
Internal Control
Internal controlling with oversight is good enough as a trusted resource. We periodically review transactions and supporting documents for validity and accuracy-act as eye of owner.
Internal audit is an autonomous, objective assertion and consulting activity designed to add value and improve the operations of a business. It supports a business to achieve its objective by bringing a systematic, disciplined approach to appraise and advance the efficiency of risk management, control and governance process.
The purpose and scope of internal audit activity should be aptly broad to meet the need of management to achieve its objectives. An internal audit includes:
- Re-evaluation of each control and analysis in terms of costs and benefits
- Reassessment of the existing system of controls to determine whether it is in synchronization with the structure of the organization.
- Reassessment of the steadiness and sincerity of financial and operating information and the means used to recognize measures and to categorize and report such information.
- Reconsideration of the means of preservation of assets and authentication of the existence of such assets.
Internal Audit Services in U.A.E
Internal Audit services in U.A.E support businesses to enhance the productivity by improving the performance and value of the business through internal audit. Internal Audit support businesses to add value and boost their business operations to achieve their strategic goals and objectives by evaluating and controlling the risk factors and governance processes.
Scope of work of Internal Audit
Through internal audit the top management will understand the nature of risks or threats that will affect the performance of the company and through that way the company will be able to manage and overcome the risk in a proficient way. The efficiency and effectiveness of operations such as the reliability of financial operations, management reporting and compliance with laws and regulations are an integral part of internal audit.
Internal audit may also involve conducting fraud audits to identify potentially fraudulent acts which are participating in fraud investigations.
What is the most important internal control?
The most important control activities involve segregation of duties, proper authorization of transactions and activities, adequate documents and records, physical control over assets and records, and independent checks on performance.