Ways of Guaranteeing Success in Internal Audit under Accelerated Environment
The world is highly dynamic. Additive manufacturing and virtual reality are changing the way things are made. Autonomous drones are taking over delivery services. The era of big data analytics enables users to comb through vast amounts of information and find new insights. Cloud computing and mobility are transforming work environment. Internet of Things has changed how humans interact with end points. All these changes have had an impact on internal audit.
However, they have also led to an acceleration in both risk increase and evolution hence the question; “what does this all mean for internal audit firms in Dubai and other users of financial statements?” Can we do business same way as before or should change occur quickly? We look back at past events or consequences or we look backwards on risks that were present, or insight on managing risks today, foresight (anticipating the risks of tomorrow).
What needs to be done urgently so that UAE internal audit teams can perform internal audits quickly thus reducing risk?
What measures can be taken by internal auditors companies in UAE and financial consultants to add value keeping their organizations?
These Are The Five Keys To Success That Dubai Based IA Firms Recommend For Dubai, UAE Company Teams In Audit Management Solutions And Implementations.
Defining Success
For many projects it may seem obvious but there is often no clear success criteria. It is important for internal audit services in UAE to understand what drives implementation efforts and what they want out of the project from a business perspective. What will they use for measuring company success? How will certified internal audit measure success in Dubai? How will internal auditors know when they have succeeded?
Prioritize Your Needs And Wants
There are numerous configurations available regardless of which AM system is selected. Actions speak louder than words’ holds true for many organizations based in Dubai, UAE as they concentrate solely on features without looking at the enterprise view.
These Are The Questions To Ask Yourself. What matters most to you and your organization? Which are the essential elements concerning which strategic and operational processes will be laid down? These are what one should channel all their attention on. Keep in mind that which simplifies human life. A simpler interface equals faster user adoption. This is key to long-term success.
Document Your Business Processes, And Identify Them
Software systems play a major role in business processes. The best Audit Management Systems allow for flexibility in implementation. Several systems can handle complex business processes. The configuration of your system will depend on your process design for the project’s success. It is good to plan out and document your process before you implement it into the system. Then, design, configure and finally document “future state”. By reviewing and optimizing processes that add the most value, you can transform your company.
Internal Audit Teams In Dubai Should Ensure They Have The Right People Whose Skills Are Relevant And Authority Is Clearly Defined
Engaging the right people at the right time is what makes projects successful. For UAE organizations, a research study conducted recently has enlisted “User Involvement” and “Executive Management Support” as two of the most important factors for a successful implementation project. Strong project management capabilities are also needed, in addition to executive support. Therefore, internal audit professionals must ensure they have the correct members of staff equipped with business and technical skills.
Communiqué
Though it may be clichéd, communication is vital: internal audit teams need to communicate more on how and what they are doing in order to succeed – especially when it comes to user acceptance. Successful project teams regularly and effectively communicate with their stakeholders; They speak clearly, consistently and often.
These five essential elements are crucial for any project’s success. It should be remembered that each one has to take ownership of the project and hold themselves accountable accordingly. The future direction Internal Audit will undoubtedly greatly improve its function via a new Audit Management System leading to better systems within an organization. In any case, firms based in Dubai can achieve both their long-term objectives as well as overall goals through their Internal Audit Management Systems if their respective stakeholders together with their project team backs them up well enough.
Internal Audit Firms in Dubai: Choose the Best Certified Internal Audit in Dubai
Many companies in Dubai and other parts of UAE which needed professional audit have benefited from internal audit firms in Dubai . A team of internal auditors having right experience & knowledge can help you scale up your internal audit function.
