Roles and Responsibilities of Internal Audit Firms

 

An Audit firm is responsible for evaluating operational procedures, risk management, control functions, and governance processes for a company or organization. Best auditors in Dubai present reports to the audit committee of the Board of Directors and senior management objectively without any internal or external influence or interference.

The chief functions of auditing firms in Dubai are to:

• Express compliance with policies and procedures established by regulatory agencies and accounting standards, whether administered by the Financial Accounting Standards Board or Government Accounting Standards Board or any other specified board.
• Evaluate the quality of internal audits.
• Consider the quality of risk management
• Evaluate compliance with rules and guidelines (e.g., Securities and Exchange Commission)
• Assess the effectiveness and security of information technology systems
• Review the ethics followed under the code of conduct by the company and state actions to handle violations
• Advise additional direction to internal accounting practices that external auditors may not focus on.
• Analyze employee complaints registered and alleged fraudulent activities and give an opinion on management techniques.

Internal Audit is an independent consulting activity developed with the intent to add value and improve an organization’s operations objectively.

These audits enhance and protect organizational value by providing objective assurance, advice and insight by delivering high quality and distinctive internal audit services. The internal audit firms consistently work upon building trust and strengthening the relationship with management by providing insight and recommendations that can help the growth of the business. Internal Audit is accountable to evaluate the effectiveness of risk management, control and governance processes.

Following are the added values by an internal audit.

1. The auditors work closely with the management and review systems and operations to identify the risks involved, the right processes are followed and agreed procedures are executed.
2. Audits help to maintain the integrity of the organization’s systems and processes, their capability to support the goals set and also helps to identify areas for improvements.
3. Review tangible (e.g. supply chain/ IT systems) and intangible (e.g. organization culture and ethics) aspects of operations.
4. Wider aspects like the organization’s reputation, growth, impact on the environment, employee culture and treatment are also looked upon by the auditors. Any such process that may impact an organisation’s operations becomes a part of the internal audit scope.

Responsibility of Best Audit firms in Dubai

1. Scope is all-encompassing and is not just limited to the examination and evaluation of the adequacy and effectiveness of the organization’s governance, risk management, and internal controls as well as the quality of performance
2. Evaluate risk exposure
3. Assess reliability and integrity of information and the means used to identify, classify, measure and report any valuable company information
4. Assessing the systems established to ensure compliance with those policies, plans, procedures, laws, and regulations.
5. Carefully inspect the means of safeguarding assets and verify the existence of such assets appropriately.
6. To investigate planned operations or programs of the company to ascertain whether results are consistent with established objectives and goals.
7. Reporting critically important risk exposures and control issues, including fraud risks, governance issues, and other matters needed or requested by the Audit Committee.
8. Executing consulting and advisory services related to governance, risk management and control as per the company’s requirement.
9. Documenting periodically on the internal audit activity’s objective, authority, responsibility, and performance relative to its plan.
10. The performance of external auditors and the degree of coordination with the internal audit is also a scope of assessment.

The management single point of contact during audit is the auditor who further coordinations with all functions to present an authentic report on all growth aspects impacting the company. TGS Koya ensures that auditors are experienced enough to value add the company’s growth objective. They are considered to be the best internal audit firms in Dubai.