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02/09/2026
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An effective internal audit follows four principal stages: planning, testing, reporting and follow-up. During planning, auditors define the objectives, scope, risks and audit procedures. Testing determines whether controls are properly designed and operating effectively. Reporting communicates evidence-based findings and agreed actions. Follow-up confirms whether management has implemented those actions.
For UAE businesses, a structured internal audit can identify control weaknesses, reduce operational and financial risks, improve compliance and provide management with reliable information for decision-making.
An internal audit is an independent and objective review of an organization’s processes, risks and controls. Its purpose is to help the organization protect value, improve operations and achieve its objectives.
An internal audit may examine:
The precise scope depends on the company’s industry, size, risk profile and management concerns.
The Institute of Internal Auditors’ Global Internal Audit Standards provide the international professional framework for internal auditing. The current Standards were issued in 2024 and became effective on 9 January 2025. They organize internal audit practice around governance, ethics, management of the function and performance of internal audit services. The Institute of Internal Auditors
| Stage | Primary purpose | Main output |
|---|---|---|
| Planning | Define the risks, objectives and scope | Approved audit plan and work program |
| Testing | Evaluate controls and supporting evidence | Documented test results and potential findings |
| Reporting | Communicate conclusions and agreed actions | Final internal audit report |
| Follow-up | Confirm that issues have been addressed | Follow-up status report |
Although shown as separate stages, communication with management should continue throughout the audit.
Planning establishes what the audit will cover, why the review is necessary and how the work will be performed.
A poorly planned audit may test areas that have little relevance while missing the risks that could materially affect the business.
The internal auditor begins by understanding the activity being reviewed. This may involve:
For example, when auditing procurement, the auditor needs to understand the complete process—from requesting a purchase and selecting a supplier to approving the invoice and releasing payment.
The auditor identifies events that could prevent the process from achieving its objectives.
Common risks include:
Risks are normally evaluated by considering their likelihood and potential impact.
Higher-risk areas should receive more audit attention. This is why a risk-based internal audit is generally more useful than applying the same checklist to every business.
Audit objectives explain what the engagement is intended to determine.
An objective might be:
To assess whether purchasing and payment controls are adequately designed and operating effectively to prevent unauthorized, duplicate or unsupported payments.
The scope should identify:
Clear scope boundaries reduce misunderstandings and prevent uncontrolled expansion of the engagement.
Auditors need appropriate criteria against which actual performance can be evaluated.
Criteria may include:
A finding should not be based solely on personal preference. There must be a reasonable basis for concluding that the observed condition is inappropriate or exposes the business to unnecessary risk.
The work program lists the procedures required to achieve the audit objectives. It may include:
The IIA’s standards on performing internal audit services address risk assessment, engagement objectives, scope, evaluation criteria, resources and documented work programs. Global Internal Audit Standards
The auditor discusses the engagement with management and relevant employees.
The opening meeting usually covers:
Early communication helps establish cooperation and reduces delays during fieldwork.
During testing, the auditor gathers and evaluates evidence to determine whether controls are appropriately designed and operating effectively.
These are different questions.
Design effectiveness asks whether the control, if followed correctly, is capable of addressing the identified risk.
Operating effectiveness asks whether the control was actually performed consistently by the right person during the period reviewed.
For example, a company policy may require two approvals for payments above AED 25,000. The control may be well designed, but it is not operating effectively if payments are regularly processed with only one approval.
The auditor examines invoices, contracts, approvals, bank records, reconciliations and other supporting documents.
The auditor watches employees perform a procedure, such as counting inventory or handling petty cash.
Employees and managers are asked how a process works. Inquiry is valuable, but verbal explanations should usually be supported by other evidence.
The auditor independently performs a control or calculation to determine whether the original result was correct.
A complete transaction population may be analyzed to identify:
When examining every transaction is impractical, the auditor selects a sample.
The sample should reflect the audit objective and the characteristics of the population. High-value, unusual and high-risk transactions may be selected separately from a representative sample.
Audit evidence should be:
An unsupported allegation should not become an audit finding. Auditors must distinguish between confirmed facts, management explanations and matters requiring further investigation.
A well-structured finding normally explains:
Condition: Nine of 25 supplier payments tested did not contain documented approval.
Criteria: The company’s payment policy requires approval from the finance manager before payment release.
Cause: Approval was provided through informal messages that were not retained.
Risk: The company may process unauthorized or unsupported payments.
Recommended action: Introduce approval through the accounting or banking workflow and retain an electronic audit trail.
This structure makes the finding clear, actionable and easier to verify during follow-up.
Potential findings should be discussed with process owners during fieldwork. This allows management to:
Discussion does not mean that management can remove a valid finding merely because it is uncomfortable. The final conclusion should remain objective and evidence-based.
The internal audit report communicates the results to management, the board or those responsible for governance.
A useful report should be clear enough for a reader who was not involved in the fieldwork.
A typical report includes:
The IIA identifies final engagement communication and monitoring action plans as core parts of performing internal audit services. Its supporting reporting resources are intended to assist with clear communication of engagement results. IIA audit-report resource
Organizations may use ratings such as:
The rating should reflect clearly defined criteria, including:
A dramatic label without defined criteria can reduce trust in the report. Consistency matters more than the names assigned to the ratings.
A recommendation should do more than correct one transaction.
If an invoice was paid twice, recovering the duplicate payment addresses the immediate error. The underlying issue may still remain—for example, the accounting system allows duplicate invoice numbers, or employees do not review the supplier ledger before payment.
An effective action should reduce the likelihood of the problem recurring.
Management should provide:
Internal auditors may recommend solutions, but management remains responsible for designing and implementing operational controls.
Follow-up determines whether management implemented the agreed action and whether the action addressed the identified risk.
A finding should not be closed merely because its deadline has passed or management states that it has been completed.
The auditor may:
The amount of testing should be proportionate to the risk. A high-risk finding normally requires stronger evidence than a low-risk administrative issue.
Common categories include:
Any risk acceptance should be approved at an appropriate level of authority.
Without follow-up:
The IIA’s Standard 15.2 addresses confirming the implementation of recommendations or management action plans. Follow-up therefore forms part of a complete internal audit process—not an optional administrative exercise. Complete Global Internal Audit Standards
Businesses and auditors should avoid:
Independence and objectivity are essential. If an auditor designed or operates the process being reviewed, safeguards may be required.
| Internal audit | External audit |
|---|---|
| Reviews risks, controls and operations | Primarily examines financial statements |
| Scope can be tailored to business priorities | Scope follows applicable reporting and auditing requirements |
| May be conducted throughout the year | Commonly performed annually |
| Reports to management or those charged with governance | Provides an independent auditor’s report |
| Focuses on improvement and risk management | Focuses on the financial-statement audit objective |
An internal audit does not replace an external statutory audit when an external audit is required.
There is no single frequency suitable for every company. The schedule should reflect risk.
High-risk areas may require quarterly or continuous review. Lower-risk processes may be reviewed annually or through a multi-year audit cycle.
A review may also be appropriate following:
Young and Right supports businesses in Dubai and across the UAE with risk-focused internal audit services.
Our internal audit support can include:
The audit scope should be tailored to the company’s activities, systems, risks and management priorities.
Contact Young and Right to discuss an internal audit plan designed around your business.
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