A Comprehensive Guide to Internal Auditing

Business owners need to hire internal audit firms in Dubai at regular intervals to gauge the progress of their company. These audit firms help them study the various sectors of their enterprise effectively, to identify any potential areas of improvement.

Running a business is filled with numerous requirements and responsibilities that you have to consider if you want to succeed. One of the major tasks involved with the management of business operations is conducting an internal audit. An internal audit is an evaluation of a company’s internal procedures to ensure everything is running smoothly and according to the law. This procedure is a legal requirement according to the UAE Commercial Companies Law, but also boasts many benefits that would encourage you to conduct one either way.

Who Conducts an Internal Audit?

As the owner of a company, you have the responsibility of selecting an auditing team to carry out the evaluation. You can either choose to pass this responsibility to members of your staff or hire an external solution for a more independent assessment. It is advisable to opt for the latter, as this will remove any potential bias that could be involved with the evaluation of a particular department or employee.

Numerous accounting firms offer these services in the market – thus choosing the right one requires adequate research of the available options. The results derived from these audits should be as accurate as possible if they are to offer any helpful insights that can improve the business. Opting for established internal audit firms in Dubai with an excellent reputation ensures the auditing process is conducted with a high level of quality.

How regularly should I Conduct an Internal Audit?

You are also responsible for deciding the intervals when internal audits should be conducted. The regularity of these procedures can depend on a variety of factors affecting the business - such as the activities involved in their operations, and the sensitivity of the information in question. Internal audits can be conducted on a daily, weekly, monthly, or annual basis and so on.

Different departments can also be internally audited at different intervals. You can decide to review your accounting department on a daily basis, for instance, while conducting an audit every six months for the Human Resource department. This is because the accounting sector deals with figures that change every day, while the Human Resource division maintains a more stagnant flow of information.