Internal audit is an independent consulting activity designed to involved in helping organizations to achieve their objectives. Internal audit services in dubai activities are generally focused on three principles areas. These principles are Financial Reporting, Time Value of Money, and Compliance Review.
Internal audit services in duabi activities must be designed in a systematic and disciplined way to achieve organizations goals and objectives.
Now-a-days in UAE, most of the business owners start to realize the importance of Internal Audit Services in Dubai. They mostly ask audit to oversee operational internal control over financial reporting. Assessing the risk of errors and fraud in the business also the most important part of its mission.
How internal Auditing is different from accounting?
Medium and small size business owner has strong perception that internal audit services in dubai required for big company only. That’s why they used to focused only to maintain in house accounting.
at Many of the basic processes of both accounting and auditing are similar. Both activities are inter-related but scope of internal auditing service is wider than accounting.
Accounting and bookkeeping involves preparing and maintaining the financial statements of company, starting with bookkeeping. Auditing on the other hand, is the evaluation of financial statements prepared through accounting.
Auditing starts only when the work of an accountant is done. Once the statements are prepared, the auditor starts verifying their completeness and accuracy. Elevate First Accounting and Auditing team believe to improve accounting.
We are evaluating accounting systems for weaknesses, designing and monitoring internal controls. And also determining the degree of organizational fraud risk, interpreting financial data for unusual trends, and follow up on fraud indicators.
Internal audit vs External audit
- Internal audit firms in dubai where Internal auditors are the part of management. Auditors are responsible to create value addition in the organization. Some of the aspects like internal control, external compliance and fraud detections. External auditor is responsible for providing an independent opinion on the organization financial statements.
- Internal auditor report primarily to the management of an organization. Whereas External auditor report primarily to the shareholders.
- The internal audit follow up will be agreed on a case by case basis. It can include looking to see whether recommendations have been implemented and/or consultative help to guide the implementation of recommendations.
- Internal audit is carried out on continuous basis. While external audit is carried out after the preparation of final accounts and financial statements usually on yearly basis.
- Internal audit involves the checking of almost all the financial statements and record. While external audit may be carried out through test checking or sample checking.
- The scope of internal audit is determined by the management of the company. While the scope of external audit is determined by the relevant law or a regulator.
Benefit of outsourcing Internal audit work to Elevate First Accounting and Auditing rather than hiring full time internal audit staffs:
- Many medium and small size organizations may not have good cash flow to support a full-time audit staff. Quarterly or semi-annually internal audit cover everything as require by management. Thus comparatively we, audit firm in dubai can save their internal audit cost by outsourcing to independent internal auditor. Our services are always cost savings meaning your company can realise up to 50% savings.
- Elevate team has much more diverse background that includes expertise in information technology, business administration, finance, data analytics, and accounting. Hiring of a employee may have specialized in one area like data analysis or information technologies.
- Stakeholders perception that the independence of the internal auditor from management would be strengthened
- Outsourcing to internal audit services in dubai is an attractive option for organizations. Either need to quickly establish an internal audit function or struggle to maintain a high-quality function. Internally, especially in light of an ever-changing regulatory environment.
- We can provide service to our client as need of immediate priorities confronting the business. Such as plant closings, staff holidays, year-end reporting, annual planning and budgeting.
- Business man has well knowledge about value of highly skilled and experienced professionals and leading technology. Elevate team has experienced professional to meet organization requirements.
Scope of Elevate Internal audit Services in Dubai
Elevate First Accounting and Auditing commonly focus on following area as an internal auditor. Such As to make value addition in business of our clients in terms of Improve the reliability over financial statements. And internal control of financial reporting, Improve operational internal control.
There are Three E audit: Efficiency, Effectiveness, and Economy. Review compliant: Both Internal policies and External Policies (Law and Regulation). Detect Fraud and Errors, Complete VAT solutions and confidence to stakeholders.
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