Internal Audit
Financial Control Audit
Since 20179 Since 2017
- Controls tested, not assumed
- Segregation of duties
- Written findings
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In one line
Whether the controls around money actually stop what they are supposed to stop.
Overview
Financial Control Audit Services in UAE
One of the most important components within an organization is financial control, internal control and auditing. Vigor provides the leading most audited financial control in Dubai using its expert internal audit resources.
- 5,000+
- Clients served
- 75+
- Professionals in Business Bay
- 9
- years, since 2017
This one is usually asked for after
01
One person can raise, approve and pay an invoice
02
The finance team has grown faster than its procedures
03
A near miss on a payment that nobody can fully explain
The basics
What is an Audit of Financial Control?
Financial control audit: This is an examination of the way a bookkeeping system works, how transactions are recorded and whether or not they appear in financial reports as one would expect; also checking on internal controls. These types of audits are ''financial control'' unlike external audits and they are held by internal auditors aiming for a more controlling structure. To maximize the efficiency of your entity's resources and capabilities.
Compliance Audits orThe compliance audits are conducted differently depending on the industry. To illustrate, an audit for a financial institution might center on data security or disaster recovery/information backup. A hospital review, on the other hand, would concern data upkeep for patient info or surgical agreements and medical regulations.
Why us
Why Vigor for Financial Control Audit Services in Dubai
We are committed to providing the greatest auditing services in Dubai when it comes to financial control audit by having a group of expert auditors and complete remedies for all types of information systems. Our experts make proactive recommendations on upgrades and involve management via clear communication to manage the integrity of your company's financial sense. It is also very important the financial statements be as accurate and consistent to retain trust with investors, hedge funds. But we excel at solving problems and identifying the right business opportunities because of our intimate knowledge about your company. Clients we offer our prestigious financial control audit services in Dubai and throughout the UAE testify to!
Contact us for on-time solutions and exceptional audit services.
Why it matters
When financial control audit is the right call
Whether the controls around money actually stop what they are supposed to stop.
One of the most important components within an organization is financial control, internal control and auditing. Vigor provides the leading most audited financial control in Dubai using its expert internal audit resources.
- One person can raise, approve and pay an invoice
- The finance team has grown faster than its procedures
- A near miss on a payment that nobody can fully explain
How it runs
Vigor takes a methodical procedure to connect companies with internal controls. Our unique approach includes
Phase 01
Reviewing Current Financial Controls
Phase 02
Compliance Framework Creation
Build a proper compliance framework for your business.
Phase 03
Review of Existing Procedures and Policies
Phase 04
Creation of Compliance Policies
Phase 05
Post-Compliance System Support
Phase 06
Help in Legal Interpretation
Phase 07
Regulatory Requirement Guidance
Phase 08
Risk Assessment and Mitigation
Phase 09
Compliance Management Review
Phase 1 of 9
Reviewing Current Financial Controls
Before we start
What we will ask you for
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Answers
Questions asked before an internal audit starts
The 6 asked most often about Financial Control Audit.
01Is a financial control audit a legal requirement in the UAE?
No, a financial control audit is not a statutory requirement in the way an external statutory audit or corporate tax filing is. Businesses commission one voluntarily to test whether their internal controls, policies and procedures are actually working, often because a lender, investor, parent company or board has asked for assurance, or because past errors or fraud risk have raised concern.
02How much does a financial control audit cost in the UAE?
There is no fixed fee, since the work depends on the size of the business, the number of processes reviewed and how much documentation already exists. A firm will normally assess the scope first, for example which departments and controls are in question, then issue a proposal with a fee quote rather than a flat rate.
03How long does a financial control audit take?
Timing depends on the size of the business and how many processes and departments are covered. A focused review of one area, such as cash handling or procurement, can be completed in a matter of days, while a full review of controls across finance, compliance and risk functions takes longer. The exact timeline is confirmed after the initial scoping.
04What does a financial control audit actually look at?
It examines the current financial controls in place, reviews existing procedures and policies against how the business actually operates, and identifies gaps in compliance, documentation or oversight. The findings are typically used to build or strengthen a compliance framework, create or update written policies, and put in place a risk assessment and mitigation plan.
05What documents does the auditor need from us?
Expect to provide existing financial policies and procedure manuals, records of approvals and sign off authorities, sample transactions or process documentation, previous audit or review reports if any, and organisational charts showing who is responsible for which controls. The exact list depends on which processes are being reviewed.
06How often should a business review its financial controls?
There is no fixed legal cycle, so the interval depends on the size of the business, how much its operations have changed, and whether previous reviews flagged weaknesses. Many businesses review controls annually alongside their financial statements, or after significant changes such as new systems, new activities or staff turnover in finance roles.
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