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Managing risks in an appropriate manner can lead to a company’s downfall. As a result, internal audit and risk management must be approached with laser-like focus. Internal audits conducted by Alya are tailored to the industry, size, risk appetite, and regulatory requirements of your organization.
The internal audit service we provide is customized to fit into your business model and provide the assurance and guidance you need. We assist clients in outsourcing/co-sourcing, internal audit transformation, and internal audit start-up, as well as improving internal controls to increase efficiency. With our extensive knowledge, sector specialization, and technical risk skills, we can customize our services to meet your needs.
We identify the strategic, operational, and financial issues that require assurance and advice for organizations based on our risk-based methodology. Alya then ensures that your systems, processes, people, and working habits are all in sync in order to manage risks and meet your objectives. Having identified control weaknesses, we agreed on priority remedial measures with management, laying out a path for continuous improvement and risk mitigation.
Through a systematic risk assessment, an internal audit program aids management and stakeholders in identifying and prioritizing risks. A risk assessment can assist in identifying any gaps in the environment and allowing for the implementation of a remediation strategy.
You can’t audit your own work without having a definite conflict of interest.By providing an independent and unbiased view, the internal audit function adds value to your organization.
Internal 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.
Before conducting the internal audit, you should identify what processes are going to be audited. Understanding the scope and objectives of the audit process will help you create an audit schedule.
The higher the risk in a specific area of the business the more frequent you would want to audit that business area. It is also essential to understand the nature of the business process you are planning audit so that you can decide the right time to audit the system.
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.