Internal Audit Services play a crucial role in ensuring the efficiency and effectiveness of organizational operations. It's an independent, objective assurance and consulting activity aimed at enhancing risk management, control, and governance processes. At Numoo, we offer comprehensive internal audit services tailored to meet your organization's specific needs in the UAE.
Our internal auditors provide management with independent assurance on internal controls, risk management strategies, and governance effectiveness. They supervise, evaluate, and analyze risks and controls, ensuring compliance with policies, procedures, and regulations. By assessing goal achievement and identifying process gaps, our auditors offer valuable recommendations for improvement.
Aim to evaluate and enhance governance, risk management, and control processes. We assist management in fulfilling their responsibilities by providing objective analysis, recommendations, and relevant comments on various business activities. Our objectives include assessing risks, evaluating internal controls, bridging gaps, managing risks effectively, and ensuring compliance with plans and business requirements.
Defining Scope: We determine the scope of the internal audit based on risk ratings, nature, and audit areas tailored to your industry.
| Risk Rating | Risk Nature | Audit Areas |
|---|---|---|
|
May change based on Industry |
Financial |
Procurement & Purchasing Maintenance of Books of Accounts Accounts Receivable Accounts Payable Inventory |
|
May change based on Industry |
Operational |
Information Technology Fixed Assets |
|
May change based on Industry |
Regulatory/ Compliance |
Finance Compliance |
|
May change based on Industry |
Operational/Financial |
Human Resource & Payroll MIS / Business Reporting |
|
May change based on Industry |
Operational |
Admin/General operations Human Resource |
Risk Assessment Matrix: We use a risk assessment matrix to categorize risks and prioritize audit areas based on likelihood and consequence severity.
Risk-based Internal Audit Plan: Our detailed audit plan is developed in consultation with management, focusing on high-risk areas and key functions such as finance, procurement, and compliance.
Execution: We conduct fieldwork, including walkthroughs, inquiries, and questionnaires, keeping clients informed of the audit process and status.
Reporting: We submit draft and final reports highlighting issues, risk ratings, and recommendations to management for review and action.
Follow-up: We provide an action taken report to track the status of observations and ensure closure of critical issues.
Internal auditing in the UAE provides independent, objective assurance and consulting services aimed at enhancing organizational operations. It ensures better management by improving governance, risk management controls, and achieving business objectives.
The key objectives of internal auditing include:
Internal audit consultants in the UAE follow these processes:
Risk in internal auditing refers to the possibility of an event occurring that will impact the achievement of an organization’s business objectives. It is measured in terms of impact and likelihood and is integral to strategy formulation and objective setting.
Internal auditing involves a holistic approach to an organization’s governance, risk, processes, and control systems. External auditing focuses on the accuracy of an organization’s accounts and compliance of financial reporting to international standards.
Internal auditing is mandatory for companies operating in regulated environments such as publicly listed companies or entities regulated by central institutions like the UAE Central Bank or Insurance Authority. While not mandatory for privately-owned companies, many opt for internal audits to enhance governance, processes, and controls.
Address: Dubai, UAE
Phone: +971 58 659 8810
Email: info@numoouae.com
Open: Monday – Friday
