We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, high net worth individuals, family offices and growing businesses in UAE.
As a part of our operational audit services, we systematically evaluate the organizational activities, internal procedures, and processes. We also prepare the operational audits report. This type of internal audit services Singapore is undertaken to optimize the resources available at the disposal of the company. In addition, helping to streamline the business processes by minimizing waste and maximizing profits is also considered.
It is similar to other audits because it also looks after the overall functioning of an organization by bringing the ethics and principles into picture. You can always choose Alya Auditors for your auditing needs. Our professional UAE auditing services help your company achieve the critical objective, through the optimum utilization of the available resources, and the maximization of revenue and profits.
An operational audit program assists management and stakeholders by identifying and prioritizing risks through a systematic risk assessment. A risk assessment can help to identify any gaps in the environment and allow for a remediation plan to take place.
Operational auditing is beneficial because it improves the control environment of the organization by assessing efficiency and operating effectiveness.
By objectively reviewing your organization’s policies and procedures, you can receive assurance that you are doing what your policies and procedures say you are doing, and that these processes are adequate in mitigating your unique risks.
Increase the productivity of an organization by providing quality results within the assigned time. While examining risk management in a company, an internal auditor can detect any suspicious activities or transactions to prevent any financial crimes.
An independent auditor can help develop benchmarks that can assist the management and employees in improving their company’s operations. The benchmarks ensure standard performance in the organization and increase in the revenue by maintaining and complying to the accounting standards.
Providing audit services customized to the needs of the business of clients
Creating an audit schedule provides the departments with an advanced notice of the upcoming audit. The program will help them have the necessary documentation and records available for review and audit. The internal schedule will also the business of planning for resources required to conduct the internal audit. A surprise audit is not recommended as it may create a disengaged situation and stakeholders will feel threatened by the auditor. It is recommended you share the audit schedule and obtain approval and confirmation.
Being prepared before a scheduled audit is essential as it will simplify and make the whole audit process effective. During the pre-planning phase, auditors need to send an audit plan to department providing information about the audit scope, objective, criteria and possible documentation evidence needed for the audit.
Internal audit can be conducted by different methods such as documentation review, interviewing and observation. Based on the scope and objective of the auditor, the audit shall choose any methodology or combination of all to carry the internal audit. The internal auditor shall sight and examine sufficient hard-copy or electronic records to verify; evidence of compliance with the management system procedures; and effective implementation of process and internal control. You need to ensure the audit is conducted in a fair and unbiased manner.
Recording the findings is vital in the audit process, and auditor needs to list all evidence sighted by record number or record data. The aim of documenting audit findings is to identify gaps in compliance and look at opportunities to fix the deficit and improve the process. Records may also include observation and notes from the interview process. It is recommended that the auditor provide a quick snapshot of the findings quickly at the end of the internal audit to ensure the auditee is aware and also has a chance to clear any questions.
All findings should be reported in an easy to read audit report. Audit reports serve evidence that an internal audit was conducted. These reports should be reviewed and approved by the department manager / top management. The report can also include an improvement / corrective action plan that should need to develop and implemented in the areas where gaps were identified.