How can your audit team improve to meet all the stakeholder's needs, in terms of delivering assurance as well as anticipate risk? Let’s figure the top areas where the audit department in your audit firm can improve their performance.
Brand Identity: When someone thinks of accounting firms, does your name pop up as you have a team of innovative professionals who believe in smart work and can help you with the best solutions? If not, well, here is where you have to improve. The moment someone thinks of internal audit; your name must come to their mind given the brilliance of your team.
Management Functions: Internal Audit plays a crucial role in providing effectiveness for all risk management activities performed in the company. Reduce all gaps and redundancies by auditing the end to end risk management functions, this will give you an edge over others and is an important factor in improving your audit department. This will give them the assurance and will keep organizations covered in case of any unanticipated risk consequences.
Reporting Structure: A seamless structure helps you with communication and transparency, helping in the ultimate effectiveness of your Internal Audit department. A linear structure also helps avoid conflicts as everyone reports to the Chief Audit Manager.
Quality over Quantity: Next time, instead of preparing hundreds of reports and conducting numerous audits, take a more strategic approach and see what works better for you as accounting firms in Dubai. Check what will have the most impact on the organization, and make your plans around it. Furthermore, Internal Audit leaders must look at the minute issues as well as be able to see the larger picture. With defined audit parameters and time durations, you will be able to achieve your goals while ensuring your efforts are fruitful.
Check out TRC Pamco, one of the leading accounting companies in Dubai who specializes in Internal Audit and can be the mediator in your organization to improve your audit department.
