This article was genuinely published on wistia.com and copied with permission.

While the functions of internal and external auditing in Dubai are complimentary, they still require a specific management style whether it’s Dubai or any other place. Organizational focus on internal auditing is aimed at influencing risk upon itself and creating beneficial changes internally. On the other hand, external auditing has a managerial perspective of monitoring outside entities for any liabilities or concerns that can affect your business adversely. To quickly summarize the differences between internal and external audit functions, we will say that these workers function together to create an efficient environment in ensuring that business objectives are met without incurring undue risks.

Internal Auditor

Internal auditors view the governance, risk, and control systems of their organization holistically. This means they are concerned with non-financial information such as potential hazards that can affect all areas of business. The external auditor is either concerned with the accuracy and correctness of accounts or in some industries more for compliance issues, including whether an organization complies with laws and regulations. Therefore, internal auditing in Dubai is indispensable for any enterprise.

Information

If a manager is going to be audited by someone they manage, they need to make sure that they know every little detail because if not this can lead to problems later on. So as not to feel like their view of the world has been completely shaken, and also so that others do not cringe when confronted with such information. It is useful for managers in the case where the theme of an upcoming business meeting will be precisely what counts as 'critical success factors, or how employees achieve their goals. So, having the right information is necessary for auditors people who are somehow connected with internal or external auditing in the UAE.

Purpose of Auditing

Internal audit has a lot to do with the financial and legal aspects of a firm. Although it deals with safeguarding finances and managing risk, most businesses tend to consider internal audits as separate from the auditing of financial accounts or the like. In fact, most companies will still outsource their auditing services to firms that are specialized in this kind of service, but the value of having internal auditors decreases for companies who can afford to pay for such internal auditor support when they have complete control over their finances without much external threat. Although there is much more to internal auditing that is not publicly known by most people in business. So, all the businesses in the UAE require internal as well as external auditing.

Internal Auditing

Internal auditing is a process whereby an external, independent company evaluates how well a company or organization is run from an operational perspective. This involves a risk assessment and the formulation of recommendations for improvement that help the organization stay in compliance with relevant regulatory laws and industry standards.

External Auditing

External auditing is a way to give your business credibility to investors and customers because they trust you are presenting them with an accurate perspective of the enterprise both in terms of finances as well as directions for future decisions. Not all companies require an audit, but it's required for publicly-held businesses because their financials can potentially be viewed by anyone.

Nevertheless, if you want to get high-end internal and external auditing services in the UAE, consider contacting the House of Business City.