DFSA and DIFC Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Performed by professionals with an in-depth understanding of the business culture, systems, and processes, the internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met.

Importance of Internal Audit in DFSA

• Increases the Operational Efficiency
• Evaluates Risks and Protects Assets
• Effective Control
• Ensures Compliance with Corporate Laws and Regulations

Internal auditing is beneficial for a company in the following ways:

• Internal auditing helps a business assess its effectiveness and efficiency, and thus serves as a measure of performance analysis.
• It can prove as a proactive tool for risk management by proactively detecting any anomalies or inconsistencies in a company’s operations or reporting.
• Internal auditing helps a business revisit its key business processes, providing the opportunity to scale and improve persistently.

The companies established under Dubai Financial Services Authority (DFSA) are required to have an internal audit function to improve the level of corporate governance and provide another layer of assurance to the Board on compliance with applicable laws, rules, and regulations of the DFSA and DIFC.

A and A Associate L.L.C offers DFSA internal audit services in UAE and advisory solutions are designed to add value towards improving an organization’s operations.

Areas and Departments which our teams’ are reviewing and reporting;

AREA	REVIEWS
Regulatory Compliance	Review of the returns submitted to the DFSA
	Review of the Compliance Manual;
	Review of MI reports issued by the Compliance officer
	Compliance with applicable DIFC and DFSA laws, rules and regulations; and
	Review of Corporate governance framework.
Accounts and Finance	Review of accounting system records, management accounts, reconciliations, budgets, and budgetary controls;
	Review of system control, access and transactions authorization matrix; and
	Review of proper accounting methodology
Operations	Review of operating policies and procedures;
	Review of outsourced services and agreements
	Review of Client documentation; and
	Review of files record and access
Risk Management	Review of risk management policies and procedures;
	Review of risk management reports sent to the management
Anti money laundering (AML)	Review of the AML Procedures Manual;
	Review of adherence to customer due diligence procedures for clients;
	Review of AML training for employees; and
	Review of annual AML returns, internal reports, SARs and reporting to UAE Central Bank’s Financial Intelligence Department (FID)
Human Resources and Administration	Review of HR files
	Review of recruitment, compensation, appraisals and payroll processing
	Review of the succession plan for critical positions;
	Review of the annual staff training plan;
	Review of employee assessments; and
	Review of office management related matters
Information Technology and Business Continuity	Review of information technology general controls relating to data security, software, access restriction, anti-virus, data backups and passwords; and
	Review of the BCP and related testing.

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