Internal Audit
Internal audit is a critical function within an organization that involves assessing and improving the effectiveness of risk management, internal controls, and governance processes. Internal auditors provide independent evaluations of an organization’s operations, ensuring that everything is functioning according to established policies, laws, and regulations. The goal is to help the organization achieve its objectives while safeguarding assets, ensuring accurate financial reporting, and ensuring compliance with legal and regulatory requirements.
Key responsibilities of internal auditors typically include:
Assessing Risk Management: Identifying and evaluating potential risks that could affect the organization’s ability to meet its objectives.
Evaluating Internal Controls: Testing and reviewing the effectiveness of internal controls designed to prevent fraud, errors, and inefficiencies.
Reviewing Financial and Operational Processes: Ensuring the accuracy and reliability of financial reporting and assessing the efficiency of business operations.
Ensuring Compliance: Verifying compliance with laws, regulations, and company policies, especially in areas like financial reporting, tax compliance, and industry-specific regulations.
Providing Recommendations: Offering practical recommendations for improving processes, controls, and governance to mitigate risks and enhance operational effectiveness.
Reporting to Management and the Board: Communicating findings and offering insights on areas of improvement to senior management and sometimes to the board of directors.
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