Internal audit is a key management control tool that is used by organizations to ensure that the internal processes are consistent and functioning as per the requirements of the business. It is imperative in the case of an internal audit, that the internal audit report submitted should be unbiased from internal politics and should be independent so that the senior management gets a clear picture of the health of the organization through the report.
ARC Associates specializes in internal audits in the UAE and makes sure that the internal audit report submitted provides an unbiased and independent view.
The internal audit focuses on the internal control of the businesses which includes corporate governance, accounting, financial reporting, and IT general controls. In order to conduct the internal audit, ARC Associates develops an audit plan that will outline and cover all the risk factors that would be impacting the day-to-day operations of the businesses. Internal audit also has another objective which identifies breakdowns in the internal control system of the business and helps to safeguard a business against the potential risk of fraud, waste, or abuse, and also helps to comply with all the legal compliance.
Internal audits can be categorized into the following types that focus on a specific type of function performed by the business.