Internal Audit Services in UAE

Certified Internal Auditor in UAE

Internal Auditing is a sovereign, objective declaration and consulting activity intended to add value and improve an organization’s operations. It helps an organization achieve its objectives through a methodical and controlled approach to assess and advance the effectiveness of risk management, control, and governance processes. 

The internal audit activity provides the assurance services that the current internal controls are adequate to alleviate the risks, the power processes are active and effectual, and the organizational goals and aims are fulfilled. 

Internal auditing in UAE covers a wide range of services including conducting financial, performance, compliance, system security, and due diligence audits.  Finding a professional internal auditor in UAE is the finest solution for all your issues related to the internal auditing of your business. 

HayyaTax has a team of qualified internal auditors in UAE, which provides internal audit services all over the UAE by ensuring all services related to internal audit are being properly planned and implemented by our internal audit team. The internal audit focuses on finding out the bottleneck areas in each level of operation, mitigating factors to overcome the lack of control, and guide the organisation to reach the objectives. 

Advantages of HayyaTax Internal Audit Services  

• We strategize our audit method for the exact requirements of the client.
• We implement our audit method according to the uppermost professional standards in accordance with the International Standards on Quality Control, Auditing, Review, and Other Assurance and Related Services.
• We interact with our clients to recognise high-risk areas and find ways to control the prevailing risk.
• We connect our clients regularly and provide them with information to make effective business decisions.
• We guarantee the competence of ongoing operations and preserves the financial records.
• We make sure the precision and authenticity of past records of an organization and ensures that the operations are according to the set standards.
• We Set up internal control procedures
• We help minimise the control procedures to enhance the efficiency of each department.
• We provide recommendations to overcome the bottlenecks.
• We provide periodic reporting that helps the company monitor its performance, and can introduce new control procedures if necessary.

Benefits of Internal Audit Services in an Organization 

Given below are some of the several benefits of conducting internal auditing in your organization. 

1. Acquiescence

Internal audit service ensures a thorough examination of the operations and their acquiescence with the set standards. It gives a better decision on the mistakes taking place in a process that can disturb the quality of the finished product later. 

2. Establishment of Standards

The internal audit found some new reference points and benchmarks for the company and its workforce to follow. These benchmarks are used as a standard to measure the achievements of a process. Taking granted the external factors, internal auditors may amend the existing standards and benchmarks for better presentation.

3. Thorough Knowledge

Since the internal auditors are certified consultants, they have improved knowledge of all the issues either on industrial level or in general; so, they can provide better resolutions for those issues, which the in-house auditors may not recognise. Hence, the internal auditor helps to improve the efficiency of the operations and mitigate the risks and negative impression of the organization.

4. Dispassionate Assessment

An impartial appraisal is provided by the outsourced independent auditor that results in the production of new ideas and suggestions for better presentation, mitigation of risks and control within a company. An independent auditor evaluates every employee and their concert and helps them to work competently.

5. Better Administration

An internal audit ensures more effective management of the company. The internal auditor can point out any fragility of the company in the operations or internal controls of the company. These insights help the management to improve the chances of attaining their goals.

 5. Constant Analysis

The process of internal audit ensures a constant review of the performances in the current year itself. Since they don’t want to wait for the end of the year to review the company’s performance, and finds that they are out of the path, they can change the actions and correct their errors proximately.

6. Improvement of Staff Performance 

The constant internal auditing makes the staff of the company be vigilant and vigorous because of the fear that their mistakes will be detected and revealed by the internal auditor almost immediately. This helps them progress their competence and concert. Also, they will be scared to defraud the company for the same reasons. At the same time, it is a good morale booster for true workforces.

7. Guarantees the Best Use of Resources 

Internal audit promotes the best use of the resources. It helps to identify the areas in which resources are being underutilized or unexploited so that it is easy to get it corrected on time. Hence, it helps the management control the costs and expenses properly.

8. Dissection of Labour

Internal audit helps promote the dissection of work. Division of labour will help the management to keep a check on and perceive the activities of all the departments and all of their employees. 

Internal Audit Services Provided by HayyaTax

HayyaTax team recognises that an effective internal audit service can make a very positive contribution to the management of risk and the smooth operation of the business. HayyaTax provides the following services in the Internal Audit to its clients:

• Risk calculation:

HayyaTax assists the management to identify and prioritize areas that require attention and audit focus.

• Process review and documentation :

HayyaTax helps the management get an understanding of the current processes and procedures, and recommend the best strategy to enhance the productivity and efficient utilisation of resources.

• Control evaluation :

HayyaTax helps the company identify the trouble spots where the procedures and controls are not properly premeditated.

• Testing of controls:

HayyaTax conducts tests of controls to confirm whether the controls are working as calculated.

• Reporting:

HayyaTax gives comments and commendations to improve processes and controls. 

• Development of effective internal controls: 

HayyaTax helps the management develop effective internal controls that augment the controlled atmosphere.

• Internal control environment: 

HayyaTax provides advice to its clients on how to implement an effective and secured internal control environment.

• Organisation of fundamental operational risks: 

HayyaTax gives advice on how to manage core operational risks, especially those related to the consistency of business operations.

• Operational strategies and risk performance: 

HayyaTax gives assistance with connecting operational strategies and risk performance measures to business goals.

• Change management and business awareness: 

Supporting with change management and business awareness processes, HayyaTax helps the clients make the evolution from existing practices to more efficient and focused approaches through training and assisting staff in the development of new skills.

• Active corporate power:

HayyaTax experts help evaluate the key structures, dynamics, and processes required to reinforce operative corporate governance. 

HayyaTax Internal Audit Services in UAE

HayyaTax is popular as one of the best internal audit firms in UAE with an excellent team packed with highly qualified professionals in the service of auditing & bookkeeping. HayyaTax helps you with setting up Internal Control procedures, Organizational Hierarchy, Segregation of duties, and better Cashflow Management for your company adopting competent strategies. 

With the help of our experienced professionals from accounting and auditing background, the clients can make sure that their accounts are up to date as per the IFRS & ISA. They will also have accurate and up to date financial statements for future references.

Other than Internal Audit Services in UAE, HayyaTax offers all other business-related services like CFO services, Internal & External Audit Services, Audit in Free Zone, VAT Return Filing Services, and many other services related to your business needs. 

Need any help with internal audit services in UAE? You are welcome to contact us; our experts will give you a one-hour free consultation on your queries on your business needs.