Role and Functions of Internal Auditors in UAE
Every business in the UAE needs to check its growth and plan its future. A company must keep financial records clear to follow UAE rules. It must obey tax laws, VAT rules, and filing requirements to avoid trouble. If a business ignores these rules, it may face big problems. Here is why Internal Auditors are very important in the UAE.
An expert internal auditor can help with clear reports. The audit report shows how stable a company is. It gives business owners confidence about their financial health.
Meaning of Internal Audit
Internal audit is an independent and objective activity. It improves operations and adds value to the business. It uses a disciplined way to check risk management, control, governance, and legal compliance.
Who is an Internal Auditor?
An internal auditor is a skilled professional hired by the business. The auditor helps find problems quickly, protect reputation, and stop financial loss.
Purpose and Scope of Internal Audit
Internal audit has a wide scope. It includes:
- Checking controls and comparing costs and benefits.
- Reviewing control systems to match company structure.
- Checking financial data for accuracy.
- Making sure company assets are safe.
- Finding process weaknesses and improving them.
- Creating a strong internal control system.
Role of Internal Auditors in UAE
Internal auditors help a company grow and stay safe. They:
- Report risk factors.
- Check operations for efficiency.
- Advise management about improvements.
- Review employee treatment and environmental effect.
Functional Areas of Internal Auditors
Internal auditors work in many areas:
- Proper company governance.
- Risk management assessment.
- Checking financial reporting accuracy.
- Protecting assets.
- Ensuring legal compliance.
- Detecting fraud through audits.
- Helping in fraud investigations.
- Checking internal controls after fraud cases.
Types of Internal Audits
- Performance Audit: Checks if company is meeting goals.
- Regulatory Audit: Ensures law compliance.
- Operational Audit: Reviews internal controls.
- Environmental Audit: Checks effect on environment.
- IT Audit: Reviews systems, data safety, and privacy.
Process of Internal Audit
Internal audit process has four phases:
- Preparation.
- Fact-finding.
- Presentation.
- Re-examination.
Why Hire an Internal Auditor in UAE
Businesses need internal auditors for many reasons:
- Precision in Financial Reports: Ensures trust and accuracy.
- Fraud Protection: Finds fraud and stops losses.
- Experience: Skilled auditors analyze data for future goals.
- Control Verification: Confirms company systems work well.
- Law Compliance: Ensures no legal penalties.
What Can Help – Mubarak Al Ketbi (MAK) Auditing
Mubarak Al Ketbi (MAK) Auditing can help businesses with internal audits, compliance checks, and fraud detection. We guide companies to grow safely and legally. As they say, an ounce of prevention is worth a pound of cure.
- For more information visit our office: Saraya Avenue Building – Office M-06, Block/A, Al Garhoud – Dubai – United Arab Emirates
- Or contact/WhatsApp us: +971 50 276 2132
