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Purpose of Internal Audit services

Internal Audit services

Indian CA firms in Dubai

Internal auditing is an objective assurance and consulting activity designed to add value and improve an organization’s operations. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes. Nam Accountants(Indian CA Firms in Dubai),Internal Audit services help boards and senior executives better manage enterprise risks. Nam professionals help organizations enhance the effectiveness, quality, and value received from internal audit (IA).Nam Accountants understanding of risks and areas of operational improvement — particularly the nuances of specific industry sectors and markets — can help internal audit functions improve their performance and operating efficiency and bring value to their organizations.

 

However in view of the changed scenario, Internal Audit is conducted for following purposes:

 

  1. a) Tool for business performance analysis                                                                          It can make value addition in a big way by understanding and reviewing operations in-depth and recommending cost reduction in a particular activity or suggesting new ways of earning revenue thereby assisting the top management in achieving its goal of profitability. However definition of value addition can vary considerably from one company to another. For many practitioners value addition may be to improve business but for some, it may be compliance with policies and controls. It depends upon the situation. Hence it is essential to ask the stakeholders and the top management to define it.

 

  1. b) Corporate Laws:                                                                                                                                          Most businesses need to comply with various corporate laws as non-compliance shall have adverse implications. Internal Auditor will be playing an instrumental role in bringing about good Corporate Governance.

 

  1. c) Risk Management:                                                                                                                     To review the various types of risks that businesses faces and help the top management in managing and mitigating these risks in a better manner.

 

  1. d) Proactive audit:                                                                                                                                 Internal audits are now being conducted in proactive manner rather than reactive. It is very important that internal auditor must conduct the audit either before or immediately after the Indian CA firms in Dubaioccurrence of transaction rather than conducting audit of the transaction after certain gap of time.

 

  1. e) Use of technology as an audit tool:                                                                                                               Technology is now being used in business in order to reduce cost and in order to give better service to the customer. However use of technology also brings with it the challenge of having internal controls in place as we all know that internal controls are very loose in a computerized environment. Hence it is essential for the internal auditor to learn and understand technology and also update himself with it in order to ensure that proper controls are in place and generate good audit findings from it. There is increasing pressure on internal auditors to perform more efficiently and effectively which is possible by harnessing the use of information Technology tools which allow for more critical analysis and broader coverage of internal audit work.

 

  1. f) Consulting approach:                                                                                                                Internal audit approach has now become more consulting in nature. Each operational area undertaken for audit is required to be conducted by auditor who has specialized in that particular. Internal Auditor with multi-disciplinary skills will be preferred. Internal audit is now focus more on process compliance rather than transaction compliance, law compliance and adherence to established corporate policies as the organization grows. Internal audit must help the top management in its decision making process.

 

  1. g) Consulting Assignments –                                                                                                                     Mergers and acquisition, Frauds, Outsourcing etc: In view of the increasing global Competition and business processes becoming more complex, internal auditors are being given more and more consulting assignments such as active participation in merger and acquisition activity, cost restructuring, ERP implementation, fraud findings, co-sourcing, preparation of audit manuals, industry research for diversification of client business, bench marking etc.

 

Audit firms in Dubai,Indian CA Firms in Dubai

Indian ca firms in Dubai

Chartered accountant designation is worldwide, and it refers to professional accountants who are qualified to take on a number of specific activities within the spectrum of accountancy. Such tasks include auditing financial statements, filing of corporate tax returns and financial advising. While the name is seen around the globe, in the United States, the equivalent position is known as a certified public accountant, or CPA. The professional body that governs this group of accounting workers goes back to 1854 where it was founded in Britain. There are now several associations that act as governing and accrediting bodies for these professionals, such as the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants in England and Wales.

 

Roles of Chartered Accountants in Business

 

A competent professional accountant in business is an invaluable asset to the company. These individuals employ an inquiring mind to their work founded on the basis of their knowledge of the company’s financials. Using their skills and intimate understanding of the company and the environment in which it operates, professional accountants in business ask challenging questions. Their training in accounting enables them to adopt a pragmatic and objective approach to solving issues. This is a valuable asset to management, particularly in small and medium enterprises where the professional accountants are often the only professionally qualified members of staff.

 

Accountancy professionals in business assist with corporate strategy, provide advice and help businesses to reduce costs, improve their top line and mitigate risks. As board directors, professional accountants in business represent the interest of the owners of the company (i.e., shareholders in a public company). Their roles ordinarily include: governing the organization (such as, approving annual budgets and accounting to the stakeholders for the company’s performance); appointing the chief executive; and determining management’s compensation. As chief financial officers, professional accountants have oversight over all matters relating to the company’s financial health. This includes creating and driving the strategic direction of the business to analysing, creating and communicating financial information. As internal auditors, professional accountants provide independent assurance to management that the organization’s risk management, governance and internal control processes are operating effectively. They also offer advice on areas for enhancements. In the public sector, professional accountants in government shape fiscal policies that had far-reaching impacts on the lives of many. Accountants in academia are tasked with the important role of imparting the knowledge, skills and ethical underpinnings of the profession to the next generation.

 

Comprehensive Internal Audit Consulting to Help You Manage Risks

Nam Accountant is an established accounting and VAT consultancy firm based in the city of Dubai. We offer tailored financial assistance solutions and internal audit consulting services that empower companies to grow and overcome corporate challenges towards achieving their business goals.