How Companies in Dubai Can Develop: Companies in Dubai and UAE should consider the organizational structure for a next-generation organization of internal audit firms in UAE as they adapt and evolve to meet new risks and challenges. An internal audit hierarchy that is traditional may lead to a more traditional approach to internal auditing, which can be detrimental for talent retention and recruitment. The organizational structure that supports these new methods and approaches can and should change as internal auditing evolves.
Good governance is also essential as Dubai, UAE organizations increasingly use digital capabilities and ecosystem partners in their wider transformation efforts. It is important to plan and build an organization that can accommodate this new environment. This means that Internal audit service UAE specialist must have the right tools, capabilities and skills to meet changing stakeholder expectations. This article will discuss some key considerations in internal audit.
Flatter, Faster and Leaner
When discussing organizational structure, one of the most common questions is “How many certified internal audit in Dubai professionals do we need?” However, it’s not about how many full-time employees. The organizational structures that are required for audit functions will change as they adopt new methods.
Next-generation internal audit services in Dubai groups use flexible resource models to gain the skills, experience, or capacity they need. This requires new resourcing models, which are different from traditional ones, that extend beyond internal audit to include the whole business, partners, vendors, and other stakeholders. The structure of the next generation internal audit department must be able to support the effectiveness and efficiency of any audit function that is facing new risks.
The Right Course
The types of services and audits performed should determine the best structure for an internal audit organization. This is not a blueprint. A flatter internal audit function that has more experience performing advisory and consultative work for a business is more likely than one that does a lot of traditional, sample-based, auditing. Testing and documentation techniques are more common in traditional shops. This is because it requires more people to do fieldwork and then pass it on up the chain.
The extent of compliance-related activity is another structural driver. UAE companies that are heavily regulated or that have conducted immense SOX compliance work will have additional workstreams–and infrastructure–dedicated to those deliverables. Due to the nature of their work and regulatory expectations, these Dubai, UAE organizations might need to maintain a traditional, hierarchical organization structure.
You Can Achieve More With Greater Efficiency And Agility
An internal audit leader, once he has a clear understanding of the overall goals of the internal auditor function, can determine the resources required to reach them. The importance of thinking strategically and setting strategic objectives was discussed in the previous column on internal audit strategy. To achieve strategic objectives, it is crucial to have the right organizational structure.
The scope of the work would have determined how many auditors were required to perform it. There are proven methods that enable internal audit companies in UAE to attain greater precision, productivity and efficiency, particularly for internal audit functions who strive to align with best practices.
The internal audit function has experienced slow improvements in the use of advanced technology over the past decade. We believe now is the right time to look into technologies like process automation, continuous monitoring and data visualization. These technologies and others are being used to improve internal audit workflows, reduce time and simplify tedious tasks. These dashboards can also be used to give auditors real-time insight into compliance and risk, which allows them to concentrate their efforts on areas that add value.
Strategic Direction
The structure of an internal audit department reflects its strategic direction. Traditional audit methods, technologies, or governance techniques are more likely to maintain a traditional, hierarchical structure for their internal audit department.
The next-generation of internal audit functions have streamlined their organizations by adopting best practices and fostering a culture that encourages flexibility and agility. They are more likely than others to use a strategic matrix to enable certified internal audit in Dubai teams to work more efficiently across legal entities, risk areas, geographic boundaries, and faster. They are more likely use new technologies to accomplish this task quickly and to employ a flexible staffing approach that includes a mix of variable resources and full-time employees.
Strategic thinking about the structure of the internal audit department is key to delivering added value and achieving organizational goals, especially in dynamic and transformative business environments. Internal audit functions can set the stage for future and current success by defining and building the right structure.
Internal Audit Firms in Dubai Role
Internal audit firms in Dubai, with its skilled team, provides auditing and accounting service to both domestic and international companies. Internal audit firms in Dubai like Farahat and co. are a leading Dubai accounting and auditing firm. offering custom-tailored services auditing and accounting professionals can help clients create a solid internal audit structure and conduct audits in a professional manner. Contact experts for more information.