Internal audit

Bestaxca Accounting consists of a multidisciplinary team of professionals with experience in financial and operational control, business process evaluation, risk assessment, and internal audit, complementing the company’s existing internal audit capabilities.

We provide:

• Ongoing audit and monitoring
• Ongoing monitoring and control
• Governance, risk management, and compliance
• Internal control and strategic sourcing
• Internal control systems and consulting services

Bestaxca Accounting assesses a number of business aspects such as ethics and values within the organization, communication channels, performance management, and audit information to facilitate the implementation of a sound governance process. Conducting Internal Audit Services In Dubai helps identify weaknesses in a company’s structure, operational efficiency, and compliance. The internal audit services we offer in Dubai, Abu Dhabi, and Sharjah, UAE improve business performance, enhance business value and strengthen cross-functional coordination.

Internal Audit Services in Dubai, Sharjah, Abu Dhabi, UAE

As a business owner anywhere in the world, you know you have to comply with certain regulations and obligations to the government, and Dubai is no different. Thanks to a booming economy and sensible political regulations, thousands upon thousands of people from the emirate and other parts of the world are flocking to Dubai to start businesses in the hope of high profits and returns, and they are.

Internal control

What is internal control in Sharjah? And why is it important… And what are the guidelines?

As a business owner, one of your responsibilities is to carry out regular audits. An external audit in Dubai, UAE is essentially an audit carried out by an external party (not related to your company in any way), with the aim of obtaining an accurate picture of the company’s financial position. Because audits are carried out by independent organizations, they see and record things as they are.

This is why it is important to have an internal audit in Abu Dhabi, UAE, so that you have the opportunity to improve internal management and correct accounting errors so that reports submitted to tax authorities, investors, etc. speak positively about your company.

Internal audits in Dubai, UAE are useful to get an accurate picture of the internal management of the company, the functioning of the different departments, whether the accounting and financial statements are up-to-date, accurate and free of errors, and whether the objectives have been achieved, whether government guidelines and deadlines have been met, etc. Prior to the external audit, an internal audit in Abu Dhabi, UAE, not only provides an opportunity to identify problems in the company, whether operational, financial or accounting, but also to correct these errors.

Some of the important tasks of an internal auditor in Dubai include:

Assessing risk factors in Dubai, UAE.

Supporting management in assessing internal controls

Supporting the achievement of business objectives by strengthening internal controls

Assessing the performance of processes and risk management

Assisting in identifying gaps in key performance indicators and making recommendations for improvement.

Assisting in the development of plans to achieve business objectives.

Identify and assess problem areas or general situations

Internal audit

Internal audit services – Internal audit

Why choose Bestaxca Accounting for internal audit services in Dubai, Abu Dhabi, and Sharjah, UAE?

Maintaining a rigorous internal audit process is very important to ensure the proper functioning of your company. Bestaxca Accounting provides comprehensive internal audit services in Sharjah for different types of businesses with a view to improving their operations and providing them with high-quality advice in this respect. Our disciplined and systematic approach to this service guarantees you better risk management, better control and of course better corporate governance.

Bestaxca Accounting is not only known for providing high-quality internal audit services in Abu Dhabi, UAE but also for its accountability and integrity. Moreover, these services act as an independent advisory body to the company’s management and work with them to thoroughly review all systems and procedures to ensure that you not only follow proper practices but also comply with government regulations. Another benefit of hiring Bestaxca Accounting’s internal audit services in Abu Dhabi, UAE is that you will be able to detect any kind of fraudulent activity in your business.

Benefits of hiring our internal audit services in Dubai

The benefits of hiring our internal audit services in Abu Dhabi include the following -.

Ensuring compliance with regulations, policies and procedures

Ensuring financial integrity

Identifying and resolving fraud issues

Improving operational efficiency

Professional services/experienced staff in Dubai, UAE

Tailored to specific client needs

Identify high-risk areas and develop plans to control these areas etc.

Updated information on the type of internal audit services Bestaxca Accounting offers in Dubai, UAE 2021.

In addition to providing essential audit-related services such as internal audit, risk assessment/management, audit planning, joint audits, etc., Bestaxca Accounting is also committed to providing state-of-the-art internal audit services in Dubai, UAE to meet your diverse needs, therefore the different types of internal audit services we offer are as follows

Management Audit Services in Sharjah, UAE: This is basically a comprehensive assessment of the company or organization to get an overview of the company’s internal management, identify any issues and rectify them.

Operational Audit Services in Abu Dhabi, UAE: This is a process designed to assess the efficiency, effectiveness and economy of a company’s operations under the direction of the relevant management and report the findings to the relevant authorities.

Investigative audit in Dubai, UAE: Investigative audits focus on detecting fraud, abuse or mismanagement of a company’s finances by evaluating financial processes.

Supply chain audit in Dubai, UAE: This is an assessment of all financial processes related to the flow of goods and services.

Cost Audit Services in Dubai, UAE: This is an important service that helps companies control costs and improve overall cost-efficiency to increase profits.

Due Diligence Services in Abu Dhabi, UAE: This is a service that addresses the overall financial situation of the company and is performed before important events.

Audit of IT systems in Sharjah, UAE: As IT is related to the proper recording, storage and analysis of all financial data, an internal IT audit involves an evaluation of the company’s IT systems.

The role of internal audit in change management

Internal audits can provide information and support to change managers. Change management is about managing the complexity and uncertainty associated with the process. Internal auditors in the UAE ensure that all business activities are in line with the company’s objectives. Change management works to align activities to achieve the set ideas. Internal auditors in the UAE should help define change management objectives, conduct change management risk assessments, support the change process, monitor and evaluate the change process, and conduct reviews and audits of results.

The role of control in modern cybersecurity challenges

Internal audit traditionally deals with proper financial reporting and control. In the UAE, the scope and challenges for internal auditors are expanding in assessing cybersecurity risks and issuing reports to mitigate those risks. The internal auditor needs to understand modern cybersecurity challenges, review and analyze existing controls, measure risk and develop strategy, and understand their role in overseeing cybersecurity risks. UAE internal auditors should also report on losses resulting from cybercrime, such as data theft, financial losses, legal problems, loss of competitive advantage, loss of market share, etc.

What are some tips to avoid mistakes during an internal audit in Dubai?

Internal audit in Dubai is not a one-off exercise but an ongoing process. Tips for avoiding errors in internal audit in the UAE include: increasing the value of the company, avoiding wasting time on micro-management and increasing the adequacy of audit reports. Other advice is to plan ahead, set a clear direction from the start, prepare for setbacks and keep audit reports short, as senior managers often have less time.

What is the role of an internal auditor in Dubai?

In the UAE, internal auditors focus on risk monitoring and careful risk management. There are two main points of internal audit in terms of risk management and governance. Risk management focuses on the authenticity and honesty of financial transactions, safeguarding of assets, regulatory compliance, efficient operations, and meeting goals and objectives. Corporate governance focuses on evaluating the improvement of the corporate governance process to achieve the company’s objectives. In the UAE, internal control is needed when business is booming. This can happen over time and as the scale of operations changes.

When is it time to conduct an internal audit of your business in Dubai?

Internal audits in the UAE are key as they tell management how to improve the overall efficiency of the business. In Dubai, the right time to conduct an internal audit is before the external audit. Situations that may require an internal audit include cash flow problems, new investments, and the discovery of discrepancies in accounting. It is important to ensure that all departments are functioning properly. In the UAE, internal auditors also ensure that there are no problems with the company’s operations or finances.