01
Internal Audit Function Setup
Internal audit charter, risk-based annual audit plan, reporting templates and audit committee presentation frameworks, all aligned to IIA International Standards for the Professional Practice of Internal Auditing.
Internal Audit
Internal Audit That Drives Control, Not Just Reports
An effective internal audit function goes beyond checking whether controls exist: it examines whether they work, whether risks are managed, and whether the business is operating efficiently and ethically.
Services
Internal Audit Advisory
02
Risk-Based Audit Execution
Fieldwork across financial, operational, IT and compliance audit areas: documented testing, working papers and management-ready findings reports with prioritised, actionable recommendations.
03
Co-Sourcing & Outsourcing
Whether you need specialist coverage to supplement an existing team or a fully outsourced internal audit function, GULF CONSULT provides flexible engagement models sized for your business.
04
Fraud Risk Assessment
Systematic evaluation of fraud risks: prevention controls, detection mechanisms and response frameworks aligned to COSO, IIA Practice Advisories and UAE regulatory expectations.
05
Process & Control Reviews
Targeted reviews of specific processes: procurement, cash handling, payroll, inventory, AP/AR, identifying control gaps and delivering practical improvement recommendations.
06
Board & Audit Committee Reporting
Executive internal audit reports and audit committee presentations, risk heat maps and KRI dashboards that communicate control status in terms the board can act on.
FAQs
Internal Audit, Key Questions
When to build a function, and how outsourcing works
At what stage should a UAE business set up an internal audit function?
UAE businesses typically consider establishing a formal internal audit function when they reach AED 20 to 50 million+ in revenue, have multiple business units or locations, operate in a regulated sector (financial services, healthcare, education), or when a board, investor or lender specifically requests it. However, elements of internal audit: process reviews, control assessments, fraud risk evaluations, are valuable at much earlier stages. GULF CONSULT offers scalable internal audit solutions that match the maturity of your business.
What is the difference between internal audit and external audit?
External audit is conducted by an independent external firm and results in an opinion on whether the financial statements give a true and fair view: primarily serving shareholders, lenders and regulators. Internal audit is an ongoing independent assurance and advisory function within the business: it reports to the board or audit committee and evaluates the effectiveness of internal controls, risk management and governance. External audit is backward-looking (what happened); internal audit is forward-looking (what should be improved). Both are necessary for mature, well-governed businesses, and GULF CONSULT provides both services.
How does outsourced internal audit work with GULF CONSULT?
Our outsourced internal audit model works as follows: (1) we work with your board or senior management to develop a risk-based annual audit plan covering the key areas of your business; (2) we execute each audit assignment on schedule: conducting interviews, testing controls, reviewing documentation and preparing working papers; (3) we issue internal audit reports to management with findings rated by risk severity and specific, actionable recommendations; (4) we present a summary report to the board or audit committee quarterly or as agreed; (5) we track management action plan closure and report on implementation status. This model gives you institutional-quality internal audit without the cost of a full-time internal team.
Build an Internal Audit Function That Earns Its Keep
Institutional-quality internal audit without the cost of a full-time in-house team.
Related services
Work that usually sits alongside this one for UAE businesses.