Internal Audit and Internal Control ! the difference ?

​Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. 

​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:

• Helping protect assets and reduce the possibility of fraud
• Improving efficiency in operations
• Increasing financial reliability and integrity
• Ensuring compliance with laws and statutory regulations (Since the implementation of the Excise tax and Vat tax in UAE it could help you avoid tax penalties due to errors and mistake while filing tax returns and other regular tax compliances) 
• Establishing monitoring procedures

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?

• Professionally qualified and experienced internal auditors in Dubai. 
• Cost Effective internal auditors in Dubai. 
• Compliance to International standards of internal auditing & risk advisory
• Free Advisory
• ​We employ a systematic and disciplined approach to evaluate and improve:
  •             Efficiency and effectiveness of internal controls
  •             Efficiency & effectiveness of operations (including safeguarding of assets)
  •             The reliability of financial and management reporting
  •             The security and reliability of information systems and applications
  •             Compliance with contracts, laws and regulations and
  •             Fraud risk management process (including prevention, detection, deterrence and investigation).
  You can be assured that when selecting Gupta Accountants as an Internal Auditor in United Arab Emirates (UAE) you are selecting a partner that has your best interest in mind.