Internal audit can improve an organization's performance in the UAE
- Identifying and mitigating risks. Internal auditors can identify and assess the risks that an organization faces, both financial and operational. They can then recommend ways to mitigate those risks, such as implementing new controls or procedures. This is especially important in the UAE, where there are complex financial transactions.
- Ensuring compliance with laws and regulations. Internal auditors can help organizations ensure that they are complying with all applicable laws and regulations. This can help to protect the organization from fines, penalties, and other legal action.
- Evaluating the effectiveness of internal controls. Internal auditors can evaluate the effectiveness of an organization’s internal controls. This includes controls over financial reporting, operational processes, and information security. This is important in the UAE, where there is a strong focus on corporate governance.
- Providing assurance to management and the board of directors. Internal auditors can provide assurance to management and the board of directors that the organization is operating effectively and efficiently. They can also identify areas where improvements can be made. This is important for organizations that are looking to attract investors and lenders.
- Recommending improvements to operations. Internal auditors can identify areas where an organization’s operations can be improved. They can then recommend specific changes that can be made to improve efficiency, effectiveness, and profitability. This is important for organizations that are looking to stay ahead of the competition.
In addition to these specific benefits, internal audit can also help to improve an organization's overall performance in the UAE by:
- Promoting a culture of ethics and compliance.
- Fostering a sense of accountability throughout the organization.
- Providing a forum for identifying and addressing problems.
- Helping to improve communication and coordination between different departments.
By providing these benefits, internal audit can help organizations to achieve their strategic goals and objectives, improve their financial performance, and protect their assets.
Here are some specific examples of how internal audit has improved an organization's performance:
- A large financial services company was able to identify and mitigate a significant risky scheme that was costing the company millions of dirhams.
- A manufacturing company was able to improve its compliance with environmental regulations, which saved the company from fines.
- A healthcare organization was able to improve its patient safety record by implementing new procedures that were recommended by the internal audit team.
- A government agency was able to improve its efficiency by eliminating unnecessary spending and streamlining its processes.
These are just a few examples of how internal audit can improve an organization’s performance. By providing independent assurance and consulting services, internal audit can help organizations to achieve their goals, protect their assets, and comply with laws and regulations.
