Internal Audit
VARA Internal Audit Readiness in the UAE: Requirements, Governance, and a Quarterly Cadence
Most guidance on conducting Virtual Assets Regulatory Authority (VARA) audits focuses on one particular aspect of the work: the “audit”. In reality, this is a two-part process specified in Part I, Section G of the Compliance and Risk Management Rulebook. The first is an external audit of financial statements by an independent third party, while […]
Internal Audit: Should You Build It In-House or Outsource It?
Regulated industries move fast, and keeping up with operations, growth, and governance all at once is no small feat. There’s a long list of responsibilities, so it’s not unusual for a task as important as internal audit to take a back seat unless, of course, a regulator asks about your latest internal audit report or, […]
Internal Audit Checklist: Key Steps for a Seamless Audit Process
Do you ever feel unprepared when an internal audit deadline is near? Are you unsure which processes need the most attention or how to gather the right documentation efficiently? Do you worry about missing critical steps or overlooking important risks during a review? These are a few common challenges internal auditors face when managing complex […]
A Practical Guide to Finding the Best Internal Audit Firm for Your UAE Business
According to Protiviti’s Pulse of Internal Audit Survey Report UAE—2024, 92% of internal-audit teams in the UAE report that their function adds value through assurance and advisory work. This figure shows how the internal audit function has moved beyond compliance reviews and become an essential part of business decision-making. Many UAE companies now treat internal […]
Internal Audit Charter: Minimum requirements to comply with IIA Standards
Introduction The Institute of Internal Auditors (IIA) published the Global Internal Audit Standards (GIAS) in January, 2024. The GIAS will become effective January 9, 2025. Domain III on Governing the Internal Audit Function includes Standard 6.2 Internal Audit Charter. From a governance perspective, this is the most important Standard as the Internal Audit Charter includes […]
Controls: The Good, the Bad & the Ugly
Necessities for Effective Risk Management What is it? A control is any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved. (Source: IIA/IPPF) There may be different definitions, but I personally like this one as it includes all the key […]