Companies have changed filings to report previously undisclosed material weaknesses. Besides, there are actions taken in contradiction of individual executives based exclusively on internal controls.
One needs a sound strategy and process for documenting and testing internal controls. The shakeup has even noticed the SEC take harsh action against administrators found to have played a hard in incorrect internal control audits.
The heightened scrutiny of external auditors thus means that you should have a sound audit strategy when testing and documenting internal controls. It would help if you avoided some of the common blunders that internal auditors make.
- Remember to add value
Audit Services in Dubai and micromanagement are curved from the identical log. It is difficult to talk about one and remove the other. When operating with an audit team, you should invest enough time in the micromanaging process. The purpose is so to attach value to the audit. For this, you can choose a strategy such as adopting an efficient workflow process that you can adhere to till the end.
- Plan and then plan some more
You should have set the idea right from the start that lays out the path to take so that you can efficiently use your time and resources. That means you should commence planning early. The aim in mind is to build a consulting engagement that will aid your senior management to recognize and address the root of the difficulties.
- Keep to the big picture
Moreover, do what you can to up the effectiveness and performance of the documentation and reporting processes to the audit committee. Alternatively of hunting for numbers, you should table the current readings to the committee, and do so with ease. You can accomplish this by creating a documentation and reporting process that practices dashboards and reports that auto-update so that you can concentrate on the review part of things.
- Account for the unexpected
The sudden may turn up, so how will you react to such a situation? You should have a strategy in place that will encourage you to deal with the surprises. It will assure that you and your team can solve any matter which pops up efficiently.
- Erase the stress of extensive audit reports
The audit committee will not want to waste their time going through a story that is as long as a novel. Hence, invest in a real-time, executive-level automated dashboard that has significant metrics and other characteristics that ease the processes. Also, guarantee that you increase visibility for the reports across the organizations to make reporting easier.
At a time when your process and controls are under pressure, be sure to avoid these top internal audit mistakes. These mistakes can ruin anything you were have dreamed about your future.