INTERNAL AUDIT
Internal Audit is an independent and objective evaluation of a company’s financial records, workflow, operational frameworks, and governance structures. It encompasses examination and assessment of accounting records, operations, risks, internal controls, corporate governance practices, and organizational culture.
Unlike External Audit (Statutory Audit), which is mandated under governing laws, Internal Audit is initiated by management with specific objectives such as fraud detection, revenue verification, operational efficiency assessment, or compliance monitoring, and may be conducted by either an external professional or an in-house internal audit team.
Service Scope
The MBK team begins by discussing the objectives and scope of the internal audit with management. Based on these discussions, critical operational areas and potential risks are identified. An internal audit plan is then prepared and shared with the client.
The audit is conducted both on-site and remotely, depending on the nature of activities and processes involved. Observations, including significant findings and gaps in risk management and controls, are summarized in the Internal Audit Report along with recommendations and an action plan for implementing necessary improvements.
Benefits to Clients
- Real-time corrective measures – adverse findings can be addressed during the year without waiting for the external audit report
- Identification of risks and critical operational areas facilitate the effectiveness of ongoing operations
- Facilitates external audit procedures
- Increases profitability and reduces wastage of resources
- Promotes increased accountability across all levels of the organization
- Enables fraud detection and prevention
Registrations and Affiliations
- MBK Auditing LLC is registered as approved auditor in all major free zones in UAE including DIFC .
- MBK Auditing LLC is empanelled as auditor with major banking institutions in the UAE
- MBK Auditing LLC is registered as Offshore agent with JAFZA and RAKICC , the two offshore jurisdictions in UAE.
- MBK Auditing LLC is a member of GMNI , an association of legally independent accounting firms worldwide.
- Mr. Rajeev Kulkarni, Managing Partner is a qualified Chartered Accountant, registered with Ministry of Economy and Tourism (MoET).
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