Internal Audit

In an environment of growing business risk, internal audit has become a key support vehicle for change and business transformation.

At MNA, we drive innovation and business growth by acting as a valuable business partner in conducting risk assessment and providing internal audit service. As a leading Internal Auditor with over two decades of expertise, our highly skilled teams use a multi-vertical approach to tailor solutions for every client in the client’s business lifecycle. Our internal audit services provide the highest level of insight and quality, helping you act faster, build confidence to act decisively and remain focused on your core business.

Our internal audit solutions reflect our industry expertise to enhance and protect organizational value through our risk-based and objective audit, assessment, and advisory services.

Regulatory implications surrounding Internal Audit in UAE

• Abu Dhabi Accountability Authority (ADAA) – The ADAA requires all government entities and public companies in Abu Dhabi to have an internal audit function.
• Central Bank of the UAE (CBUAE) – The CBUAE requires all banks, financial institutions, and other regulated entities in the UAE to have an internal audit function.
• Securities and Commodities Authority (SCA) – The SCA requires all listed companies and public companies in the UAE to have an internal audit function
• The Dubai Financial Services Authority – DFSA requires all regulated financial institutions in Dubai to have an internal audit function.

How can Internal Audit services help you?

• Strengthen the governance framework by providing independent and objective assessments.
• Assist organizations in identifying and managing risks effectively.
• Support in preventing and detecting fraudulent activities.
• Assesses the effectiveness and efficiency of an organization’s operations
• Internal audit helps ensure adherence to these requirements by conducting regular audits and assessments.
• Internal audit facilitates a culture of continuous improvement within organizations.

How does MBG’s internal audit program help your business?

• Developing risk profiles with quantified risks across various threats
• Defining budgets required for risk mitigation overall and by threat risk type
• Determining and understanding the ROI of such remedial spends, e.g., on cybersecurity
• Identifying weaknesses and exposures in production infrastructure
• Conducting physical inventory audit procedures and developing inventory audit report

Risk Assessment

As organizations navigate complex regulatory environments and evolving business landscapes, the importance of robust internal controls cannot be overstated. Internal audit plays a pivotal role in safeguarding assets, ensuring compliance, and identifying areas of improvement. Risk Assessment helps:

• Identify Vulnerabilities
• Prioritize Resources
• Enhance Decision-Making
• Ensure Compliance
• Drive Continuous Improvement
• Key Components of Risk Assessment

A comprehensive risk assessment for internal audit typically involves the following components:

• Risk Identification
• Risk Evaluation
• Risk Prioritization

1. Internal controls

In today’s dynamic business landscape, maintaining integrity and compliance is paramount. Are you equipped with robust internal controls to safeguard your organization against risks and ensure regulatory compliance?

Why Choose Us for Your Internal Control Needs?

• Tailored Solutions
• Proactive Risk Management
• Compliance Assurance
• Streamlined Audit Processes
• Continuous Improvement

Process Improvement

In today’s dynamic business environment, internal audit functions play a critical role in ensuring organizational integrity, compliance, and risk management. However, as companies evolve and regulations become more stringent, internal audit processes must continually adapt to remain effective.

• Process Mapping and Analysis
• Technology Integration
• Risk-Based Approach
• Enhanced Communication and Collaboration
• Continuous Monitoring and Improvement

By embracing process improvement initiatives, internal audit functions can enhance their efficiency, effectiveness, and value to the organization. Through strategic process mapping, technology integration, risk-based approaches, enhanced communication, and continuous improvement efforts, internal audit teams can adapt to evolving business landscapes and deliver actionable insights that drive organizational success.

Note: It is important to note that the above are just a few examples of the UAE laws and regulations that may impose internal audit requirements on certain entities or industries. Even if a business is not legally required to establish an internal audit function, there are many benefits to doing so. An internal audit function can help businesses to improve their risk management, internal controls, and governance practices. It can also help businesses to identify and address potential problems before they escalate.