Reasons Why Companies Require Internal Audit- RVG Dubai
Every organization is subject to some kind of risk. In the past couple of decades, there have been several instances of fraud in different organizations due to which they experienced a great downfall. Besides, the present slowdown in the economy has provided a more explicit ground to a number of high profile frauds.
Therefore, some internal regulatory bodies such as the UK Bribery Act, USForeign Corrupt Practices Act (FCPA), Sarbanes Oxley Act, etc. have stringently asked the management of the organizations to effectuate an effective risk management framework to avoid fraud. So, companies have started undergoing internal audit Dubai.
With the implementation of the risk management system, the number of frauds has gone quite down. According to some surveys, more than half the frauds within the companies were detected by internal audit reviews. Therefore, being a company, you must get the internal audit of your organization done. Also, if you aren’t getting any efficient auditing services Dubai, visit RVG. RVG provides the best internal audit Dubai to protect your organization from any fraud.
Necessity for Internal Audit Dubai
Dubai is mainly known as the trading and commerce hub. From all over the world, investors and entrepreneurs come here to invest, trade and execute other business purposes. And for the same reason, more audit firms are establishing themselves every passing year.
For the past few years, it has been observed that the contribution of audit firms to the economy of Dubai is excellent. Hence, an internal audit not only lets companies to examine the errors but also plays a critical role in several ways. Here are some reasons why your company must undergo an internal audit:
- Renders Objective Insight: Auditing own work without a definite conflict of interest isn’t possible at all. Therefore, an internal auditor is required. Since they don’t have any operational responsibility, they can easily achieve these objectives. Furthermore, an internal audit function renders value to your company.
- Protection of Company Assets: An internal audit helps organizations verify their assets and suggest the right security measures for protection from fraud. The internal auditors run a program assisting stakeholders and management through a systematic risk assessment.
These help companies to discover gaps and let them allow a remediation plan to take place. You will get to know about any changes made in the environment and any fraud or risks will be minimized by the internal auditor.
- Guarantee Compliance with Rules and Regulation: The audit evaluates the compliances of the firm with audit procedures and policies. When you perform an internal audit on a regular basis, you ensure compliance with all the laws and regulations. Besides, the audit also prepares you for the next external audit. Moreover, it saves you from paying any hefty penalties linked with non-compliance.
- Evaluation of Control System: An internal audit assesses the effectiveness and competence of the internal control system.
- Enhances Company’s Efficiency: Such audits examine the working of the company to find whether results are in accordance with the targeted objectives and being carried out as planned.
- Evaluate Risks: An internal audit investigates company reports for any theft, fraud or misconduct.
With the continuous evolution of internal audit, organizations are stupendously managing the fraud risks and protecting the organization from any kind of security threat. Moreover, the internal audit function not only monitors and detects but also investigate incidences of fraud in the organization when they arise. Besides, internal audit has increased the focus of management of several organizations regarding fraud risks.
In case you haven’t executed the risk management framework yet and are searching for the best internal audit Dubai, you can visit us. We perform both due diligence as well as forensic and fraud investigation.