Who is and What the Internal Auditor Does: Tasks and Career in UAE

Description of Internal Audit and control system reviews work in UAE

The Internal Auditor is the professional who checks and tries to improve the internal procedures of the company. It ensures the correct performance of the administrative and financial practices (auditing ), checks the effectiveness and efficiency in the management of the main company processes (eg procurement , ICT, HR, risk assessment and management) and verifies compliance with applicable laws, regulations and regulations .

It operates independently with respect to the business units it is required to monitor, and the audit activity is accompanied by that of consultancy on how to resolve any critical issues and make the various business processes more efficient.

The main focus of the Internal Audit and control system reviews Auditor’s work is the analysis of the company’s main activities , and the assessment of the overall risks: it therefore deals with the company ‘s balance sheet and income statement, periodic verification of accounting requirements, verification of assessments economic / financial and tax due diligence . It also performs compliance audits to determine the compliance of company activities and processes with reference to laws, operating procedures, regulations and codes of conduct, and to identify the risks and weaknesses of the internal control system — also with a view to fraud auditing, in order to avoid fraud and illegal behavior.

For this purpose, the Internal Auditor in UAE conducts interviews with workers and managers of the structures to be reviewed, analyzes the documentation provided and draws up final reports. The Internal Auditor then communicates to the company management the findings of the audit activities, any control deficiencies and the possible solutions identified. It shows the results, highlighting the problems that slow down and threaten the efficiency of the organization and proposes actions aimed at improving the processes of control, risk management and corporate governance.

The activity usually follows an annual plan of audit interventions, to periodically and systematically monitor the effectiveness of the internal control procedures, accompanied by ad hoc audit projects and controls, to address specific critical issues.

An Internal Auditor works directly reporting to the Internal Audit Manager in companies and organizations in all sectors, both private and public: usually it comes to Business Valuations large and medium sized corporations and corporate groups with a complex operational structure.

There are also auditing companies such as KPMG, EY, PwC, Dubai land and Deloitte that employ professionals to perform internal audits at companies and their client organizations.

The ‘ working hours is usually a traditional full time ; overtime hours can be requested as important deadlines approach. In addition, those who work in the team of internal audit is often required availability to transfers in various plants, branches and offices all over the territory to monitor the situation for, meeting and interviewing of each level workers, and checking that the actual situation corresponds to data recorded in management programs.

Tasks and Tasks of the Internal Auditor

The duties of an Internal Auditor may vary depending on the different situations in which it operates, but usually include:

· Planning and implementation of audits

· Analysis of business processes and key company activities

· Audit

· Risk assessment at the company level

· Analysis of the functioning of the internal control system and identification of the gaps

· Controls related to corporate compliance

· Verification of compliance with the regulations in force

· Drafting of periodic audit reports to be presented to managers

· Proposed interventions to improve the efficiency and compliance of company procedures and standards

· Monitoring of action plans and follow up

How to Become an Internal Auditor? Training, Requirements and Qualifications

The training required to become an Internal Auditor is usually a degree in economics and finance: Economics, Business Engineering, Business Management, ERP Accounting Software solutions and the like, or even a degree in law.

Regardless of academic training, in the job offers for Internal Auditor knowledge of international standards and Internal Audit methodologies is required, knowledge of process analysis activities, internal control frameworks and the main reference regulations. Furthermore, an Internal Auditor must be competent in issues such as: data collection, analysis and interpretation, risk assessment and management, fraud detection and fraud (fraud audit / whistle blowing ), business ethics.

The various certifications for internal auditors are considered a plus, such as the qualification of CIA (Certified Internal Auditor) . There are also several training courses, which are useful for career progression and to keep their knowledge up to date with the best practices of ‘ Internal Auditing modern.

Preferential title is represented by the attainment of the qualification for the profession of Legal Auditor and / or Chartered Accountant.

Skills of an Internal Auditor

The main skills required in job offers for Internal Auditors are:

· Ability to analyze data, summarize and report

· Knowledge of auditing techniques, principles and best practices of Internal Audit

· Knowledge in accounting matters

· Working knowledge of the reference regulations

· Mastery in the use of IT tools (MS Windows applications, SAP, database, ERP)

· Excellent organizational skills

· Excellent management and communication skills with different stakeholders

· Flexibility and ability to manage stress

· Preparation for team work

· Professional integrity

Career Opportunities and Internal Auditor Careers

Internal Auditor’s career

The Internal Auditor’s career usually begins in the role of Audit Assistant , a job that allows you to accumulate practical experience in internal auditing focusing on specific aspects of the business .

Anyone who has at least 2/3 years of experience as Internal Auditor in structured companies or multinational companies, or as an auditor in a consulting or auditing company, can then move on to the position of Senior Internal Auditors in Dubai.

A career option is also that of consulting in Internal Auditing, either independently or at auditing companies that offer Internal Audit services. This opportunity is suitable for professionals with many years of experience, who have already developed strong skills in the consulting field.

Good Reasons to Work as an Internal Auditor

The Internal Auditor profession is suitable for those who tend to be curious , and loves to investigate the situations they encounter, to ensure that they do not hide critical problems.

The role of the Internal Auditor is of great importance in a company: its analyzes make it possible to add value and improve company procedures, and to assess the efficiency, compliance and financial regularity of business processes. This makes work always stimulating and dynamic, and requires high professional standards.

Finally, there are excellent career opportunities in the field of auditing, even at the international level, which make it possible to achieve very competitive salaries.