Operational Audit Service in Dubai, UAE
Operational audit services in Dubai are offered by various firms including accounting, consulting, and specialized auditing firms. These services involve a comprehensive review of a company's operations to identify areas for improvement, reduce costs and increase efficiency. When selecting an operational audit service, it's crucial to look for firms with experience in your industry or sector, provide comprehensive services, and are committed to delivering high-quality work.
Objectives of Operational Auditing
- Evaluate the effectiveness and efficiency of an organization's operations, processes, and procedures .
- Ensure compliance with policies and regulations .
- Identify opportunities for improvement.
- Enhance internal controls .
- Provide assurance to management .
- Identify areas where the organization can improve its operations to reduce costs and increase productivity .
- Verify that the organization is complying with its policies, procedures, and regulations .
- Recommend measures to mitigate the risk of non-compliance .
- Identify weaknesses or gaps in internal controls and recommend measures to strengthen them .
- Reduce the risk of fraud, errors, and other irregularities.
- Communicate findings and recommendations to management .
- Provide independent assurance to management that the organization's operations are effective and efficient .
Is Operational Audit a Statutory Compliance?
There is no legal requirement for a corporation to undertake an operational audit. When Management wants to analyze the company's operational efficiency and effectiveness, an operational audit is performed. It assists Management in increasing the economic savings of financial processes where activities are based on financial statements.
Activities of Operational Audit
Operational audit is the process of evaluating an organization's operational efficiency and effectiveness. The activities of operational audit typically include the following:
- Define audit objectives
- Plan the audit, including identifying resources, timeline, and methodology
- Conduct interviews with key personnel
- Review documentation related to the organization's operations
- Analyze data related to the organization's operations
- Identify areas for improvement in the organization's operations
- Develop recommendations for improvement
- Report findings, recommendations, and areas of compliance to the management team.