Internal Audit Services Dubai – United Arab Emirates

The Definition, Purpose, Stakeholders and Strength of Push Digits in Internal Auditing

What is an Internal Audit?

An internal audit is an in-depth analysis of a company or organization’s performance in respect to the organization’s business plan or other predefined performance benchmarks. An internal audit provide management and board of directors with vital information about several aspects of the company’s activities and help them move forward with plans to build business and increase profits. Less effective business activities will be pointed out and suggestions to improve effectiveness may be presented. Auditors provide advisory information only and do not have any control or authority over business operations. The actual business activities being audited are usually specified in the mandate calling for the audit. This list of audited activities can include management effectiveness, efficiency of operations, compliance with laws and regulations, or any other aspects of business operation as defined in the audit request documents. Audits may also look into fraudulent activities, the validity of financial reporting processes or potentials for financial loss. The actual scope of an internal audit is defined in the audit blueprint or in the contract with an outside auditor. Audits may be requested by a government agency, a business lender, or the business management. Internal audits may be scheduled in the business plan to keep the business on track. The intent of an internal audit is not to penalize a business but to provide useful information to improve overall business operations or to provide risk assessment.

Why are internal audits performed?

Internal audits are very valuable tools for assuring a business’s management is following a correct path to business growth and profitability. Audits can reveal weaknesses in the management processes in use and suggest changes to ameliorate any discovered weaknesses. A company’s utilization of resources can be evaluated to promote most efficient consumption of resources. A company’s resources will include financial resources, workforce and human resources, natural resources, property – both tangible and intellectual, and anything that contributes to the company’s profit.

Top-level business managers rely on internal audits to understand how the various divisions of an organization are performing. Strongly performing divisions can provide information applicable to weaker divisions. If a division is determined to be non-productive, management may decide to reduce losses by eliminating the division or refocusing the division’s resources in a new direction.

Financial institutions and investors sometimes require internal audits to ensure the financial support they provide is being properly utilized and that the risk to the investment is being managed. Anytime a company’s management suspect employees of improper actions or if outside threats are suspected; an internal audit can identify the risks and suggest corrections or defensive measures.

Changes in government regulations sometimes generate an internal audit to assure compliance with the new regulations. When a marketplace environment changes an internal audit can prepare the business for the changes and/or assess the risks posed by the new marketplace. A basic risk management process is a regularly scheduled (or impromptu) internal audit focused on risk management. The risks that any business is exposed to can be quite numerous. An internal audit focused on risk management will often identify hidden risks and offer suggestions to counterbalance both new and well-known risks.

In many cases, new ventures include scheduled internal audits in the business plan. These scheduled audits determine if the business is performing according to plan. If business performance does not meet expectations the audit can help determine where the weaknesses are and suggest corrections to get the business back on plan.

The actual reasons for internal audits are as varied as the types of information they can provide. The authorization for an audit will establish the scope of the audit and the type of information expected which will be disclosed in a formal document called internal audit charter. Without some specific direction in the authorization documents, the results of an audit will be unpredictable or perhaps unreliable. Requesting an audit without establishing the scope and focus is like hiring someone to paint your car but not specifying a color. Reputable audit and accounting firms will require specific instructions in the authorization documents. If an organization has established an audit division the scope of audits performed by the division will be predetermined when the audit division is set up. Sometimes the scope is specified in the authorization documents.

Our Clients


What They Say About Us

Outsourcing is not necessarily an external option when Professional Accounting Services are rendered with intimacy and high level of commitment. That truly speaks for our experience with Push Digits.
George Yiasemides
COO – Middle East / UFC Gym
Push Digits has helped Mapto Media professionalize our accounting and have so far been a great choice to outsource this function to. It is a pleasure to work with Push Digits and we can only highly recommend them to anyone else who considers the same.
Anders Kargaard
Managing Director / Mapto Media
Farhan is a very responsive business partner to Climax. No matter when we have questions, he always follows up quickly. This is very important when we operate on time zones that are 11 hours apart. Push Digits use of Xero technology is very helpful, providing immediate visibility into our financial information so that we can work together to ensure the financials are complete and accurate. Push Digits works closely with it’s clients to ensure that they deliver timely and accurate information. While our relationship is only a couple of months old, we have been very pleased thus far with the support we receive from Farhan and his team.
Michael T. Love
Chief Financial Officer, Vice President / CLIMAX Portable Machining & Welding Systems
I have started dealing with Push Digits 3 months ago and I have a startup trading business where it has quite complicated transactions internally and externally e.g. expenses, reimbursements, receivables, cash on hand and many others. Push Digits Team knows how to categorize and deal with each single transaction in a professional way. They are always there to answer my questions (morning to late evening) when I make new transactions or advise on how to do effective accounting for my business. Moreover, they also suggested a brilliant clouds based online accounting software called Xero that turns all our accounting work online in a simple friendly way. I would highly recommend Push Digits and their services.
Musab Allahwany
General Manager / Tamara Foodstuff Trading
Push Digits are very efficient and provide a very high quality accounting service. They are very prompt and organized which keeps us very happy. We would very much recommend their services to anyone looking for top notch accountants.
Steven M Curbelo
Managing Director / Brooklyn General Maintenance
“Push Digits team is very professional and responsive. Their work representation is up to the mark. We wish the team good luck.”
Affan Zuberi
Director / Fruitful
We had assign the Inventory data entry work in Tally.ERP 9 Accounting Software of our Company to the team of Push Digits. We feel that Push Digits is very good and capable enough to deliver the results in decided time frame and cost with accuracy in results.
Shriram Gaud
Finance Manager / GME Aviation Services DWC LLC
Push digits is our first choice to receive diversified management services with pronounced flexibility and eminent expertise.
Atif Abrar
Finance and Accounts Manager / Atlas Foundations Company L.L.C.
Push Digits has been very helpful in getting my bookkeeping processes set-up. The staff is very flexible and have been able to provide me with the exact support that I need. I am very grateful for their contributions to my company.
Husni Al Bayari
Managing Partner / Davie & Bay Real Estate

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Who performs internal audits?

Internal audits are performed by outside accounting and auditing services or by auditing departments within the organization. Smaller organizations are unlikely to have dedicated auditing departments so outsourcing this function is the only option. For larger organizations with established auditing functions the decision about auditors becomes more complicated. If an audit is mandated by an external entity such as a lender or a government agency the choice of auditor may be specified in the mandate. Internal audits requested from within an organization will most likely utilize the organization’s auditing functions unless absolute objectivity is very important. The suggestion of objectivity is more easily presented by an outside auditing agency. The quality and integrity of the information reported by the auditor is important. Reputable auditing agencies rely on a strong reputation of integrity.

Who requests internal audits?

As mentioned earlier, internal audits can be requested or initiated by several processes. For relatively new businesses, internal audits are often included in the business plan. These audits are intended to examine management’s effectiveness or to verify the business is operating according to plan. Outside entities such as lenders or shareholder groups can request audits in order to examine the risks to their investments. Government agencies request internal audits to assure compliance with regulations and ethical business practices. Company managers request audits to identify and manage risks; to investigate suspicions of inappropriate activities by employees or managers; to identify under-performing departments and find ways to improve performance; or to identify and defend against outside threats to business success. Regularly scheduled audits are quite often part of management processes intended to maintain awareness of all aspects of business operations and to manage risks.

What information is discovered in Internal Audits?

The information revealed by an internal audit is primarily established by the scope specified in the authorization documents or internal audit charter. The request for an audit will indicate the scope of the audit and suggest the type of information the audit will return. Risk management audits will report on well known and newly revealed risks while providing suggestions for managing the risks. Performance audits will examine and report on the effectiveness of management at all levels or relative performance of various company divisions. Compliance audits will examine and report on how well the company is following government regulations and established business practices.

What qualifies an internal auditor?

The Institute of Internal Auditors (IIA) is an established Professional Network which regulates the world wide recognized qualifications of internal auditing such as Certified Internal Auditor (CIA). IIA provides certifications for individuals as certified professional internal auditors and certified auditors in specific areas of specialization. Any valid accounting and auditing firm will be staffed by certified audit professionals in any of several audit disciplines. Certified auditors will have demonstrated knowledge and understanding of the technical aspects of auditing as well as the ethical principles that are a very important part of the auditing domain. Qualified auditors also practice Continuing Professional Education (CPE) to stay abreast of emerging technology and trends and to maintain valid certifications.

How Push Digits can help

Push Digits internal audit professionals look strategically at how THEY can add value, reduce costs and improve efficiency of your business.

Internal auditing is an independent, objective assurance consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness and risk management, control and governance processes.” (Institute of Internal Auditors)

Push Digits internal auditing can make your company more successful. Push Digits uses a combination of consulting experience and technical knowledge to assist our clients. Our services include informing board of directors and senior management on how effectively existing processes and systems are working to keep the entity on path. Also, we provide recommendations to make those processes and systems more efficient and effective.

Service 1
We will turn your internal audit process into a strategic activity. One major hindrance to initiating or improving an internal audit function is building an image of internal audit’s role as strategic level resource within your organization. This is one area where we excel.
Service 2
Our specialists work with your internal audit participants to build agreement on the wanted role of internal audit function within your organization. We then help you develop and deploy an effective internal audit function focused on achieving these objectives.
Service 3
We have Internal audit resources and support to meet your needs. The internal audit outsourcing solutions we offer can provide you the staff you require to change your internal audit department—no matter at what stage you are in this process.  Our internal audit assets can help you to attain your strategic internal audit objectives in the most efficient and effective way possible. We will show you how to capture the benefits of a quality assessment.

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