Internal Audit Services
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A good internal auditing system ensures better management of an enterprise by improving its governance, risk management, and management controls. Our Internal Audit team has been helping enterprises – comprising family-owned businesses in Dubai, in ensuring that their assets are protected and that enterprise-level risks are well addressed. Our team adopts a risk-based approach to evaluate and mitigate organizational risks. Further, we also help clients in managing their costs, improving business productivity, and moving their performance to the next level.
Advantages of Internal Audit Services
The Internal Audit department is one of the most significant pillars of an organization and as such, it requires highly skilled internal auditors who can function without any bias and internal conflicts. Many entities find it difficult to maintain an in-house internal team and hence plan to outsource.
Outsourcing the Internal Audit function has several significant benefits which include the following.
Reduces cost and time: An in-house internal audit team is more expensive than an outsourcing company. Outsourcing helps entities reduce cost, along with giving employees sufficient time to focus on the core activities of their business.
Unbiased Appraisal: An external party can give better insights about the performance of a company, compared to employees within the firm. There are fewer chances for conflict, ego and competition, and it can also lead to novel ideas & proposals for enhanced performance and alleviation of risks & control.
Imparting industry best practice: Independent consultants have a better understanding of issues, be it industry specific or general. They would have helped numerous companies with their internal audit function and hence will have an upper hand in analyzing and solving issues.
Functional Diversity: An outsourced internal audit team is likely to have domain experts from diverse fields such as Finance, Operations, Human Resources, IT and even Strategy. People with diverse skill sets are an asset and it is usually rare to find it in a relatively smaller internal team.
Assures independence:
An internal audit team within the organization might feel less empowered when compared to an outsourced team, as the possibility of management not giving heed to their opinions are quite high. They can’t operate independently and according to their will.
Objectives of Internal Audit
Internal auditing assists ATF Global’s management in the following areas:
- Internal Risk Management: Identifying and managing internal risks.
- Evaluation of Internal Control Effectiveness: Assessing the efficiency of internal controls.
- Process Improvement: Strengthening internal controls to achieve organizational objectives.
- Compliance Assurance: Ensuring compliance with relevant laws and regulations.
- Financial Integrity: Ensuring the accuracy and reliability of financial information.
- Strategic Decision-Making: Providing recommendations and suggestions for improvement.
- Fraud Prevention: Mitigating risks and preventing fraud.
Internal audits are crucial for helping ATF Global achieve its objectives by providing insights into areas that may need improvement or adjustment. These audits are typically conducted by internal auditors who are independent and objective within the organization, reporting their findings and recommendations to management and, if applicable, to the board of directors.
Role of an Internal Auditor
The role of an internal auditor at ATF Global is to provide an independent and objective assessment of the organization’s processes, controls, and risks. By doing so, they contribute to the overall governance, risk management, and control processes, aiding ATF Global in achieving its objectives efficiently and effectively.
Objective of Internal Audit
Internal audit helps in enhancing the overall governance mechanism of the organization, including the strategic risk management, internal control system & processes.
An effective internal audit function is a valuable resource for any entity that helps them achieve their goals.
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