The internal control system plays a vital role in the effectiveness of an organization. A recent study conducted at a large corporate firm focused on evaluating the performance of its internal control system to ensure it was meeting the highest standards of accountability and transparency.
The results of this study were clear; the internal control system was not performing as desired, with several problems being identified. The most notable issue concerned inadequate documentation and reporting procedures, which led to uncertainty surrounding access and use of resources within the organization. Additionally, there were insufficient reviews for financial activities resulting in increased potential for errors or fraud. To address these issues, the company implemented a set of corrective measures aimed at strengthening their internal control system. These included improvements in documentation processes, enhanced financial review procedures and tighter access controls over resources to reduce risk exposure from unauthorized activities. An external audit is a process that provides an independent and objective assessment of an organization's financial records. Auditors in Dubai have the expertise to analyze these records, evaluate the effectiveness of internal controls, and provide assurance that the financial statements and other reports provided by the organization are accurate. With more than 20 years of experience, auditors in Dubai are highly skilled at providing reliable evidence-based opinions on various aspects related to accounting and finance. The main purpose of any external audit is to ensure all stakeholders involved with a company have access to reliable information regarding its performance. Auditors in Dubai use their expertise to review management accounts, financial statements, and internal systems while following internationally accepted standards - such as ISA or International Standards on Auditing from IFAC - ensuring that sufficient evidence is obtained for decision making purposes. The internal audit and control system reviews conducted in Dubai have become an important part of the business landscape. The recent development of the economy has led to increased competition, creating a need for organized and reliable audits. Auditors in Dubai are now tasked with ensuring that companies comply with applicable laws and regulations, maintain financial stability, and stay compliant with international standards. Dubai auditors work hard to provide professional services that can help a company improve its internal control systems. These reviews are conducted on a regular basis to understand how well the company is operating financially, help identify any potential risks, and ensure compliance with regulatory guidelines. An auditor’s job includes making sure all financial transactions are accurately documented, all corporate records are up to date, and all assets are properly managed.
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Audits are essential for companies of all sizes and sectors. After all, they ensure management in accordance with rules and laws. That's why there are different types of audits. Know the main ones and optimize your business! Good management involves a series of processes and adaptations to the most varied rules and regulatory laws. From tax obligations to labor, tax, accounting, among others, all must undergo some validation. That is why there are several types of audits to be applied in companies. Auditing is the right process to ensure security and minimize business risks. Without it, it is impossible to assess whether the processes are being carried out properly. Based on what is found in each of these audits, it is possible to certify whether there is compliance in the processes, according to the strategy of each organization. To optimize the control of your routines, check out the main types of audits, why it is important to implement them in your company and how to perform them in 7 steps! What are the most common types of Auditors in Dubai? As you can see, the audit is an essential tool to ensure good organizational management. But which types can you adopt, in practice? First, it is necessary to clarify that we can separate the types of audits in two different ways.
However, these types of audits should not be viewed in isolation. That is, internal audit is necessarily promoted in some sector, for example. Thus, we can structure the audit types as follows: 1 - Internal Audit It is the modality in which someone or a team of professionals from the company itself is responsible for the audits. Here, the objective is to verify if the accounting and internal control processes are effective . In order to preserve consistency between internal procedures and policies defined by the company. Within this type of audit, we can have: Accounting audit His biggest concern is to preserve the company's assets . Therefore, it assesses whether the organization's assets are being managed in accordance with the guidelines established by the company itself. And also, if they are in accordance with accounting principles. Its objective, therefore, is to reduce corporate improbity rates . In this sense, the accounting audit is the procedure that thoroughly examines the company's records and documents. To verify that the information is correct and if there are any changes to be made or corrections to be provided. Accountants already have the conventional practice of checking documents , records and cross-checking data. Therefore, examining the performance of accounting operations through files and cross-referencing information to check for inconsistencies are already basic audit processes. This type of work is quite common, and only requires the organization to have a good accountant, who works with a focus on analyzing processes and results. Tax and tax audit A very important point for the legal security of the company, the tax audit aims to reach laws, regulations, rules and organizations associated with tax law. That is why, often, tax auditing is also included in this effort. After all, tax documents also serve to attest to the regularity of the operation, following the guidelines of the supervisory bodies. In order for them to be successful in their management, it is important to map out the tax and fiscal obligations related to your business, as well as to define a professional or a team specialized in the organization of documents, issues, etc. Operational audit Here, the objective is to evaluate the company's day-to-day functioning , providing an operational diagnosis and proposing solutions aimed at greater efficiency and economy. The main factor to be evaluated here is the relationship between the company's internal processes and the use of resources. Systems audit We know that technology is a great ally of productive and economic operations. That is why, in order to remain competitive, many companies have adopted management software to achieve success and growth. In this sense, these technologies also need to be audited. After all, it is necessary to evaluate the efficiency and performance of the technological solutions adopted by the company . Quality audit The quality audit assesses whether the products or services provided by the company are in accordance with the guidelines established by the company itself . In addition, they check whether they comply with external standards, such as those issued by public authorities responsible for health surveillance . Environmental audit As the name implies, this type of audit is concerned with the impact that the company's activities have on the environment . It consists of investigating the norms or parameters of a company, in relation to its interaction with the environment . Thus, choosing suppliers that pollute less or that do not promote laboratory tests on animals would be examples of solutions in this sense. This type of audit serves to verify that the company is complying with the regulations laid down by laws focused on environmental protection. This is because, in some cases, it can end up leaving aside the ecological aspect to obtain more profits. Compliance audit Here, we can understand compliance as compliance with established criteria and standards , as well as the agreements signed by the company and its respective mission, vision and values. It is an audit that aims to guide all hierarchical levels of the company in order to maintain daily compliance among employees. In this way, adequate supervision is ensured, attentive to transgressions and failures that may go against the company's objectives, such as standards of conduct to serious faults, such as fraud. This audit comes with the establishment of actions and training to raise awareness of the team and preserve the institutional image, which also helps in risk control and adds value to the brand, which operates according to ethical standards. 2 - External Audit The external audit is the one carried out by independent auditors, with no employment relationship with the audited company . As with internal audit, its role is also to evaluate the company's internal systems. Therefore, the ideal is for the external auditor to work in partnership with the internal one. The types of audits performed by the external audit are no different from those promoted internally. Thus, it also makes use of accounting, tax, fiscal, operational, environmental audits, etc. However, what changes is the focus of each one. Generally, when performed by an outside party, the intention is to obtain an ISO quality certification . That is why the professional will assess whether all the required points are being followed in practice. On the other hand, the internal audit is the one that will guarantee, on a daily basis, that the processes strictly follow the rules. That is, preparing the company for this careful analysis by third parties. The external audit also works as a consultancy . Therefore, its focus is precisely to assess the reliability of accounting records. Only through audits is it possible to know if there is a gap between theory and practice. In addition, with them, we will understand what must be done in order to better use the company's resources and achieve the goals set. How to prepare your company for any type of audit? If your company is about to receive an external audit, it is worth analyzing the processes from within and starting with an internal audit to optimize management and control routines in search of non-conformities that need to be resolved. So, check out a step-by-step guide to implement this practice in your business! Create an action plan For the audit to be carried out, it is first necessary to prepare a document with everything that involves the organizational day-to-day. This involves the integration of all sectors of the company. In order to emphasize which are the processes to be analyzed, the reasons for this investigation, who are responsible for each one of them, the deadlines for carrying them out and all other questions about the audit work. It is interesting that this action plan covers the entire year of operations, that is, it is valid for 12 months and is reviewed annually. This will facilitate the scheduling and control of each audit, as well as the delivery of final reports. Formalize the planning This action plan must be known to all employees. After all, those involved need to know the rules and policies of the business. This involvement must be part of the company's culture, and not just happen in moments close to the audits. So, document all actions in order to record and explain everything to employees. It is also interesting to appoint a responsible professional for guidance and clarification of doubts about the procedures defined in the plan. Identify sectors and relate their actions Which areas should be audited? In which processes? This mapping is important because, although most processes are interconnected between more than one sector, the requirements for each area are different. Therefore, it is necessary to identify sectors and establish performance targets for good results in audits. Standardize processes As a complement to the previous item, standardization is essential for the analyzes to be carried out in a coherent way. In addition, they increase the chances of good results in audits, since everything is properly organized. Make a schedule Each of these types of audits is long-term, that is, they are not resolved overnight. As these are ongoing processes that must respect deadlines, it is necessary to establish dates according to the order of priority of each process. Organization is the watchword for the audit to be successful, therefore, the elaboration of a schedule allows employees to deliver the necessary tasks on time, as well as develop good practices for the operational routine. Use checklists The adoption of an online checklist allows the manager to monitor operations in a much more assertive way. This is because technology favors the application of questionnaires, scheduling and data extraction for analysis. Thus, both the day-to-day and the audit process are optimized. The company starts to follow best practices and standardize its processes. What is the importance of promoting the types of audit in the company? Promoting audits is important for companies for a number of reasons. First, we can highlight that it allows managers to have a faithful picture of the business' progress. This facilitates the identification of processes that are correct and also of critical points, as well as everything that needs more urgent action. In this sense, the audit:
Check Here : auditing firms in uae And, in the midst of all these attributions, we can point out 3 main benefits of including the types of audit in your daily life: 1. Improved internal control When the audit analyzes internal processes, it identifies flaws so that they can be quickly remedied. This directly contributes to optimizing the control . After all, it allows monitoring performance and correcting inefficient strategies. In order to promote continuous improvement ! 2. Reduction of failures and deviations If carried out periodically, audits allow for improvements to be made to reduce the occurrence of failures . Consequently, the tendency is for financial deviations to also decrease. Bearing in mind that it is necessary to prove the expenses. And yet, to match what was previously stated. 3. Stimulates good practices The great benefit of auditing is that it creates a more transparent environment . After all, all deliveries are audited. Facilitating the discovery of inconsistencies. In this way, the employees themselves feel more motivated to take ethical attitudes. Not just because they would be discovered. But because they will be following the same line of action as the business as a whole. Read Also : Business audit how it works and how to do Control operational risk for quality accounting information
The accounting impacts all the activities of the organization, like all the processes. Integrated into the engagement of operations or receiving flows, accounting is at the center of information systems by irrigating them with data recorded over time. The accounting procedures are also key pieces for the construction of financial statements restoring the assets of the organization and the result of its activities. The annual accounts consequently do not support errors, malfunctions, or even manipulations of all kinds. Knowing that operational risk is the first factor affecting the quality of accounting, it should be controlled. The drafting of an accounting procedures manual must make it possible to achieve this control objective, by framing the ways of doing things. It is thus likely to limit processing incidents, provided, however, that it rests on solid operational foundations. Points to include in the accounting procedures manual Accounting, like all processes, is not exempt from a procedural approach consisting of framing operating procedures in writing. Writing procedures is an exercise that rarely arouses the enthusiasm of the employees concerned. It is nonetheless essential even if many find little interest in it. A procedure is in a way a rule of the game to be observed. It empowers, but also secures the person responsible for executing it. Regarding accounting, the cornerstone of any process is the manual of accounting procedures, a framework document justifying and conditioning the tasks. It is therefore important that its writing is of quality and includes the following points: Organization of services around accounting services in Dubai : the manual must specify the field of responsibility of all the departments concerning the accounting treatments by type of operation. Between accounting entrusted in part to the trades, or a centralized system where all entries belong to a dedicated department, the processes are different, hence the management of operational risks to be adapted accordingly. Accounting schemes: accounting is a technique based on registration standards to be observed. The determination of the diagrams of accounts for the re transcription of the economic operations is to supervise by persons qualified on the subject, and to integrate if possible in the tools to secure the accounting records at the level of conformity. Accounting procedures: the manual must give meaning to the procedures to be implemented, in a coherent and efficient whole for the production of quality information. Any accounting process must be formalized in order to check its relevance and ensure that the procedural package covers all of the organization's activities. Read also: Auditors in UAE Accounting controls: process point without control since operational risk is everywhere. Controls are, moreover, an integral component of accounting treatments, and not devices that are added and would then be reserved exclusively for a few… With rapid globalization, every Small and Medium Enterprise (SME) can grow significantly and make a big name in the international market. Most companies in the world want UAE to be their foremost country for business continuation and incorporation. There are so many factors to choose UAE, such as multiple business opportunities, an attractive tax regime, less regulation, and a favorable investment environment.
Do you want to migrate to UAE for better business opportunities? By migrating companies to UAE, the businessmen and investors get access to tax planning dimensions. The foreign company can take the advantages provided by the UAE corporate tax-free regime, as well as the wide network of double tax treaties can help the business in this case. The key benefits
Transfer of continuation/Domicile is a method that allows the company to move its domicile from one jurisdiction to another by shifting to the country under whose laws are incorporated or registered. It also maintains the same legal identity. Many companies choose transfer of continuation for different reasons. But the most important reason is to take the benefit of tax neutral environment, and to utilize the network of Double Taxation Agreements, or to get access to the specialist capital markets. In recent years, internal audit has taken on significant relevance at a global level derived from the increase in information and transactions generated by companies, fraud, new regulations and the concern of organizations to generate reasonable financial and operational information for decision-making.
What is internal audit? The Institute of Internal Auditors IIA (The Institute of Internal Auditors) defines internal auditing as “an independent and objective assurance and consulting activity designed to add value and improve the operations of an organization. It helps an organization achieve its objectives Providing a systematic approach and disciplined approach to evaluate and improve the effectiveness of the processes of management of risk , monitoring and governance . " Proper planning of internal audit based on the risks of the organizations is essential for its success. The internal auditor must have the capacity to identify the risks of the organization and suggest the internal controls that mitigate these risks. From my point of view, I consider that the cornerstone of Internal Audit is organizational independence, despite the fact that the Internal Auditor is hired by the organization. The main way to achieve this objective is that the Internal Audit department must report directly to the board of directors and not to the company's management , which allows the Internal Auditor to evaluate the Company's operation without restrictions and without affecting its independence at the time of generating reports and results of your audits. What is internal audit for us? The main function of internal auditing is to evaluate the internal control of the organization, so it must understand, detect and report the risks of the organization, before they materialize and lead to loss or damage. Said risks can be fraud, errors, non-compliance with regulations, among others, that can affect organizations monetarily. When the internal control of an organization is effective, the following benefits are generated, among others:
Internal audit process The internal audit process can be summarized in 5 phases which are detailed below: Planning: During the planning phase, the audit is notified through an "announcement letter", where an initial meeting is planned to define and review the audit process, scope and inherent risks of the operation. Execution (field work): At this stage, the “walkthrough” operation tours are carried out where the operations of the organization and the control points implemented are identified, to later carry out tests on these transactions and be able to determine if the controls implemented in the organization are sufficient and work properly. Properly. At the end of the field work, the Auditor will gather all the findings and corrective actions, which will be presented to the administration and direction of the company. Reports: The final report presents the opinions of the auditors, makes recommendations and the results of the audit. In general, this report must contain at least:
Monitoring In this phase, it is monitored that the findings identified during the internal audit have been corrected by the Organization's management. Fiscal application of Internal Audit and control system reviews in UAE During the last decade in United Arab Emirates, the tax authorities of the country have taken on a significant importance to the “materiality of the operations” , where under certain circumstances the taxpayer must exhibit the evidential means and certify reliable dates that the operations consigned in the documents really they existed and were materialized. Implementing the appropriate controls can also help us to mitigate possible fiscal contingencies such as the adequate documentation of the supplier registration operations, purchase, warehouse and deliverables of the services. In this context, internal auditing takes on an important relevance in all areas of the organizations, reducing the risk of economic losses to a minimum. It is important to have the vision that internal auditing is not only for public companies, but that it should be used in all types of organization for adequate growth. Systems auditing involves the review and evaluation of computer controls and systems, as well as their use, efficiency and security in the company, which processes the information. Thanks to systems auditing as an alternative for control, monitoring and review, the IT process and technologies are used more efficiently and safely, guaranteeing adequate decision-making.
Ultimately, the systems audit consists of:
The analysis and evaluation carried out through the systems audit must be objective, critical, systematic and impartial. The final audit report should be a clear example of the reality of the company in terms of processes and computerization is concerned, to make better decisions and improve the business. Objectives of the systems audit The presence of technology in more and more business areas requires a control, monitoring and analysis system, such as systems Auditors in Dubai. In the first place, it is necessary to guarantee security when processing data, providing it with privacy and good use. Second, to make the computer system a much more efficient and profitable process, allowing errors to be detected and immediate decisions being taken. Thus, we can say that the objectives of the systems audit are:
Therefore, systems auditing is a way of monitoring and evaluating not only the IT equipment itself. Its scope of action also revolves around the control of the entry systems to said equipment (think for example in passwords and access codes), files and security of the same, etc. The systems audit is essential to ensure the performance and security of computer systems of a company that is reliable when using them and ensure maximum privacy. Read also: Payroll Outsourcing: What is it and why do it? Today in the world of IT there are two types of offers for entrepreneurs looking for a company management. The market offers software as is (as it is), available in an open source version or with the saas model (software-as-a-service), or there are qualified companies that offer themselves as a technological partner for the creation of customized software.
Custom software Management software created specifically for your company is considered customized software. Thanks to the professionalism of a software house you will be able to create the most congenial software for your company. It all starts with the analysis phase in which professionals will analyze your business processes and design customized software for your company. What are the advantages of choosing this type of software? In this article " Customized software: advantages and disadvantages ", we have already talked about the advantages and disadvantages of this type of software, click on the links to read it. Software as is What is meant by software as is? It's quite simple, buy software as it is, pay the licenses to use a service as in the case of the saas model (software-as-a-service), or you can download an open source product and install it on your server. In any case, the software you are going to use will be as it was presented to you with all its features without the possibility of modification, in the case of the saas, or you could hire professionals to customize an open source product. What are the advantages of choosing this type of software? In other articles Software as a service: advantages and disadvantages and Open Source software: advantages and disadvantages, we have already talked about the advantages and disadvantages of this type of software, click on the links to read it Three questions to decide your best solution If you have been following us for a while, you will know well that our company has a great experience in designing customized software. At the same time we have also created our very valid company management in saas (software-as-a-service) So if you don't know which path to take, you've come to the right company page. As I have just explained, we are able to offer our customers both "tailor-made" management software and software as a service. This puts us in the position of being valid interlocutors for companies that have to decide which path to take. The first fundamental question you need to ask yourself is the following: Does my company have standard or customized workflows according to my business logic? If your processes are fairly standard, then your company operates according to a simple and functional model, the saas model can be right for you. Read also: Are you looking for ERP Accounting Software solutions in Dubai If not, either choose a customized software solution or ask yourself the second question: am I willing to model my business processes according to the logic of software made by third parties? It is not necessarily the wrong solution to change business processes. There are many companies that work in total chaos, and in my career I have seen many, and in this case a change that is imposed from the outside is welcome. The choice is yours. We for our part, we can assist you with professionalism, whatever it is. The third question is the most venal one, but in business, in addition to goodwill and courage, you need money to make an investment: what is the budget that I can invest in my company management? If, on the other hand, you have a budget to devote to the creation of tailor-made management software, then we recommend that you evaluate our company as a technological partner. The first step to do? Fill in the form below to be contacted by one of our experts for a FREE consultation. Read also: Business Consultant in UAE Doing personal branding with SEO is one of the strategic objectives to take advantage of website or blog optimization. Because investing in your name is a decisive aspect, impossible to ignore.
People trust people, not slogans and sales promises. With this I do not want to diminish the hard work that copywriters do in creating pages dedicated to the sale of a good or service. But for this to work, there must be trust in the brand. That's right, the brand is at the heart of your marketing strategy. Even when you are a freelancer and you have to push your name and surname . Doing personal branding with SEO becomes an obligation, especially in very competitive sectors, but how can you put your business into practice? Can search engine optimization work alongside social media marketing? Sure! Be found with your name and surname If you are doing personal branding the first objective is clear: to make people find your official website with the name and surname. It seems like a trivial passage, but it is not so because you are not always the owner of this combination: it is a keyword like any other and can often have competition that is difficult to find when you have a common name. Or maybe when there is a celebrity with the same name and surname combination. So, the first point to do: create an official website that positions itself well with a brand search. Which, in this case, corresponds to your name? To do this you need to intervene on the main elements of on-page SEO optimization that can make a difference in positioning:
The URL deserves special attention. Do you want to position your website with name and surname? The ideal solution is to buy a second level domain that contains precisely this combination. Do it as soon as possible to prevent it from being purchased by other people. Activate a brand protection strategy SEO is made of this: conquering and occupying strategic positions in the serp. Do you want to do Personal Branding with SEO NYC ? Occupies the main positions on the results page when searching for your first and last name. How? Start buying the domains that concern you with different extensions. The most common ones (.it. .Com) are sufficient, you don't have to spend a fortune. At the same time remember to register the main social profiles with your name and surname: they have a good ranking on Google and can occupy valuable positions to bring the public towards what concerns you firsthand and not towards resources that do not belong to you. Many companies try to open Wikipedia pages for this reason, but often the results are null because this platform has very restrictive policies towards those who try to do marketing. By the way, do you see the box on the side? This is the Knowledge Graph which extrapolates useful information to those looking for your name and surname. To optimize this element you can use the basic search engine settings . Be recognized as a professional Have you positioned yourself with the keyword relating to the name and surname? Perfect, this is a good starting point but certainly not a destination. You can get a lot more out of your strategy. Doing Personal Branding with SEO is important to be recognized as a professional in a certain sector: people must associate your name with certain values and skills. The goal is this: to ensure that your name is associated with a professional sector in the mind of the audience. I have a blog in the pipeline and want to open a structured site? The thought immediately goes to do this you need a typical on-page SEO job, with keyword analysis to build in the best possible way the commercial pages, those that will lead potential customers to become such, and the editorial calendar of the blog. Do we delve into this point? Start blogging (the right way) The blog is essential in personal branding: through an online diary you can intercept information searches and make yourself known by the public as a reference point in a given sector. Helping others to find concrete, useful and well-structured answers is the best way to:
How should I start personal branding with the blog? First put aside any idea of separating domains or creating third tiers. Or maybe the diary corresponds to the home page, and is not bound to a subfolder. In any case, your identity must be linked to that of the blog. This is important for personal branding with Best SEO NYC. Because the positions conquered in the serp will have your name and surname, completing that project for which you must be identified as a professional in a specific sector. And then the inbound links you earn from the blog will help the main domain emerge. Start studying navigation keywords At first you can have null results, but over the years - if you work well - you find that there are navigational searches. That is to say with your brand within the combination entered on Google . This means that there are people interested in what you do. And they use Google to reach you. Monitoring the branded keywords is important for two reasons: recording the diffusion of your name (the presence of these searches is a good result in terms of personal branding) and feeding the sector that made you known. So I can foresee new articles, specific landing pages, specific content marketing works such as the creation and distribution of ready-made models for blog readers. Maybe to be distributed for free or after subscribing to a contact list to do email marketing. Without forgetting that here you have to operate on different signals and set aside a vision based on watertight compartments. And it is in these cases that you can foresee direct Facebook, webinars, different solutions to ride a trend that you have identified thanks to a good keyword research. Doing Personal Branding with SEO means this: having the foresight of those who don't just work in their sector. Do you want to do Personal Branding with SEO? I guess the answer is positive. And it's a good place to start: being aware that search engine optimization can help you get your name out in a competitive sector is important. But that's not enough; you have to work in order to face the sector with the right professionalism. Positioning the website with the first and last name is not the ultimate goal. You have to connect your brand to values, skills, virtuous ideas. Have you started working on this topic? With what results? Leave experiences and questions in the comments. Related Post: SERP Search Results Comments: How Will They Affect SEO? |
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