An internal audit examines how a business operates in practice, its controls, approvals, compliance and reporting, and identifies the weaknesses that give rise to fraud, error and regulatory penalties before they crystallise. Unlike an external audit, it is performed for management rather than for regulators. Cressford Chartered Accountants delivers risk-based internal audit services for companies across Dubai and the UAE, concentrating effort on the highest-risk areas, reporting prioritised and actionable findings, and agreeing a fixed fee before any work begins.
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Costly problems rarely appear without warning; they develop gradually within weak processes. A risk-based internal audit identifies them early:
For most private companies and SMEs, internal audit is not a legal requirement in the manner of an external audit. It is, however, required or firmly expected in several common circumstances:
Under the SCA Corporate Governance Code, listed PJSCs must maintain an internal audit function and an audit committee. Since January 2024, the internal audit function must be independent and may not be combined with the compliance function.
Banks, financial institutions and entities regulated in the DIFC or ADGM are required to maintain an internal audit function.
Boards, shareholders and overseas parent companies frequently require internal audit as a condition of governance or funding.
Businesses subject to UAE anti-money-laundering regulation must maintain internal controls and risk assessments, precisely the matters internal audit examines.
Even where it is not mandated, internal audit remains among the most effective safeguards against fraud and FTA penalties, which is why well-governed UAE companies commission it by choice.
The two are complementary: internal audit maintains order throughout the year; the external audit provides outside parties with assurance annually. Many companies commission both.
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Growing quickly? CFO Advisory →A COSO-aligned, risk-based approach directs effort where exposure is highest, producing a report of genuine utility rather than a template.
From scoping to final report, engagements are conducted by senior professionals familiar with the client's business and sector.
Scope and fee are agreed before work begins. The quotation given is the fee payable.
Every finding carries a prioritised, practical recommendation, ranked by risk, written for decision-makers and followed up to confirm implementation.
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An internal audit reviews processes, controls and risk for management's benefit, on a scope and timetable management determines. An external audit is an independent opinion on the financial statements issued for third parties, and is the engagement on which licence renewal and corporate tax compliance rely.
Not for most private companies. Listed PJSCs must maintain an internal audit function under the SCA Corporate Governance Code, independent of the compliance function since January 2024, and regulated entities including those in the DIFC and ADGM are subject to equivalent requirements. For others it is a governance choice, frequently required by boards, investors or parent companies.
The fee depends on the scope agreed and the size and complexity of the business. Cressford Chartered Accountants agrees a fixed fee at scoping, before any work begins.
Most companies operate an annual cycle, with higher-risk areas reviewed more frequently. The appropriate frequency follows from the risk assessment rather than a fixed rule.
Prioritised findings ranked by risk, the significance of each, and a specific practical recommendation, followed by subsequent review to confirm the agreed actions were implemented.
Yes. Filings are checked against the underlying records so that errors are corrected proactively rather than identified in a Federal Tax Authority audit.
Engagements follow a COSO-aligned, risk-based methodology, applied proportionately to the size and complexity of the business.
Obtain a fixed quotation for a risk-based internal audit within one working day.