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Internal Audit Service is an independent, objective assurance and consulting activity intended to add value and develop its operations. Internal Audit helps business achieve their objectives by bringing a methodical, meticulous, and disciplined approach to assess and enhance risk management, control, and governance processes.

Internal Auditing is an activity carried on by the internal auditor to meet the management requirements of information. It is an independent appraisal activity within an organization to review operations as a service to the organization.

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Role of an Internal Auditor

Internal Auditor’s role is to provide Management with independent assurance on the organization’s internal controls, risk management strategies, and governance is operating effectively.

Internal Auditors’ function includes supervising, evaluating, investigating and analyzing the risks & controls; checking and ensuring information and compliance with policies, procedures, and laws.

Internal Auditor will assess the achievement of goals and objectives set by the Senior management. In the case of short of stated goals, the auditor will identify process gaps and make suggestions for bridging the same.

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Internal Audit’s objective is to evaluate and improve the effectiveness of governance, risk management, and control process.

The overall objective of internal auditing is to assist all members of the management in exuding their responsibilities.

Also, to help them with objective analysis, recommendations and relevant comments concerning any phase of business activity wherein they can be of service to management. In short, Internal Audit will help the management for:

Assessing the Risk involved

  1. Assisting management in the evaluation of internal controls
  2. To bridge the gaps by strengthening the internal controls and to accomplish organizational objectives
  3. Evaluating process performance and managing risk effectively
  4. Help to find the deviations from KPI and to get proper recommendation/ suggestion for improvement
  5. To verify THE fulfilment of plans and sound business requirements and also to focus on objectives
  6. To evaluate evidence in connection with the situation and issues

Methodology Used in Internal Audit:

1. Defining the Scope of Internal Audit

2. Drafting the Risk Assessment Matrix

Risk Assessment Matrix (RAM) is used to define each process’s risk category and sub-processes or areas under the scope of Audit. The level of risk is defined considering the likelihood or probability against the category of consequence severity.

3. Risk-based Internal Audit Plan

A detailed Audit plan will be drafted in discussion with the Management and areas to be prioritized depending upon the risk category & also the nature of the function. Broad areas to be Covered (Can vary depending on the industry and choice of Management)

4. Execution of the approved Internal Audit Plan

On Approval of Audit plan, fieldwork is executed by performing walk-through, enquiry, questionnaire etc. Clients are kept informed of the audit process and the status of the audit.

5. Submission of Draft/ Final Reports to highlight the issues with risk rating and reporting to the management

Once the execution stage is completed, all the observations are collated in a draft report. The risk rating is allotted to all observations with the responsibility of the concerned function. This report is discussed with the Management or Authorised personnel to highlight the issues, concerns and deviations.

6. Follow-up and Action Taken Report

As it will be a continuous process, the scope does not end with the submission of reports. The follow-up action taken report (ATR) will be represented to the management on the status of observations and its closure status.

Any long-pending observations critical to the business will be bought to the notice of the management to set a further course of actions.

Independent review and appraisal of the organization’s financial and relevant operational activities will be better when the internal auditor is not part of the organization and is independent.

[/vc_column_text][vc_column_text][/vc_column_text][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_tta_accordion spacing=”10″ active_section=”1″][vc_tta_section title=”What is Value Added Tax VAT in the UAE?” tab_id=”1571711424231-e1e24671-1a23″][vc_column_text]Value Added Tax (or VAT) is a type of indirect tax applied on all kinds of commodities and services in the UAE. VAT is also known as consumption tax and is charged throughout the supply chain.

Nevertheless, the eventual cost is borne by consumers. The buyer will be eligible for such tax as input credit and set off from output tax liability.

It is the ultimate consumer who bears the final tax liability as he will not be able to get set off such tax. In the UAE, VAT is a charge of 5% on all the country’s products and service. However, few welfare organizations have an exemption.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Will implementation of VAT in the UAE be productive to businesses?” tab_id=”1571711424244-8d396e2d-075c”][vc_column_text]Yes, implementation of VAT in the UAE will be productive to businesses. The UAE implemented VAT in order to provide citizens and residents with advanced public infrastructure and interests. Apart from the government budget, VAT will generate a new source of income towards these public welfare expenses. Businesses in the UAE can expect a prolific growth as the country grows with these extensions and developments.[/vc_column_text][/vc_tta_section][vc_tta_section title=”When did VAT come into effect?” tab_id=”1571711447107-7e619833-db26″][vc_column_text]VAT or Value Added Tax came into effect from 1 January 2018.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Do all companies need to get VAT registration in the UAE?” tab_id=”1571711448366-7a9f337e-76ab”][vc_column_text]Companies whose taxable products, services, imports and exports exceed the threshold of AED 375,000 annually, need to mandatorily get VAT registration in UAE. Whereas, a business may opt to register for VAT voluntarily if their products, services, imports and exports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Are businesses liable to keep an account of VAT & finances?” tab_id=”1571711449453-8bbbc74d-c375″][vc_column_text]Yes, businesses will be liable to maintain book of accounts for their business profits, incomes and costs. Companies will also have to document charges related to Value Added Tax separately. Along with the maintain of financial records, commercial organizations would also take assistance from accounting and auditing firms in UAE.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How to register for VAT tax?” tab_id=”1571711450580-6a40c3e1-6e22″][vc_column_text]Companies and businesses can register for VAT tax through the e-services section on the FTA online portal (https://eservices.tax.gov.ae/). However, they need to create an account and obtain a TRN number. Companies would also require a series of documentations.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How are businesses projected to manage excise tax in UAE?” tab_id=”1571712195999-5316974b-5008″][vc_column_text]Businesses and companies involved in excisable goods need to –
1) Ensure resources and systems are in place to effectively managing excise tax;
2) Maintain accurate, complete and readable excise tax records;
3) Submitting excise tax returns as specified by the taxation authorities;
4) Comply with the inventory and movement control system;
5) Keep customs and transport documents as well as all the relevant documents related to the transaction.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”10471″][/vc_column][/vc_row]

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