5 Best Practices for Effective Internal Audit

Internal Audit – a must for every organization for various reasons. An internal financial audit gives you an overview as to where your organization stands in terms of quality and compliance, and it also proves to be an investigative exercise to understand the scope of opportunities within the organization. An Internal Audit helps the management to steer the organization most swiftly towards its goals. To ensure effective financial audit services, below are some of the best practices that every organization can follow:

  • Communication is key. Communicate your requirements to your auditor before commencing the audit to pave the way for a smooth audit. Through communication – you can understand the best model which needs to be used for your audit.
  • To ensure a cost-effective audit – focus on the factors that directly impact the internal audit process. This will help you save time and money, as you would have streamlined the entire audit process. Once the scope is reduced, the auditors can focus on the problem areas to give you effective results.
  • A risk management strategy is a must, and this must be applied across workflows. This will help identify the core problem areas and improve the scope of an internal audit. Once the most susceptible assets are identified – and a strategy to better them can be formed and addressed effectively.
  • An auditor must maintain independence through the audit, to be objective around their findings. It’s not about facts or faults when you opt for an internal financial audit – but its about verifying compliance.
  • To ensure an effective and efficient audit, timelines should be maintained. By allocating proper time to each task of the audit process – the desired timeline can be met, keeping the auditor and his stakeholders in sync with the entire process.

Being a key component for every management system, an Internal Audit gives an overview of the processes within their system and their effectiveness – adding value to any organization. If you’re looking for financial audit services in the UAE, reach out to TRC Pamco, a firm with over 17 years of experience in conducting independent audits.