Internal Audit services in Sharjah

Internal audit services have proven very critical as the driving engine for organisation resilience, effectiveness, and sustainability within this very dynamic business landscape of Sharjah. Internal audit will provide stakeholders with a systematic evaluation of the company's internal controls, risk management, and governance processes to give assurance that financial reporting is reliable and accurate, that operations are efficient and effective, and that its activities comply with regulatory requirements. Internal audits are of significant importance in this fast-changing economy and growing globalisation in Sharjah's economy. This is because the current globalisation and technological advancement lead to an increase in the need to update businesses through internal audits so as to reduce risks, make quality judgments, and enhance strategic growth.

What is Internal Audit?

Internal auditing is an independent, objective assurance activity and consulting service that helps add value and improve operations. It is an evaluation based on present and past facts to ensure the achievement of an organisation's objectives.

Benefits of Internal Audit Services

Enhances Operational Efficiency

Internal audit services are keen on improving the efficiency of business operations and, hence, give suggestions to improve the operations. This enhances performance, productivity, and effective use of resources.

Helps Identify Improvement Opportunities

The detailed reviews that internal audits present will highlight where an organisation's systems and processes have inefficiencies, risks, or weaknesses. The business will be provided with ample time to detect before such flaws become significant issues.

Regulatory Compliance

Internal audits ensure business entities comply with governing laws, regulations, and internal policies. This will keep business entities away from expensive legal sanctions and maintain the integrity of their operations.

Guarantees Stakeholders

The internal audit that provides independent and objective insights into a company's governance, risk management, and internal controls assures stakeholders that the organisation is effectively and transparently managed.

Internal  Audit Process in  Sharjah

Phase 1: Initial Planning and Risk Assessment

• Define audit objectives and scope
• Conduct a risk assessment to identify areas of high-risk
• Develop an audit plan and schedule
• Identify key stakeholders and establish communication channels
• Review relevant documents and policies

Phase 2: Fieldwork - Data Collection and Analysis

• Gather evidence through interviews, observations, and document reviews
• Conduct transaction testing and analytical procedures
• Evaluate internal controls and risk management processes
• Identify and document audit findings
• Perform data analysis to identify trends and anomalies

Phase 3: Reporting - Findings and Recommendations

• Prepare a detailed audit report outlining findings and recommendations
• Classify findings as high, medium, or low risk
• Develop practical recommendations for improvement
• Present report to management and stakeholders
• Discuss and agree on action plans and timelines

Phase 4: Follow-up - Monitoring Implementation of Suggestions

• Monitor implementation of recommended actions
• Conduct follow-up audits to verify progress
• Evaluate the effectiveness of implemented changes
• Report on progress to management and stakeholders
• Continuously improve audit process and procedures

Best Practices for Internal Audit in Sharjah

• Adopt a risk-based auditing approach
• Utilise technology to enhance audit efficiency and effectiveness
• Ensure auditor independence and objectivity
• Maintain open communication with stakeholders
• Continuously update knowledge of UAE laws and regulations

Relevant Regulations and Standards in Sharjah

1. UAE Federal Law No. 2 of 2015 on Commercial Companies

2. UAE Federal Law No. 4 of 2002 on Banking and Finance

3. International Standards on Auditing (ISAs)

4. Institute of Internal Auditors (IIA) Standards

5. Sharjah Economic Development Department (SEDD) regulations

Internal Audit Frequency in Sharjah

1. Annual audits for high-risk areas

2. Bi-annual audits for medium-risk areas

3. Quarterly reviews for low-risk areas

4. Ad-hoc audits for specific projects or initiatives

Industries Benefiting from Internal Audit in Sharjah

The industries that require internal audit services in Sharjah include:

• Manufacturing: This is concerned with efficiently producing processes through proper inventory management and strict adherence to health and safety regulations in place.
• Real Estate: Project management and financial controls including compliance with local laws and regulatory compliance by Sharjah real estate are checked during an internal audit.
• Healthcare: Sharjah internal audits ensure adherence to stringent laws of healthcare, maximise operational processes and ensure security of patient data.
• Retail: Internal audits of retailing include its identification of operational inefficiencies, monitoring of supply chains, and improvement in customer service strategy.
• Hospitality: Internal auditing includes maintaining compliance with safety standards, optimising the delivery of service, and managing the risks that connect with guest services.
• Financial Services: Audits ensure the banking and insurance industries have the following regulatory requirements: control of risk and financial accuracy.

Our Expertise

Qualifications and experience of our internal audit team:

Our internal audit team consists of well-experienced individuals with extensive experience in all fields of industries. They are certified in terms of their work being done such as CIA (Certified Internal Auditor), CA (Chartered Accountant), and CFE (Certified Fraud Examiner), thereby ensuring expertise in all the areas of internal auditing.

Using high-tech auditing tools and techniques:

We leverage high-end auditing tools and software in implementing audits efficiently. Our methodologies are best practice-aligned but focus instead on risk-based auditing, which allows us to consider all the critical areas for investigation, giving us strength in identifying weaknesses and providing actionable recommendations.

Commitment to continuous professional development

Our team is committed to being updated on changes in regulation, auditing techniques, and industry trends. Regular training and professional development programs help keep our auditors at the forefront of the field, providing the best possible service for our clients.

Conclusion

To maintain the efficiency of operations, adhere to regulatory compliance, and mitigate risks in the current sophisticated business scenario, organisations in Sharjah must involve internal audit services. It can support the competitiveness and security of businesses by making it easier for them to identify deficiencies and ensure financial accuracy.

As the most reliable internal auditing company in Sharjah, Reyson Badger employs the best professional personnel and uses the most advanced auditing tools along with strict accountability to deliver high-quality solutions. By partnering with Reyson Badger, businesses can strengthen their financial system, improve governance, and be assured that their organisation is in the hands of expert hands.