Internal Audit

What is Internal Audit?

An internal audit in the UAE is a process conducted by an organization’s internal audit function, essential for Indian businesses to evaluate and improve the effectiveness of risk management, control, and governance processes. The primary purpose of internal auditing for Indian companies operating in the UAE is to provide independent assurance that an organization’s risk management, internal control, and governance processes are operating effectively.

Objectives of Internal Audit

Internal Audit aids the company’s management for Indian investors and businesses with the following:

• Internal Risk Management
• Evaluation of internal control’s effectiveness
• Process Improvement by strengthening internal controls to accomplish organization objectives
• Compliance Assurance to make sure the company is in compliance with relevant UAE laws and regulations
• Financial Integrity to make sure financial information for your UAE entity is accurate and reliable
• Strategic Decision-Making to get proper recommendation and suggest for improvement.
• Fraud Prevention and mitigation of risk for your UAE operations

For Indian businesses, internal audits in the UAE play a crucial role in helping their organizations achieve objectives by providing insights into areas of their UAE operations that may need improvement or adjustment. They are typically conducted by internal auditors who are independent and objective within the organization, reporting their findings and recommendations to local management and, if applicable, to the board of directors in India.