In Dubai and Mumbai internal audit services aid businesses in boosting productivity by improving performance and business value through internal auditing.
Internal auditing is a consulting and objective assurance activity aimed at providing value and enhancing organizational operations. It supports companies in achieving strategic goals by systematically evaluating and improving risk management, control, and governance processes.
Innovate Accounting provides internal audit services that assist boards and senior executives. Our professionals help organizations enhance the effectiveness, quality, and value of internal audits. With our comprehensive understanding of risks and potential operational improvement areas, including industry-specific nuances, internal audit functions can enhance performance and efficiency, adding value to their organizations.
Internal Auditing
Businesses conduct internal audits to identify operational inefficiencies, regulatory compliance issues, or weaknesses in internal controls. While internal staff can perform these audits, companies often entrust this responsibility to reputable internal audit firms like Innovate in Dubai. Internal audits verify a company's compliance with local and international standards and assess its alignment with effective risk management procedures.
Business owners conduct internal audits for various purposes, including monitoring system effectiveness, identifying areas for improvement, ensuring legal and regulatory compliance, verifying and reviewing financial data, evaluating the effectiveness of risk management protocols, and meticulously examining operational workflows.
Types of Internal Audits
- Financial/Controls Audits.
- Compliance Audits.
- Operational Audits.
- Construction Audits
- Integrated Audits.
- Information Systems (IS) Audits.
- Special Investigations.
- Follow-up Audits and Validation Testing
Advantages of BMS Internal Audits Services
We tailor our audit strategy to meet each customer's specific needs. We adhere to the highest industry standards by implementing audit techniques outlined in the International Standards on Quality Control, Auditing, Review, and Other Related Assurance Services. To identify areas of increased risk and develop strategies for risk management, we collaborate closely with our clients. We maintain proactive and constant communication with our clients, equipping them with the knowledge needed to make informed business decisions. We ensure the effectiveness of ongoing operations and the security of financial records. We validate the accuracy and integrity of a company's historical records, ensuring alignment with predetermined criteria. For internal controls, we establish protocols. We streamline control processes to maximize efficiency within each department. We offer recommendations to resolve issues. We can introduce new control measures as necessary, providing regular reports to facilitate performance monitoring within the organization.
Internal Auditors
Innovate boasts a team of highly qualified internal auditors within the UAE. Our skilled team provides comprehensive internal audit services across Dubai and Mumbai executing all tasks with meticulous preparation and flawless implementation.
Our internal auditors focus intently on identifying constraints within each operational layer. We adeptly devise solutions to address control flaws, guiding the organization towards its objectives.
Moreover, Innovate goes beyond mere services. Our internal audit team actively engages in a structured strategy to pinpoint operational bottlenecks, effectively eliminate control gaps, and offer sound guidance to propel the organization towards its goals. Our commitment is to facilitate actionable solutions while also identifying issues. We support progress by assisting in overcoming challenges, optimizing control, and fostering advancement.
Process of Internal Auditing Firm
An internal audit typically consists of four main activities: planning, fieldwork, reporting, and follow-up.
- Planning: The internal audit team devises an audit strategy, assessing industry standards, researching laws, and providing guidance. They review past audit results and determine the budget, timeline, and process owners in a kick-off meeting.
- Fieldwork: Auditing takes place as per the plan. The team conducts interviews, reviews documents, evaluates artifacts, and tests controls throughout the allotted time.
- Reporting: The internal audit report is concise and understandable to avoid confusion. It presents findings along with practical suggestions and improvement strategies. The report is drafted collaboratively with management, reviewed, and then shared.
- Follow-up: Often overlooked but crucial, follow-up ensures that recommendations are implemented. Process owners engage in implementation, and the Board monitors how audit findings are addressed. Neglecting follow-up decreases the likelihood of recommendations being followed.
