Why is internal audit imperative? Internal audit is an essential procedure and effective tool for any organization to uphold information security and conformity program for efficiently and seamlessly managing risk. Simply put, while being in the key positions, a string of questions may strike you like, whether we do the things that we commit or if there are gaps among our objectives, actions, and outcomes? If there are gaps, what are the deficient areas, and how to mitigate them so that we can meet our agreed goals?
In essence, the whole idea of internal audit is to address those issues, unearth if management is on the right track or not, and for guiding them with all possible corrective steps. An internal audit Dubai is conducted through questioning and verifications, professionally and objectively to help enterprises improve its business practices through changing of working culture, operational efficiency, employment of latest technique and tools, risk management and compliance to the State’s prevailing laws and regulations.
Internal Auditing Of Top Management
Top auditors associated with internal audit in Dubai is given the authority and privilege to involve the top management of an organization in its audit procedure by adopting an official risk-based approach to conduct internal audit as specified by ISO 9001. By making the management the most essential part of the audit planning process, conveying them their responsibilities in different areas to be audited and querying plus cross-checking the targets and outcomes, internal auditing happens to be an invaluable tool for absolute development for an enterprise.
To begin with, it is ideal that an internal auditor to arrange an audit checklist to ensure that all requirements that are to be reviewed are taken into consideration. Once prepared, the team of internal audit in Dubai makes an attempt to find out if the management has adhered to the specified ways of practices or has been failed to follow them.
Key Check List for Internal Audit
• Management Commitments/ Objectives
• Quality Policy
• Customer Services
• Responsibility and Authority
• Role of Management
• Internal Communication and Coordination Standard
• Management Reviews
• Misc
Process of Auditing Top Management
The auditor should make use of the appropriate business terminology while interviewing the top management and inquire the relevant questions with a view to obtain evidences of top management’s awareness of and assurance to quality, applicable to its overall business objectivities and management system.
During the internal audit in Dubai, its learned pool of Auditors consisting CAs, CPAs, or CIAs follow all professional code to question and ensure whether the quality manual based commitments are issued from the management and how these are carried out in different steps.
It is the responsibility of the auditors to collect purposeful evidences to establish that the claims what have been made by the management are proof based and exact. Depending on the management hierarchy, internal audit may involve top heads of accounts, production, and staff of other departments also.
The documented objectives, policies, and procedures are considered as the audit inputs whereas the collected sample of evidences and statements made by top management are audit outputs. Accordingly in accordance with the documents collected, the auditor should report if any misalignment or disparity in found with the compliance and evident based outputs.
Report of Internal Audit
Subsequent to the completion of the internal audit, the auditors are required to produce an internal audit report explaining all findings, the positive and negative parts in a presentable manner. The executive summery prepared and reported directly to the topmost management and within the stakeholders who are having official interest with the company matters. Apart from pointing to the pros and cons of quality management, an internal audit needs to suggest on the areas of opportunities and present expert opinion for necessary improvement.
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