some of the results of using internal audit services in the UAE.
1• Business internal processes in the audit: Internal audits diagnose workflow blockages in a business and offer suggestions to improve it, hence augmenting operational performance.
2• Risk Prevention: Internal audits help in assessing the possibility of internal controls and operational processes, hence cutting potential risks, especially in financial fraud.
3• Evidence of Internal Compliance: The diverse regulatory environment of the UAE calls for careful consideration for VAT, Corporate Tax and Rational Financial reporting, something which requires thorough inner audits for business processes to minimize the possibility of received fines as well as avoid reputational damage if proven suspicious to illegal activates. Lawyer audits rest secured on business processes as well and work to set business practices to sustainable standards.
4• Informed Decision Making: Internal reports as well as the final decision rests on the management sustaining the company’s tactical business plans achieved. Business should as well outline the company’s investment to be channelled for expected growth of the company. Grow to be sustainable and create long-term investment
1• Co-sourcing and outsourcing of internal audits are offered by IFC, Jaxa, BMS Auditing, N R Doshi, Shuraa Tax and AMA Audit, whose internal audit practices are customized to offer the maximum measurable business impact by integrating the company’s defined best-practices into the internal audit.
2• The control and management of closing performance gaps is solid for companies intending to hold and work business growth. Auditing services trot waist and actions taken to unlock business growth work as well to ensure the management does not relax on any business parts with the growing risk as well as new regulations in 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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