To understand audit first of all there are things which you need to understand, you must have heard about internal control. Not all of you are known to what internal control is! Basically internal controls refer to the management control in terms of planning, procedures and methods used by the company. Whenever there is an audit in the company people get very conscious, well is there would be a good internal control, you won’t feel nervous at all. There are so many approved auditors in Dubai which can help you in understanding where does your company stand in the market place. Before understating the audits, you need to understand the internal control system.
You are aware of the fact that every company has its own goals, now those goals can be achieved if the management plays a strong role. There are so many benefits of good internal control, some of the major benefits are
· A good internal control system helps you in protecting the assets of the company which surely reduces the risk of fraud. When the risk of fraud decreases then surely it gives you the peace of mind.
· When there is a good internal control system, the organization experiences improvement in efficiency.
· A good internal control system enhances the financial reliability
· If there is a perfect internal control system in your organization, the organization experiences the massive growth in terms of profit.
All you need to know about internal auditing
Basically internal auditing is really beneficial for a company. If a company goes for an internal audit, the company gets to know about the effectiveness of the internal control, the company gets to know about the lags coming in between the internal control system. A company gets the overall report what is good in the company, what is bad, what needs to be minimized and what needs to be done more. You can say that internal audits show you the real mirror.
How internal audit does measures the effectiveness?
Assessment of risk
Internal audit helps you in assessing the risk, it helps you in knowing what parts to be worked on, what parts need most of your attention.
Internal audit helps you a lot in identifying the lag between several processes, it helps you in knowing where the gap does exists and how it can be tweaked.
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