The risks of fraudulent activities are sure to rise along with the growing corporate cultures. In recent years, with Dubai declared as a business hub, lots of cases of forgery and fraud are seen in organizations.
Adding more to the troubles of the business owners in the UAE, the new implication of VAT laws is more to worsen the financial situation of the businesses. Owing to this fact, lots of companies have turned towards top audit firms to get top internal auditing services.
Three ways in which internal auditors help the organizations
Here are the top three methods of helping companies for external auditing.
1. Segregation of duties
You must have heard the famous quote:” work always suits to the hands of those who are skilled to do it.” It is applicable for all those businesses’ who are making this mistake of assigning auditing tasks to their employees. it not only disrespects the segregation of duties but also paves the way for fraudulent activities.
Small businesses often struggle more with this issue of isolating duties between employees. The chances further enhance in larger organizations when people incompetent to handle such matters usually handle incompatible functions.
Hence, internal auditors not only find fraudulent activities with a vigilant eye but makes sure to overcome fraud risks by making adequate recommendations to rectify risks.
2. Monitoring key processes and controls
Where senior management is mindful of running the company and might miss out on watching the critical restraints and processes. Thus, an internal auditor not only serves as a full-time employee of your organization but also works closely with the finance department to inspect critical processes and controls.
Henceforth, it is significant to take services of top auditing firms for the internal auditing process to rectify frauds and risks.
3. Recovering from employee turnover
Small businesses are often heavily reliant on key staff members with specialized knowledge or skills. Without proper documentation of their duties, the loss of individual employees can be challenging to overcome. Internal auditors can aid in developing adequate documentation to describe job functions – capturing that information through tools such as narratives, flowcharts, and diagrams.
This can minimize the loss of knowledge during the employee transition. Documenting policies and procedures can clarify business operations and confirm alignment with management’s expectations.
Are you looking to prosper your business?
It isn’t wrong to say that the business finances and strategies form the backbone of an organization. Having a poorly managed financial framework with loopholes in it is sure to make it come down at knees and get carried away by the government introduced taxation laws.
The scenario can be quite worse for business owners in the UAE, who are new to the general sales tax like VAT. Thus, by reaching out to top audit firms in Dubai for extensive internal auditing service is sure to save your business from the adverse effects of legal and financial issues.
It’ll not only save your business from fraudulent activities but will ensure uplifting your business tremendously by suggesting the best possible financial framework and prevention against frauds.