Internal Audit

Internal Audit Service in the UAE

The UAE has a strong internal audit profession with the Internal Audit Department overseeing government entities, and many private sector companies having their own internal audit departments or hiring external audit firms. The Institute of Internal Auditors also has a local chapter that provides professional development opportunities and networking events. The CIA certification is highly valued by employers in the UAE.

The objectives of Internal Audit

Internal audit objectives include evaluating and improving the effectiveness and efficiency of internal controls, identifying and managing risks, ensuring compliance with laws and regulations, providing assurance to management, identifying process improvements and cost savings opportunities, promoting best practices, and providing independent and objective assessments of the organization’s operations and ethical standards.

Evaluate the effectiveness and efficiency of internal controls, risk management, and governance processes
Identify and assess risks to the organization’s operations, assets, and reputation
Ensure compliance with laws, regulations, and internal policies and procedures
Provide assurance to management that financial reporting is accurate and reliable
Review and monitor operations to identify opportunities for process improvements and cost savings
Facilitate the implementation of best practices and continuous improvement throughout the organization
Provide independent and objective assessments of the organization’s operations, performance, and adherence to ethical standards
Improve overall performance and reduce risk across the organization .

1. Internal Auditing Methodology

Defining the Scope of Internal Audit

Risk Management: Internal audit should assess the effectiveness of the organization’s risk management practices by identifying and evaluating risks, determining the likelihood and impact of those risks, and assessing the adequacy of the organization’s risk mitigation strategies.
Governance: Internal audit should evaluate the organization’s governance structure, including the effectiveness of the board of directors, the management team, and internal control systems, to ensure that they are operating effectively and efficiently.
Compliance: Internal audit should ensure that the organization is complying with relevant laws, regulations, and internal policies and procedures.
Operations: Internal audit should evaluate the effectiveness and efficiency of the organization’s operations, including financial reporting, operational processes, and IT systems, to identify areas for improvement and recommend best practices.
Fraud: Internal audit should assess the risk of fraud within the organization and investigate any suspected fraud cases.
Strategic Planning: Internal audit should assess the organization’s strategic planning process to ensure that it is aligned with the organization’s goals and objectives.
Performance: Internal audit should assess the performance of the organization against its goals and objectives and recommend ways to improve performance.

2. Internal Audit Plan Based on Risk

A thorough audit strategy will be developed in consultation with management, with areas prioritized based on the risk category and the nature of the function. Broad topics to be covered (may vary based on industry and management preference)

Strategic Internal Auditing for Smarter Business Decisions

Hidden Risk Is Hurting Your Profits — Our Internal Audit Will Spot It Before Your Regulator Does.

We know that in today’s fast-changing business world, internal audit is more than just checking boxes—it’s a key part of strategy that adds real value. A competent internal audit process can help management make better decisions across the firm, cut down on risks, improve internal controls, and find wasteful ways of doing things.
Herald has become a trusted financial services firm since it launched in 2017. It has a strong presence in Dubai (where its head office is), Al Ain, India, and Qatar. We help firms deal with the challenges of performance and following the rules since we know the sector well and have a worldwide view. To do this, we offer detailed, informative, and practical internal audit services.

Get a Free Internal Audit Quote

Why Choose Us

Why Choose Herald for Internal Audit Services?

Herald stands as a go-to partner for internal audit services in the UAE and beyond. Here’s what sets us apart

Team of Diverse Specialists

Our team includes chartered accountants, risk professionals, compliance specialists, and process advisors. This blend of skills ensures your audit covers all bases while aligning with top-tier standards such as COSO, ISO, and IIA frameworks.

Comprehensive Financial Solutions

Internal audits are just one piece of your financial puzzle. At Herald, we also handle accounting, bookkeeping, and tax advice to provide a full-service solution to manage your finances, stay compliant, and make informed decisions.

Focused on You

We guide. We collaborate. We solve problems together. Our mission is your success, and we see that success in your growth, better performance, and peace of mind.

Testimonials

What Our Clients Say

Our Services

Our Approach to Internal Audit

Speak to an Internal Auditor Today

Herald’s approach to internal auditing is planned, team-based, and focused on the future. We want to do more than just go over a checklist. We want to give you useful information that is tailored to your business model and goals.

Business Process Walkthrough & Documentation

The first thing we do during an internal audit is look closely at how your firm works right now. We look at every workflow, department function, and internal interaction to understand how your operations are organized. This process allows us to:

Chart current processes and identify bottlenecks.
Check alignment with business goals.
Find redundancies or inefficiencies.

We can make sure our proposals are both achievable and useful by getting this full picture.

Internal Control Review

We carefully examine your internal control systems to see how well they are set up, used, and functioning on a daily basis. This includes mechanisms for obeying rules, controlling money, and running a business. Our check provides you peace of mind that:

Controls are in line with what the industry does best.
The risk of cheating, data leaks, and business problems is kept low.
Jobs are spelled out.
Good checks and balances are set up at each key step.

When we spot weak spots, we give you doable ideas to make things better now and down the road.

Finding and Managing Risks

Every business deals with risks. Some are easy to spot, while others are harder to notice. Our internal audit team looks at your risks to identify weak points that might harm your finances, reputation, or how your business runs. This could include:

Financial issues like fraud or errors in reporting
Breaking rules such as tax or labor law violations
Problems in daily operations, like poor handling of inventory or buying processes
Technology threats, like data breaches or hacker attacks
Bigger-picture risks such as market shifts or new industry regulations

We work with you to create plans to counter these risks, helping you stay strong and keep your business running.

Customized Audit Planning

Herald doesn’t think that one approach works for everyone. We make each internal audit plan unique depending on:

Your business model and the industry you work in
The internal controls that are already in place at your company
The size of your firm and where it is located
The regulations you must follow
Your strategic goals

We focus on the areas that are the weakest and those that could use some work. This ensures you get the most out of the audit process. Whether you need an annual review or an audit tied to a specific project, we create plans to meet your needs with precision.

Stakeholder Alignment and Communication

Clear communication with stakeholders plays a big role in making internal audits work well. We engage with leaders from departments, finance teams, compliance groups, and top management throughout the process to:

Set the audit’s focus and what’s expected from it.
Sort out challenges faced by process owners.
Make sure recommendations fit the organization’s goals.
Build a culture of ongoing improvement.

This way, we encourage people to adopt, grasp, and use the findings from audits.

Reporting and Recommendations

At the end of each audit, we share a detailed audit report that includes:

A brief summary of the key results
Observations ranked by priority of risk
An analysis of root causes
Ratings for how well controls work
Suggestions to take corrective steps
Suggested schedules and key stakeholders

We present our findings in clear and simple terms. We focus on providing strategic understanding along with practical steps to make things better.

Want to Strengthen Your Business?

Work with Herald to find new opportunities, control risks, and improve how your operations run. Our team of skilled experts can help you simplify systems, boost compliance, and create stronger confidence in your business.

Book a free consultation today.

Got Any Questions?

Get in Touch with Our External Audit Experts

Our News

Read Our Latest Blogs

View All News

Quick Links