Internal audit within a company consists of a set of technical procedures whose main objective is to analyze the institution’s integrity and efficiency in various spheres, such as administrative, financial, accounting and operational. Thus, the great importance of audits is to prevent errors, fraud and irregularities from occurring that end up harming the performance and results obtained by the company in the market.
From this premise, it is possible to realize that internal audit is essential for the administrative control of the company because through it are verified the existence of certain internal controls that can contribute to the continuous improvement of its management. Therefore, in addition to analyzing whether the institution’s internal standards and specifications are being met, the audit is also responsible for assessing whether it is necessary to implement new procedures and standards for the company to become even more agile and efficient.
In order for the audit to bring positive results, it is essential to allow the auditor to have full access to the institution’s information, so that, in this way, the process is carried out in a broad and complete manner. Thus, among the activities that must be carried out during the Auditors in UAE, are:
â€¢ Review and evaluation of the efficiency and application of financial, administrative, accounting and operational controls.
â€¢ Determine whether the procedures, rules and other plans in force are being complied with internally.
â€¢ Determine the degree of reliability of accounting data and other information that is prepared within the company.
â€¢ Analyze the level of quality achieved in the execution of the tasks of different departments and internal sectors.
â€¢ Assess what the institution’s strategic and business risks are and define whether they can be improved in the medium term.
Having done all this, the immediate consequences of an internal audit are to benefit the organization through a more effective control of its assets obtained by reducing inefficiencies, disabilities, fraud and errors. In this way, the audit acts as a preventive way to ensure greater asset security and a higher level of confidence in the accounting and administrative reports.
Which aims to improve the project management and customer service industry companies. Multitasking, the tool also has a module called Audit, which is able to assist companies during their internal audit processes through the preparation of action plans and checklists.