Expert Internal Audit Services in UAE
As one of the leading internal audit firms in the UAE, Eslam Elgendy provides highly effective internal audit services to ensure your business operates smoothly. Our internal auditors in the UAE ensure that all your business’s internal processes align with your strategic goals.
We help you identify obstacles and risks while proposing solutions to eliminate them. Our primary mission is to ensure that every internal activity contributes significant value, enhancing your business operations.
Why Internal Audits are performed in Dubai?
Internal audits offer valuable insights into the operations of each division within a company. They provide performance data related to specific divisions, helping to identify both strong and weak areas.
Management and stakeholders can leverage data from high-performing divisions to improve those that are underperforming. Additionally, businesses can assess which non-productive divisions may need to be liquidated and which can thrive with minor adjustments.
As one of the premier accounting firms in the UAE, we conduct comprehensive internal audits to ensure that:
- Internal controls work effectively to mitigate risks
- Processes are effective
- The organization is working positively towards its goals
Here are some more reasons why internal audits are performed in Dubai
- Enhance Operational Efficiency
- Assess Risks and Safeguard Assets
- Remove Identified Risks
- Maximize Resource Utilization
- Maintain Compliance
- Establishing New Standards
The advantages of regular internal auditing in Dubai
Regular internal auditing is advantageous for a business in the following ways:
- Internal auditing allows your business to assess its operational efficiency, functioning as a performance analysis tool.
- It serves as a valuable tool for risk management by proactively identifying any irregularities or inconsistencies in your company's operations or reporting.
- Internal auditing also provides an opportunity to reassess key business processes, facilitating continuous growth and improvement.
Flow Chart of Internal Audit in Dubai
The scope of an internal audit can vary significantly across different industries and is influenced by the specific type of business. Typically, an internal auditor reviews various functions within a company, including financial operations, operational efficiency, information technology, regulatory compliance, human resources, payroll, and general administration.
Eslam Elgendy Auditing, one of the top-rated auditing firms in Dubai, UAE, follows this comprehensive methodology for internal auditing:
Our auditors prepare a draft report that highlights current issues and concerns. A risk rating is allotted to each of these issues based on their significance.
We build a plan in consultation with the management that identifies priority areas, such as revenue, inventory, logistics, finance, and fixed assets.
After approval, we execute the audit as per the planning and keep the management informed through each step.
We first categorize risks in all processes based on their impact and functions.
Eventually, a follow-up action taken report is presented that highlights the status of the observations and issues that remain unresolved. Suggestions are provided to the management to close such issues on a priority basis.
Our Scope in Accounting Services
As business transactions grow more complex, financial reporting can become challenging. As a trusted accounting services provider in Dubai, Eslam Elgendy brings extensive knowledge and years of experience to the table.
We ensure you meet your financial obligations under both IFRS and Generally Accepted Accounting Principles. Partner with us for clear and simplified financial management.
- Company Profile Setup
- Maintenance of bills
- Maintenance of customer invoices and payments
- Reconciliation of bank accounts
- Custom-designed reports
- Quarterly budget reviews
- Payroll and tax management
Why Choose Eslam Elgendy for Internal Audit Services in Dubai
Eslam Elgendy offers top-notch internal audit services in the UAE, backed by a team of seasoned auditors with years of experience in the field. We possess a thorough understanding of various businesses and industries, enabling us to produce audit reports that align seamlessly with your organizational goals.
Expertise
Eslam Elgendy is renowned for delivering quality internal audit services, emphasizing accountability and integrity.
Ease
Our services will serve as an independent advisory resource for your company's management.
Clarity
Eslam Elgendy’s internal audit services also ensure that you can detect any fraudulent activities within your company.
Frequently Asked Questions
Internal audits are not mandatory for companies in the UAE. However, they are highly recommended as they enhance accuracy and transparency in financial statements. Internal audits offer valuable insights and help businesses remain compliant with laws and regulations, including VAT and ESR filings.
The cost of internal audit services varies depending on the size of your organization and the industry you operate in. Several factors influence the pricing. Eslam Elgendy, as one of the leading internal audit firms in Dubai, offers affordable and customized packages tailored to meet the needs of businesses of all sizes.
The audit process begins with internal auditors defining the scope of the audit. They then categorize risks based on priority. Following this, a risk-based internal audit plan is developed and presented to stakeholders for approval. Once the plan receives approval, it is executed, and all observations are compiled into a draft report. The final step involves submitting an Action Taken Report (ATR) to management, detailing the status of the executed tasks.
Internal audits in Dubai focus on ensuring the accuracy of financial and operational information, eliminating discrepancies in statements. Auditors review the methods employed to track and prepare this information, assessing all processes in terms of cost and benefits. This thorough evaluation helps ensure that the business operates smoothly and remains profitable.
Internal auditors are typically appointed by management to deliver accurate and transparent analyses of a company's financial and operational status. In contrast, external auditors are independent professionals who provide an impartial opinion on the company's financial statements on an annual basis.
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