Internal Audit is an individual department within any Dubai, UAE organization. Other departments may have a vague understanding of internal auditing. What they do know can be misinterpreted and distorted. They don’t understand an internal audit service UAE department’s actual value and importance.
Most departments see the internal audit in Dubai department only as an internal cost center. Every interaction during an audit is a chance for us to market our department. Even if those interactions are distant, they offer us the opportunity to promote the company’s value. These are five ways to highlight the value of internal Audit at every stage in the audit process.
How Can We Market the Value of The Internal Audit Function?
There are many ways to market the internal audit function’s value in practice. Each example below focuses on different functions within the organization at different times in the audit cycle. Marketing internal audit functions are not an action that can be taken once and done only once. It’s an ongoing process.
- Perform the Risk Assessment
We conduct a risk assessment at the beginning of every audit cycle. This usually includes discussions with senior leaders. Ask senior leadership if any future projects could be turned into a consulting engagement. We all know that the Institute of Internal Auditors Standards allows the department to accept consulting engagements provided we have the necessary skills and knowledge to do the work.
- Establishing a Rotational Auditors Program
Talent from the company can be brought in to assist with an audit. This could be a subject matter specialist (SME) or a rotational program. It helps you build your internal audit team and educates people. The Institute of Internal Auditors states that rotational programs can facilitate the sharing of best practices and possibly increase awareness of internal controls and the role of the internal auditor among business-unit employees. We have advocates who can promote internal auditing on our behalf.
- Execute the Audit
Fieldwork is perhaps the best time to show an organization in Dubai and UAE the benefits of internal audit companies in UAE. The fieldwork allows us to present an internal audit roadshow and educate our auditees on how Audit can help them. During the Audit, please explain what you are doing and how it impacts their department. It would help if you addressed their concerns about the consequences of the Audit promptly. Many people in Dubai and the rest of the UAE believe they will be in trouble due to the audit report’s findings.
- Presenting Audit Results
The senior leaders of an entity have the opportunity to link our Audit back to their organizational goals, objectives, and the risks that most concern them when we present the internal audit report. A theme should be used to tie together the internal audit report. A theme is a way to highlight how internal auditing can help each business objective and the entire UAE organization.
- Partnering with other Assurance Teams
Working closely with other assurance groups, such as those involved in enterprise risk management or internal control, we can highlight the internal auditing benefits an organization receives. These teams can be an excellent resource for internal audit planning. We must share our plans and best practices in order to work together. By working closely with other assurance teams, they can see how our goals align with theirs. This helps to dispel much of what is unknown about internal auditing.
How Can We Demonstrate the Value of The Internal Audit Function?
We can demonstrate the value of internal audit to organizations in Dubai and UAE in everything we do. The advantage of working with people from different levels within an organization at every stage of the audit cycle is that we can meet with them. Every interaction we have is an opportunity to market internal auditing’s value. It is up to us to take advantage of these opportunities.
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