Internal Audit: After all, why is it so important for my company?by Aaa Cas Auditors & Business Consultant in Dubai
Regardless of the size of your company and the segment in which it operates, having better control over the actions and information generated will be essential to build a strong competitive differential, stand out in the market and grow in a sustainable way. But, after all, what is the importance of internal audit at this stage?
Basically, it's all about the process. After all, it is what will enable the discovery of operational failures and opportunities for improvement for the business. You still don't do an internal audit in your company? See from now on, in detail, why it is so important for your company:
Enhances the company's risk management
Most United Arab Emirates companies are exposed to risks such as fraud, registration errors, operational inefficiencies and numerous irregularities. All of this can be committed precisely by those who should fight them the most: managers, employees, suppliers, etc.
This makes accounting management a fundamental strategy for the internal Auditors in Dubai, if it is not considered, these problems can become increasingly difficult to detect accurately, causing damage to property and causing serious penalties applied by Organs supervisory bodies.
On the other hand, an internal audit can help to solve these problems, identifying unfilled gaps in the processes, which would nullify the facilities for fraudulent actions within the company, considerably reducing the error rate.
Promotes best governance practices
Another point that raises the importance of internal auditing in the company is the fact that it assesses whether the adopted work standard is being complied with by managers and employees from all departments.
In fact, it is common to see departmental managers and their employees disrespecting and changing certain norms, guidelines and other determinations imposed on the ideal behavior and methodologies they must follow. This non-fulfillment of orders can jeopardize the performance of the sector and affect the results of the entire company.
However, with a periodic internal audit, these misconduct will be easily discovered, ensuring credibility and transparency in the activities performed by the company.
Generates improvements in internal processes
Through a professional internal audit, it is possible to identify compliances and, mainly, non-compliances, helping managers to discover more easily what can be improved to add competitiveness to the business.
This includes ways to reduce waste of resources, increase productivity with quality and reduce production time, for example. In this way, operations are optimized using methodologies and technologies that are among the best practices of the moment.
That is, in addition to monitoring compliance with the norms and standards by its managers and employees, the internal audit will assess whether it is necessary to change any of these procedures to further improve the level of efficiency of the activities.
The idea is that after the first internal audit in the company, it will act more in the sense of prevention than correction of procedural failures, representing an activity with a great focus on control and bringing significant changes to the business over time.
It is worth mentioning that internal audit has a very high strategic level and requires a very high degree of know-how (specialization) from those who will put it into practice. Therefore, seek professional support . Thus, you will have the vision of an outside expert, who will present appropriate solutions to improve the management of your business.
Now that you know the importance of internal Auditors in UAE, don't waste any more time. Put it into practice today and raise the efficiency level of your business.
Created on Aug 15th 2022 11:31. Viewed 118 times.