Internal Auditing

Internal Audit Services In Dubai

Internal audit services in Dubai act as a vital health check for businesses, improving their operational efficiency.  At MNK Auditing Of Accounts, we offer internal auditing services in Dubai that help companies find and fix problems before they become serious. Our team provides internal auditing assurance & consulting services by checking if a company is handling risks well and suggesting ways to improve. Using our special internal auditing method, we help businesses reach their goals by making their daily work smoother and more efficient. We also offer an introduction to internal auditing that explains the basics in simple terms so everyone can understand why it matters.

Why internal audit is required?

Internal audit is essential and required for several reasons:

  • Provides Independent Assurance: Internal audit provides of how well a company is run, how it handles risks, and if its safety rules work well.
  • Supports Management in Achieving Objectives: Internal audit helps company leaders find and fix problems, work better, and follow rules so they can achieve what they want for the company.
  • Strengthens Accountability: Internal audit creates a workplace where everyone does their job properly by checking if the rules and processes they’re supposed to follow actually work.
  • Protects Assets:  Internal audit helps protect the company’s money, buildings, equipment, and other valuable things from being stolen, wasted, or lost.
  • Ensures Reliability of Information: Internal audit checks if the numbers and information the company uses to make decisions are correct and complete.
  • Facilitates Continuous Improvement:Internal audit finds ways the company can improve and suggests steps to make processes and safety rules work better.
  • Meets Regulatory Requirements: In some businesses or places, the law says companies must have internal audits.
  • Enhances Stakeholder Confidence: Internal audit shows everyone who cares about the company (like owners or customers) that it’s being run well.
  • Early Warning System: Internal audit can find possible troubles or new risks before they grow into big problems.
internal auditing

How to conduct an internal audit?

At MNK Auditing Of Accounts, we shape our internal auditing services in Dubai to fit what your business really needs. We know every company is different, with its own challenges and goals, so we adjust our internal auditing method like this:

Customized Audit Plans

We don't believe in using the same plan for everyone. Instead, we work with you to create an audit plan that matches what your company wants to achieve in Dubai's business world, giving you effective internal auditing, auditing and assurance services in Dubai.

Thorough Evaluation

Our skilled auditors look closely at your money systems, controls, and how you handle risks, providing internal auditing assurance. We take time to understand what your company can and can't do so we can give you honest feedback.

Helpful Suggestions

Our reports don't just tell you about your money situation - they also give you ideas about what's happening now and what might happen next, which is part of our internal auditing assurance & consulting services.

In-Depth Analysis of Success

We go beyond just numbers when looking at how well your company is doing.showing how usage of internal auditing can really help. We give you insights that help you make smart choices for the future, showing how usage of internal auditing can really help.

Our Range of Internal Auditing Services

MNK Auditing Of Accounts is a leading finance management company where provide the best internal audit services. you can trust for all kinds of internal audit services in UAE. Our smart team really knows how businesses work in this area, so we can make our help fit exactly what you need. Here are the internal audit Dubai services we offer:

Risk Assessment

Our internal audit consultant experts make special reports that show how healthy your business money is. We help you see what happened before, what’s happening now, and what might happen next by spotting risks early.

Operational Audits

These audits aren’t just about money – we look at how your company does its daily work to see if there are better ways to get things done.

Financial Audits

Financial Audit is an  important internal auditing service in Dubai we provide. We carefully check all your money records to give you a true picture of how your company is doing. We look through transaction files in internal auditing to make sure everything is correct and nothing strange is happening.

Making Sure You Follow Rules

These checks make sure your company is following all the laws and rules for your type of business, which helps keep you out of trouble.

Specialized Audits

These are special audit methods designed just for your company’s special needs. They’re an important part of our internal auditing services in Dubai.

Continuous Monitoring

To keep your business safe, someone needs to be watching all the time. Our audit services helps you keep an eye on things so problems don’t slip through.

How can internal audit add value to the business?

Internal audit adds value to a business by:

  • Improving Operational Efficiency: Finding ways that work might be slow or repeated, and suggesting how to make it faster and smoother.
  • Strengthening Risk Management: Our audits helps to check how well a company spots and deals with problems that might happen, and suggests better ways to protect against them.
  • Enhancing Internal Controls: Looking at the rules that keep money and information safe, making sure they work well to stop cheating and keep data correct.
  • Ensuring Compliance: Internal audit make sure the company follows all the laws, rules, and steps they’re supposed to follow.
  • Improving Corporate Governance: Giving honest feedback to bosses about how well they’re running things.
  • Facilitating Achievement of Strategic Objectives: Our certified internal auditor advice  that matches what the company wants to achieve and helps them get there.
  • Providing Objective Insights and Analysis: Looking at different parts of the business with fresh eyes that don’t favor anyone.
  • Detecting and Preventing Fraud: Finding weak spots where someone might be able to steal or cheat the company.
  • Improving Stakeholder Confidence: Helping everyone who cares about the company (like owners, customers, and rule-makers) feel confident that things are being run properly.
  • Catalyst for Change: Pointing out where things need to change and suggesting how to make them better.

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    FAQS

    Internal audit of a manufacturing company involves specific considerations related to its operations. Key areas to focus on include:

    1. Understanding the Business: Learn how the factory works – how they make things, get supplies, store products, plan what to make, check quality, and follow rules.
    2. Risk Assessment: Find what could go wrong in factories like this one (like when supplies don’t arrive, products have defects, machines break down, workers could get hurt, or rules about the environment aren’t followed).
    3. Audit Planning: Make a plan based on the risks we found. This plan shows what we’ll check, what we want to accomplish, when we’ll do it, and what people and tools we’ll need.
    4. Process Understanding and Documentation: Write down and draw pictures of how things are made, including steps and checkpoints.
    5. Data Analysis: Look at numbers about production, costs, quality, and other important information to spot patterns and problems.
    6. Observation: Visit the factory to see how things work with our own eyes and check if people follow the rules.
    7. Interviews: Talk to workers from different departments to understand how they do their jobs and follow rules.
    8. Reporting: Write clear reports that show what we found and suggest ways to make things better.
    9. Follow-up: Check if they fixed the problems we found and see if the fixes are working well.

    Audit criteria are the benchmarks used to evaluate the subject matter being audited. They are the standards against which the audit team compares the evidence gathered. Audit criteria can come from various sources, including:

    • Internal Policies and Procedures: Company guidelines, standard operating procedures (SOPs), and internal regulations.
    • External Laws and Regulations: Legal requirements, industry-specific regulations, and compliance standards.
    • Management Objectives and Targets: Performance goals, strategic plans, and key performance indicators (KPIs).
    • Best Practices: Industry-recognized leading practices and frameworks.
    • Contractual Agreements: Terms and conditions outlined in contracts with suppliers, customers, or other parties.
    • International Standards: For example, ISO standards, COSO framework.

    Clear and well-defined audit criteria are essential for objective and consistent audit findings.

    Internal audit is when a special team inside a company checks how the company works and suggests ways to make it better. This team works on their own, without others telling them what to find. They help the company reach its goals by looking carefully at how risks are handled, how rules are followed, and how the company is run. Think of them like doctors who check a company’s health and give advice on how to stay healthy.

    An internal audit plan is a roadmap that shows what the audit team will check during the year. It focuses on the biggest risks the company faces and what the company wants to achieve. A good plan includes:

    • List of Checks: What specific things they will look at.
    • Goals and Areas: What each check aims to find out and which parts of the company it will look at.
    • When Things Happen: When each check will start and finish.
    • Who Does What: Which team members will work on each check and how long it will take.
    • Money Available: How much money the team can spend on these checks.
    • Listening to Others: What company leaders think should be checked.
    • Room for Change: The plan can change if new problems come up.

    The plan isn’t set in stone – it should be updated when needed.

    An internal control system is all the rules, steps, and habits a company has to:

    • Make Work Go Well: Make sure time, money, and other resources aren’t wasted.
    • Keep Money Reports Truthful: Make sure all the numbers about money are right and honest.
    • Follow Laws: Make sure the company obeys all the rules and laws it needs to.

    Auditors check if these controls actually work well. Good controls help stop mistakes, cheating, and breaking rules.

    The main job of internal audit is to give honest feedback and helpful advice to make the company better. This includes:

    • Checking Things: Looking at how the company is run, how it handles risks, and if its rules work.
    • Giving Advice: Telling company leaders how they could do things better.
    • Following Up: Checking if their advice was followed and if it helped.
    • Making the Company Better: Helping the company keep improving all the time.

    Simply put, internal audit helps companies do the right things, in the right way, and make sure things are done correctly.

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