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Internal Audit and Internal Control ! the difference ?

6/7/2017

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​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. 
Image with text as internal audit and graph of efficiency by implementing Internal audit services of Gupta Accountants an accounting and auditing firm in Dubai
​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. 
Picture as a sign of the ​Internal control
​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.
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    Author

    Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 22 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

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"WE AT GUPTA ACCOUNTANTS, ASSIST IN THE TIMELY AND CORRECT OBLIGATORY COMPLIANCES BY YOUR BUSINESS BASED IN UAE AND ADD VALUE BY REDUCING THE COST OF NON- COMPLIANCE​"
HEAD OFFICE 
PO Box 123 383 Dubai UAE 
T: +971 4 396 7982 
M: +971 55 9893299 
​E:  info@guptaaccountants.com 

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  • HOME
  • ABOUT US
    • GUPTA ACCOUNTANTS
    • MANAGEMENT
    • UNITED ARAB EMIRATES
  • SERVICES
    • ACCOUNTING >
      • Accounting Dubai
      • Accounting Abu Dhabi
      • Accounting Sharjah
      • Accounting RAK
      • Accounting Fujairah
      • Accounting Ajman
      • Accounting UAQ
    • AUDIT COMPLIANCE >
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      • Audit Sharjah
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      • Deregistration Sharjah
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    • VAT COMPLIANCE >
      • Compliance Dubai
      • Compliance AD
      • Compliance Sharjah
      • Compliance Ras Al Khaimah
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    • VAT CONSULTING >
      • Consulting Dubai
      • Consulting AD
      • Consulting Sharjah
      • Consulting RAK
      • Consulting Fujairah
      • Consulting Ajman
      • Consulting UAQ
    • VAT REFUND >
      • Refund Dubai
      • Refund AD
      • Refund Sharjah
      • Refund RAK
      • Refund Ajman
      • Refund Fujairah
      • Refund UAQ
    • VAT VDS >
      • VDS Dubai
      • VDS AD
      • VDS Sharjah
      • VDS RAK
      • VDS Ajman
      • VDS Fujairah
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    • VAT AUDIT >
      • VAT Audit Dubai
      • VAT Audit AD
      • VAT Audit Sharjah
      • VAT Audit RAK
      • VAT Audit Ajman
      • VAT Audit Fujairah
      • VAT Audit UAQ
    • ESR COMPLIANCE >
      • ESR Dubai
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      • ESR RAK
      • ESR AD
      • ESR Ajman
      • ESR Fujairah
      • ESR UAQ
    • UBO COMPLIANCE >
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  • CONTACT
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  • Insights
    • VALUE ADDED TAX - UAE >
      • FAQ - How to >
        • How to check TRN validity in UAE
        • How to de-register under VAT in UAE
        • How to apply for VAT registration in UAE
        • Supplies not eligible for input tax recovery under VAT in UAE
        • Supplies not eligible for input tax recovery under VAT in UAE
        • Input VAT Adjustments under Capital Assets Scheme
      • FAQ - Place of Supply >
        • Place of supply of goods under VAT in UAE
        • Place of supply in case of export of goods
        • Place of supply of specific goods
        • Place of supply of services
        • Place of Supply of Certain Transport Services
        • Place of Supply of Services Related to Real Estate
        • Place of Supply of Telecommunication and Electronic Services
        • Place of supply of services in special cases
      • FAQ - Registration >
        • Introduction to VAT Laws in UAE
        • Frequently Used Terms in Indirect Tax System
        • VAT Registration in UAE
        • Who should register under VAT
        • Tax Registration Number (TRN)
        • VAT registration Deadlines in UAE
        • VAT Group Registration
        • VAT Registration Threshold Calculation in UAE
        • Input Tax Recovery under VAT in UAE
        • What is Capital Asset Scheme in UAE VAT ?
    • CORPORATE TAX - UAE >
      • INTRODUCTION OF CORPORATE TAX - UAE
      • Public Consultation Document Issued
    • Due dates