“Internal auditing is an independent, objective assurance consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness and risk management, control and governance processes.”
– Institute of Internal Auditors
With the increasing complexity in businesses, the internal audit firms in the UAE help organisations to keep assessing their adherence to the defined best practices, thereby leading to both better planning and improved performance towards target achievement. Internal audit encourages organisations to follow a systematic and disciplined approach to improving effectual risk management and other processes such as control and governance.
Role of an Internal Auditor in the UAE
The key role of an internal auditor is to provide an assurance that an organization’s risk management, control, and governance processes are operating effectively. The auditors in the UAE facilitate effective governance and achievement of the organization’s business objectives.
The process also covers carrying out proactive fraud auditing to target potential acts of fraud, taking part in fraud investigations alongside fraud investigation professionals, and working on post investigation audits to check for overall control breakdowns and financial losses. The reports issued after an internal audit typically comprise findings, recommendations, areas of improvement and future action areas.