Why the internal audit is important?
When it comes to adding value throughout an organization, there is no better source than internal auditing. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.
The mission of internal audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
The inclusive but not an exhaustive list of value that internal auditing brings can be grouped into several categories as mentioned below:
1. The Business
- Demonstrate a deep understanding of the organization, its history, its mission, key stakeholders, its strategy, its competition, its corporate culture, its structure, and the business function.
- Understand and apply those new technologies that are reshaping how we are work and live. For e.g.: blockchain, digital transformation, drones, financial technology, artificial intelligence etc.
- Testing the same risks and controls by multiple assurance providers is efficient and creates fatigue on process owners.
- Assess the organization’s ability to foresee and respond to global events and provide advice regarding risks and opportunities.
- FieldworkDevelop audit findings using the format: Condition, Criteria, Cause, Effect and Recommendation.
4. Risk Effort
Apart from above, there are other categories also that can add value to the organization. In the context of present situation, the global outbreak of pandemic Covid-19 is creating large number of uncertainties in the business throughout the world that we are not in the position to ascertain the impact. Internal audit will provide a clear picture to cover all the significant potential risk after assessing all internal and external factors and providing objective opinions, information, support, and education to the top management.
At Kudos PRS, we provide the highest value of professional Auditing Services in Dubai-UAE to our clients in order to enable them to grow systematically while adhering to the most ethical accounting practices and models in the preparation and delivery of their financial reports, ensuring that they are prepared to face new economic regulations and challenges by adopting full disclosure of best accounting practices and standards