How internal audit can help improve business operations
Intern audit is, as its name suggests, an internal activity that takes place upon the choice of the organization. It is not specific to a reason; different organizations choose the internal audit service due to different reasons. The internal audit process evaluates the financial statements as well as operational systems embodied within the organization to properly assess what might be of risk to the company so that proper decision can be made regarding mitigating that risk.
Internal audit in Dubai, Internal audit in Bahrain and Internal audit in UAE will be similar in process, but varied demographics such as age, ethnicity, religious affiliation, monthly income etc dictate the different procedures adopted to carry out the internal auditing process.
Internal control depends upon the organization’s flexibility to allow the auditor do his job. It refers to how the organization runs its different roles within departments, which is what the auditor takes stock of to evaluate if those methods are working for the firm or not. This, on top of financial statements analysis, are the main components of the internal audit plan.
This is where Quantum Auditing plays a huge role. We monitor the proper functioning of the internal controls in all units and operations of the company. In addition, our internal audit process encourages the development of risk management proactively. The aim of our internal control and monitoring system is the prevention of misconduct in financial practice. However, if these faults occur, we also have specific guidelines on how it should be reported, investigated and prevented.
Quantum Auditing also assesses different aspects such as ethics and values within the organization, communication of risk, performance management, and control information within the organization to facilitate a better governance process.
Internal auditing is done for both analysis and consultation purposes. Whenever an external party is involved in the process, it tends to critically assess the situation without any bias. This different perspective really helps in viewing a firm outside of its single perspective of people that already work for and belong to the workforce of the company. External analysis of on-going procedures also helps gain a different view-point of the same processes. Sometimes internal audit is confused with something that is not only done in confidence but also internally by someone belonging within the staff of the organization. But that would remove from the purpose of analyzing the whole financial and operational aspects of the company from a view that is totally detached from in-company procedures.