Role of Internal Auditors in UAE
The primary role of internal audit is to help an organization protect its assets, reputation, and sustainability, while ensuring smooth operations. In addition, internal audit plays a crucial role in evaluating risks, monitoring and assessing controls, ensuring accurate reporting, and improving overall operations. Internal auditors are also responsible for investigating fraudulent activities, implementing safeguards to prevent recurrence, reviewing processes and procedures, and providing independent insights and advice to senior management.
Objective of Internal Audit:
- Internal audit plays a key role in enhancing the overall governance framework of an organization, including strategic risk management, internal control systems, and processes.
- An effective internal audit function is a valuable resource for any organization, helping them achieve their goals by ensuring efficiency, accountability, and risk management.
Advantages of Internal Audit Services
The Internal Audit department is a crucial pillar of any organization, requiring highly skilled auditors who can operate impartially and without internal conflicts. Many organizations find it challenging to maintain an in-house internal audit team and therefore opt to outsource this function for greater efficiency and expertise.
Key Benefits of Outsourcing the
Internal Audit Function
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An in-house internal audit team is often more costly than outsourcing. By outsourcing, organizations can reduce expenses while allowing their employees to focus on core business activities.
An external party can provide valuable insights into a company’s performance, free from internal conflicts, ego, and competition. Their objective perspective often leads to innovative ideas and proposals for improving performance, as well as addressing risks and strengthening controls.
Independent consultants possess a deep understanding of both industry-specific and general issues. With experience assisting numerous companies with their internal audit functions, they have an advantage in analyzing and resolving challenges effectively.
An outsourced internal audit team typically consists of domain experts from various fields, including Finance, Operations, Human Resources, IT, and Strategy. This diverse skill set is a valuable asset that is often difficult to find in a smaller in-house team.
An internal audit team within an organization may feel less empowered compared to an outsourced team, as management might not fully value their opinions. This can hinder their ability to operate independently and make decisions freely.
Internal Audit Services we offer:
- External Internal Audits
- Collaborative Internal Audits
- Risk Management Services
- Audit Staff Augmentation
- Control Systems Assessment
- Regulatory Compliance Audits
- Risk Register Development
- Audit Skills Training