Internal audit

Internal audit and assurance : Saif Chartered Accountants, Dubai

“Internal audit is an independent management function, which involves, a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system’’ according to the Institute of Chartered Accountants of India (ICAI).

Internal auditing is performed by professionals with an in-depth understanding of the business culture, system, and processes, the internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met.

To acquire knowledge of the client’s accounting system, policies and internal control procedures

To establish the expected degree of reliance to be placed on internal controls

To determine and programme the nature, timing, and extent of the audit procedures to be performed; and

To coordinate the work to be performed

As a matter of principle and practice, we are determined to obtain sufficient appropriate audit evidence through the performance of compliance and substantive procedures to enable us to draw reasonable conclusions there from on which to base our opinion on the financial information.

Compliance procedures are tests designed to obtain reasonable assurance that those internal controls on which audit reliance is to be placed are in effect. Substantive procedures are designed to obtain evidence as to the completeness, accuracy and validity of the data produced by the accounting system. The substantive tests include:

We plan our procedures so as to formulate our review and assessment involves forming an overall conclusion as to whether:

We often associate with our clients to know more about their needs, their issues and predicaments. We assist them to evolve a better environment for a fruitful business operation and maintain a sustainable growth as year’s progress. We usually provide qualitative information to assist our clients to locate key issues in various segments of their industry and suggest remedies.

Internal auditing activities evaluate risk exposures relating to the organization’s governance, operations and information systems, in relation to:

We, at Saif Chartered Accountants, assist our clients by providing recommendations for improvement in those areas where opportunities or deficiencies are identified. While management is responsible for internal controls, the internal audit activity provides assurance to management that the internal controls are effective and working as intended. An effective internal audit activity is a valuable resource for management and the objectivity, skills, and knowledge of competent internal auditors can significantly add value to an organization’s internal control, risk management and governance process.

With our professional background, decades of experience and expertise, we can undertake and deliver quality internal audit activities for our clients with a view to enhance their performances based on the cardinal theories of internal audit.