A Guide on the Best Way to Conduct an Internal Audit by Approved Auditors

Aug 2020

The maintenance of company records and data turns out to be a challenging task. The conventional belief emphasized the maintenance of cash inflows and recording business transactions. However, modern rules pay attention to every possible touchpoint to understand the business more conveniently. Internal audit has been one of the emerging concepts that every business needs to implement to understand and streamline the work process in an organization. It stands as an essential tool to improve internal efficiency, control leakage, and to achieve the business goals smoothly. Technology is one of the most prominent business drivers, has been helping the business entities to accept the internal audit process, and carry out the process in a much convenient way. This blog is to shed light on the emerging forms of internal audit that you should be aware of while managing a business entity.

The Concept of Internal Audit

The audit is the exhaustive paradigm shift but broadly refers to an activity which is carried out by professionals to understand a business entity’s performance. The internal audit process ensures that a business entity accomplishes its objectives by a systematic, disciplined approach to evaluate and improve the business proceedings at an internal level. Streamlining the internal process will help a business to focus on the business goal and build a better transactional accuracy.

How to Proceed?

An internal process is generally carried out by the internal employees of a company. However, proceeding ahead with the internal audit process with less knowledge or blindly stands like one is trying to achieve a goal but is unclear about the path to be chosen. The United Arab Emirates demands systematic business records when it comes to the audit process, and small negligence in any part might lead to cancellation of business license. The most convenient way chosen by business owners decide to step into the audit process is by having a consultation with audit experts who stand as professionals.

Why Audit Experts?

Be it external or internal audit process; the best way to proceed ahead is to have a consultation with them. To know the difference between the external and internal auditors and the work process, click here. The core reasons for selecting an audit expert by professionals are:

1.Work Proceedings and Techniques

Professionals so have their style of getting things done, and is focused on meeting deadlines. The way an experienced professional would work is going to be entirely different from that of a non-experienced one. The techniques and tools used during the process help a company to complete the required proceedings quickly.

2.Highly Experienced

The mindset of an experienced auditor is entirely different from a newbie in the market. Dealing with highly experienced professionals will not only help you to sort the audit needs but also you will get an idea about the other domains like accounting and tax. Another reason that business professionals prefer to go ahead with experienced auditors is that they are well-versed and have got hands-on experience in different industries.

3.In-Depth Scrutiny

The audit process is all about scrutinizing the company accounts, measuring the methods implemented and the work-pattern inside the organization. An experienced internal auditor will carry out the procedures by deep-diving, which will help you to understand the fraudulent process (if any) or the specific areas that have got relevant loopholes.

4.Holds Market Insights

Another core reason behind choosing expert auditors is that they always keep a track on the market scenario and can foresee the future in a better way. This skill helps business investors to boost their business more effectively.

5.Aware of Legal Proceedings

Knowledgeable audit experts always keep a holistic view while carrying out the audit process as they are aware of the legal proceedings that need to be met by the business entity. Abiding the statutory regulations stands as a mandate for any business entity, and forbidding the stated rules will stand as an obstacle for the entity and investors.

6.Provides Effective Solutions

Skilled internal auditors stand at a better position to ensure effective solutions after digging in-depth regarding the that has been figured out during the audit process.

7.Clears the Path for External Audit

The proceedings carried out during the internal audit process helps the organization to meet the necessary steps when it comes to the external process. An external audit process is carried out by an external auditor, at the end of which, an audit score gets assigned to the business entity. Higher the score, higher the goodwill in the eyes of the auditor, investors and the government.

How Can JAXA Help You?

At JAXA, we hold an experienced team to focus on carrying out the company essentials at a fast-pace and in a hassle-free way. We make sure that the internal proceedings will be carried out effectively by our audit experts, who hold in-depth industry experience and can provide tailored solutions quickly suiting your business needs. In case, you have any query, or want to get friendly advice, do contact us today-we’d be glad to assist.