Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.
Internal control, often referred to as management controls, in the broadest sense includes the plan of organization, methods and procedures adopted by management to meet its missions, goals and objectives. Internal controls also serve as the first line of defense in fraud and violations of laws, regulations and provisions of contracts and agreements.
Benefits of having a good system of internal controls are:
In summary to understand Internal Audit is the reviewing of the Internal Controls set in the business operational activities at all levels. And where ever its found and observed that the relevant internal controls are either missing or are weak then subsequent implementation of an internal control or strengthening the existing internal controls in the company.
Gupta Accountants as an internal audit firm are best suited for your internal Audit & Risk Advisory services in UAE.
Why Gupta Accountants?
Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 19 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE
PO Box 123 383 Dubai UAE
T: +971 4 396 7982
M: +971 55 9893299
Useful Articles on UAE VAT