Tag: Audit Firms in UAE

The role of Internal Audit in finance

Internal Audit

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”

What is the role of Internal Audit in finance

Internal Audit advances businesses to achieve their objectives by effectively evaluating and managing the risk factors and processes within an organisation. Once the risk factors are identified, the Internal Auditors focusses on managing the risks and processing them in the right way. Internal Audit is commenced in sync with the management to analyse and review the processes of an organisation by identifying areas where efficiencies and improvements can be progressed on strategic needs.

Internal Audit is functioning as a division to make sure that the prevailing internal control measures are effectively progressing adhering to the norms, procedures and strategies as put forward by the management.

What is the need for an Internal Audit in a company?

There is always a basic necessity in businesses to understand that the business is moving in the right track. Hence, the need of an internal audit arises as and when the business flourishes with time and in size and with its operations by ensuring proper compliance while expansion. The urge to call for an Internal Audit is to review the facts of procedures on their operations of various divisions and report for non-compliance, inefficiency, identify critical control areas and hatch areas of improvement to recommend corrective measures.

Internal Audit is necessary as it deals with issues that are fundamentally important for the survival and prosperity of any business.

Internal Auditing is now a necessity as it has become a specialised service requiring not only expertise in accounting but also in organisational behaviour and in functional areas of management.

The duties of an internal auditor are to:

  • Objectively review an organization’s business processes
  • Evaluate the efficacy of risk management procedures that are currently in place
  • Protect against fraud and theft of the organization’s assets
  • Ensure that the organization is complying with relevant laws and statutes
  • Make recommendations on how to improve internal controls and governance processe
  • Objectively review an organization’s business processes
  • Evaluate the efficacy of risk management procedures that are currently in place
  • Protect against fraud and theft of the organization’s assets
  • Ensure that the organization is complying with relevant laws and statutes
  • Make recommendations on how to improve internal controls and governance processe

What is the Scope of Internal Auditing?

The Qualified Practice of Internal Auditing in its International Standards , the IIA states that ‘internal audit activity should evaluate and contribute to the improvement of risk management, control and governance processes using a systematic and disciplined approach”.

Internal Audit now lays emphasis as mentioned below:

  1. Risk Management
  2. Governance
  3. Risk Management: The Internal Audit team will be assisting the business organisation to detect and evaluating substantial threats for risk which would contribute towards to enhance the risk management and control systems. The scrutinization will involve evaluating specific points as mentioned below:

Reliability and integrity of financial and operational information: The internal auditors shall be reviewing the reliability in sync with the finance team and the operations of the businesses to detect, measure and set out reports for such kind of extracted evidence. The process involves scrutinizing as mentioned below:

  1. Whether the Financial reports are correct, dependable, apt and complete.
  2. Whether there are any suitable operations to govern the record-keeping and reporting of the business.

Compliance with Laws, Regulations and Contracts: We as your Internal Auditors will be reviewing your ongoing systems and processes to make sure that your business is in compliance with UAE Laws. Businesses should have substantial impact with its ongoing policies, plans and procedures to have the reports of the processes to determine that the operations of your business have complied with the law of the region. Not adhering to the laws and policies in the UAE will attract huge penalties and serious consequences, hence 100% compliance is a must for the businesses which can be projected when proper systems are adopted.

Safeguarding of Assets: As your Internal Auditors, our internal audit team shall evaluate the systems and processes of safeguarding your assets to get and overview and evaluate the risk of losses from any unforeseen or unfortunate incidents like theft, fire, etc, improper activities and exposure to elements of nature.

Effectiveness and Efficiency of Operations: As your internal auditor we shall abide by the international standards we shall determine:

  1. Whether the operating standards have been set by the management to determine cost effective measures and its efficiency (it is not the responsibility of the internal auditor to set these standards);
  2. Whether the established operating standards are understood by all the divisions and are being met as it should;
  3. Whether if there are any discrepancy from operating standards they are set, progressed and communicated to those responsible for its correct action;
  4. Whether correct action has been taken or not.

Accomplishment of Objectives and Goals for Operations or Programmes: As your Internal Auditors we will be evaluating the processes and development of programmes to determine if the end result or outcome have been constant with the ongoing objectives and policies of the business and whether the objectives and policies should be being taken forward as it had been decided.

Governance: Our Internal Audit team shall conduct an assessment and give proper references to improve the governance process for accomplishing the below mentioned points:

  1. To endorse precise integrity and morals within an organisation.
  2. To make sure that the organisational performance supervision and accountability are progressive and effective.
  3. To efficiently communicate the risk and control evidence to the concerned department of the organisation.
  4. To manage the events and actions of communicating the information among the board members, external and internal auditors, and the management efficiently.

Nowadays Internal Audit has come up with modern days approach which covers vast areas to indulge in from reviewing of custodianship and safeguarding of assets, compliance with policies and reliability of accounting information.

It can thus be seen that the modern concept of internal auditing convers not only the traditional functions dealing with a review of custodianship and safeguarding of assets, compliance with policies and reliability of accounting information but it also lays emphasis in new areas like reviewing the economical and efficient use of resources and organisational performance. Once all the areas are assessed then, finally it will be evaluate the entire governance process and suggest recommendations for the businesses enhancement.

If you are looking for Audit & Assurance Services in the UAE, then you are in the right place. Nam Accountants Group caters highly qualified professional in the related field of work by providing a wide range of Audit and assurance services all over UAE

For more details visit : http://www.namaccountants.com/services/audit-firm-dubai.html

Looking Into Accounting and Audit Services

audit service

If you think that the financial side of your business can be running additional smoothly, then you’ll wish to check out all the various firms who offer accounting service and audit services. Each business needs to have their money sector running properly, and if you think that yours desires a little bit of facilitate, then you’ll wish to contact one of these firms immediately. You’ll be able to also realize several of them that do payroll services as well. Ensuring that each one of your workers is paid during a prompt and correct way is one of the most important aspects of running a business. These firms can make sure that all of your workers are satisfied with their work compensations weekly or bi-weekly, depending on the pay policy your individual company has.

You may also feel that you would like financial advice. Whether you manage a business, this service is of good help to you. There are many various things to admit in terms of what you’re going to do with your cash once you pass on. These companies will help you with each the money and legal aspects of those issues.

These firms will even help non-profit organizations with their financial issues, no matter they will be. If sure complications are arising because the result of the money that is coming in, then you’ll need good solid advice as presently as possible. By hiring a corporation like this, you’ll get the kind of financial recommendation you need to stay far from overly-complicated legal things. Whether or not you’re trying to manage your budget or wish help preparing your taxes, having one in every of these firms could be a great idea.

If that’s the case, then you may need to consult a corporation like this to assist you out. These financial advisers are specialists at what they are doing. No matter however hopeless or confusing your own specific situation looks, you’ll get facilitate. Big businesses communicate firms like these all the time for facilitate, particularly once it issues their payroll for employees. there is nothing a lot of important than keeping your operation running smoothly and making sure that there are no complications that present itself because the results of financial problems. By hiring a team of specialists to advise you and your company, you may be able to stay the proper track along with your business.

If you have any financial problems, getting a Nam Accountants can help you to get back on track with your accounting. There are all types of Accounting service, auditing service, VAT Consultation and Tax agents in Dubai, UAE.

AUDIT FIRMS DUBAI: NAMACCOUNTANTS

Auditing Firms in Jebel Ali Free Zone

Namaccountants help our customers to complete their goals by providing quality services in auditing, accounting, VAT, and Tax. They are required to submit their audited financial statements within 4 months of the financial year-end. It will be audited by the approved auditor.

As Auditors in UAE, We understand that professional approach to the clients’ requirements in a very responsive and with personal attention to every client is valuable to our shared success.

The auditing is divided into three types,

We are dedicated to the pursuit of professional excellence and our values dictate that we do so without compromise. Our core values are professionalism, responsiveness, and quality.

Audit & Assurance Services

Audit Firms in UAE

An audit is all concerning examining and evaluating a company’s monetary statements. Since these records are expected to point out the transactions that are done by the firm, an audit is executed to make sure the accuracy and fairness of those records.

An audit may be performed internally or externally. The previous may be achieved by the organization through facilitating it themselves with their own auditor or normally called ‘internal auditor’. The latter may be accomplished with the help of an auditor from a 3rd party that’s employed by the organization itself.

As one of the auditing firms in Dubai, we know that there are a couple differences between the two that can help you understand fully the two kinds of the audit. Auditors in Dubai prepare an annual financial statement in 3months prior to the end of the financial year.

Types of audit

  1. Internal audit
  2. Statutory Audit
  3. Internal audit

The first kind of audit is an internal audit. This can be the process whereby the activities and operations of the corporate are assessed and analyzed. All of those even the structure of the business and its staff are monitored and examined.

Internal audit is finished by an internal auditor who is from the organization itself with audit and assurance services, whichever is desirable to the organization that wants internal auditing. Internal auditors have broad information with reference to the business systems. They have to be so because they make sure that the approaches that they recommend can help the corporate to be efficient with its operations and flow of business.

  1. Statutory Audit

The scope of the statutory audit is well on the far side the regular auditing method wherever our expert auditors work at the side of you and searching for methods to enhance the work efficiency and productivity. Through our intimate with staff and associate partners, we bring value-addition to the statutory audit requirement.

IMPORTANCE OF AUDITING TO COMPANIES

auditors in dubai

Auditing is a method for assessing the inefficiency of an organization’s internal controls. Holding a viable arrangement of internal controls is fundamental for The Company’s aim, increasing reliable budgetary writing about its operations, blocking extortion and misuse of its benefits, and lessening its cost of capital.

Why do we need an auditor?

An effective auditing system is key for any organization since it encourages seeking after and achieving its few corporate purposes. The corporate procedure needs a few types of internal control to simplify supervision and watching, avoid and recognize the irregular exchange, measure the corporate executive, keep up adequate business records and to advance efficiency. The Auditors survey the plan of interior controls and casually propose improvements, and all archives and irregularities to empower facilitate an examination by the administration if there is to be found.

Audit firms in Dubai serve an essential part for organizations in fraud prevention.  Frequent analysis of an organization’s operations and protecting a thorough system of internal controls can forestall and recognize endless types of fraud and other bookkeeping irregularities. Audit professionals can assist in the outline and change of internal control system with the motivation behind which incorporates, in addition to other things, fraud prevention. One of the imperative parts of anticipation can be discouragement, and if a business is known to have a dynamic and diligent auditing system set up, by repute alone it might keep a worker or merchant from attempting a plan to defraud the company.

THE PROCESS OF FINANCIAL AUDIT IN DUBAI

Audit Firms in UAE
A financial audit is a sort of target assessment of an organization’s monetary reports regulators, investors, chiefs and the directors that the financial statements are finished and exact. This auditing procedure gives assurance only, it is not an assurance. The procedure of financial audit in Dubai is as per the following:
Step 1: Planning:
The auditing process requires appropriate planning for the process. It will include the amount of audit required. This will depend on the size and the departments in an organization. The arranging procedure will also include the understanding of the association, the businesses identified with it and procedures performed in it. The auditor will design about the route in which the audit procedure will be finished, documentation process. The way toward getting to the danger of errors in the money related statement will also be arranged. Based on this planning, the auditor will distinguish as far as possible required for the completion of this procedure.
Step 2: Financial audit tests:
Whenever an auditor is going to begin the auditing process, he will get the comprehension about the association by applying different audit tests. He will also survey the invoices that are related to the all the expenses, to clear up that the costs are grouped effectively and the seller really exist. The kind of audit test which is to be connected to a particular association will be recognized in the planning process.
Step 3: Account analysis:
In the account analysis process, the auditor will check all the details of the account and its accordance with the data introduced in the documents. The auditor will record the explanations for the changes in the records since the last audit. The required research and data social event will also be finished by the auditor to justify those changes.
Step 4: Preparation of audit report:
After the testing and the analysis procedure, the auditor will set up a sentiment report. This report will contain all the information about the association, the tests that are being utilized and the points of interest of financial statements. It will also contain the weaknesses in any issues which still need elaboration. The report will be submitted to the higher specialists after completion.

Advantages Of The Financial Audit For Your Company in Dubai

Auditors in Dubai

Any individual who has a business or a company with many people who are responsible for finishing different tasks may face a risk of error. The audit is the best answer for bringing up every one of these mistakes if you have your company in Dubai. It can be exceptionally gainful for a company as it will improve the productivity of the business. The administration will better understand the working and financial arrangement of their company.

Improves communication:

Generally, higher specializes hand-off on the information which is given to them by the administration. This information is needed to make a crucial decision about the feasible arrangements of the company. There is a high possibility of mistake in the information collected and audit is needed to remove that error. The audited financial statements are imperative for the achievement of an organization because they give accurate and timely data about the financial situation of an organization. The administration will realize that the auditing committee will feature the mistakes

Better management:

Researches show that the organizations that experience the audit procedure are more beneficial and have better administration system when contrasted with the organizations that do not have the yearly financial audit. Determination of a perfect organization which will give the auditing services is a crucial thing for the accomplishment of your business. Experienced auditors have a lot of ability in the field and they will play out the procedure better. They will also enable you to identify the small opportunities which can frame as a major improvement in the near future.

Expert recommendations:

The auditors are prepared in a way that they focus on the fixing and change in the business processes. This procedure will reduce the measure of risk in the financial data. An auditor is a person who will give you the unbiased suggestion apart from his preferences. The organization may apply a few procedures for so long that they end up plainly perilous for the inner control. The auditor will enable you to recognize these type of risks. By keeping away from them, you will have the capacity to build up another and more powerful arrangement of strategies for your business.

MAIN FUNCTIONS PERFORMED BY THE INTERNAL AUDITORS IN DUBAI

Audit Firms in Dubai

The money related review of an organization is known as internal auditing. Through auditing, it can be resolved regardless of whether the organization’s advantages are recorded and if the profits and losses are properly assessed.

These days, auditors have popularity not just in Dubai but rather all around the globe. Internal audits need to do a self-governing appraisal in regards to how the company’s works and functions. These audits lay out the procedures and the risks included that may discredit the business. Dubai auditors work across over different business functions to pick up a comprehensive and complete overview of the organization.

The main functions are:

  1. Dealing with the risk:

Each association can have its risks and undesirable outcomes. It is the duty of auditors in Dubai to enable their customers to understand and recognize the risk involved in dealing with their associations.

By researching the market and gaining data, auditors empower themselves to understand the patterns in the market and manage them successfully. With their insight into the market, auditors know how to avoid risk and deal with it.

Because of their experience and capacity to study the different departments, they can predict the risks that could develop. Besides, they can help the business by aiding request to avoid harm.

  1. Reporting on the company’s operation:

Dubai auditors make a report on the operations and procedures of the organization. They are the accomplished in seeing how an organization can keep running in a way to gain more outcomes effectively.

With a collective perspective of the association, they can perceive the imitation of work and furthermore feature the challenges that may happen. They introduce their findings and procedures through which they can help an association or business to work better.

All the above-mentioned roles are evidence that the need and significance of auditors for organizations in Dubai are far too great. So as to continue maintaining the organizations and businesses easily and efficiently, auditors are required. They enable us to increase most extreme results and avoid future risks as well as malpractices.

CHOOSE YOUR AUDITORS IN DUBAI

Audit Firms in Dubai

NAM ASSOCIATES CHARTERED ACCOUNTS, DUBAI

Visit: www.namaccountants.com

AUDITING FIRMS IN DUBAI UNITED ARAB EMIRATES:

Audit Firms in Dubai, silicon oasis, JLT, Jebel Ali free zone, DMCC Dubai, UAE

Nam Associates is a one of the best auditing firm in Dubai, UAE. Our services, in a cost-effective and professional manner. We are proud to announce that we are one of the top most in

Audit and Assurance

We offer the complete range of Audit and assurance services to meet the business needs of the client in this global environment.

This segment is engaged in providing the following services

  • Internal Audit
  • Statutory Audit
  • Other Non-statutory Audit

Non-traditional audit approach to traditional auditing services and a vision beyond numbers

The world is changing – business ideas, interests, measures, innovation and that too at a fast pace. The customary audit approach which tends to concentrate on formal bookkeeping control components also needs a change or if nothing else we have faith in that. The consequences of these audits reviews frequently concentrate on territories considered irrelevant and n turn reflect a deficiency of the approach  – its inclination to concentrate on side effects rather than the genuine causes.

We as auditors tend to look past these conventional components and search for approaches to upgrade the administration’s we give.

Similarly essential, we understand the goals, openings, threats, and difficulties frequently confronted by our customers and help them to investigate the basic circumstances in a strong and comprehensive way.