Internal Audit - Prema Consulting

Our Internal Audit Services

Risk‑Based Internal Audit

End‑to‑end reviews of high‑risk areas such as revenue, purchasing, cash management, inventory, and payroll, based on a tailored risk assessment.

Process & Controls Review

Walkthroughs of key workflows (order‑to‑cash, procure‑to‑pay, record‑to‑report) to test controls, segregation of duties, and documentation.

Compliance Audits

Checks over VAT, corporate tax readiness, AML/CTF, UBO and economic‑substance related processes to highlight non‑compliance early.

IT and Systems Control Review

High‑level assessment of access rights, data integrity, backup practices, and system‑dependent controls around your accounting / ERP.

Internal Audit Function Set‑Up

Design of charters, annual plans, templates, and reporting lines if you want to build or formalise your own internal audit capability.

Special Investigations

Targeted reviews where you suspect control failures, fraud risk, or need comfort before deals, funding, or leadership transitions.

Key Focus Areas in Internal Audit

Financial controls and management reporting
VAT, corporate tax and statutory compliance processes
Cash, bank and treasury controls
Procurement, vendor management and approvals
Revenue recognition, billing and collections
Inventory and fixed asset safeguards
HR, payroll and staff‑related controls
IT access, change management and basic cybersecurity

Why Choose Prema Consulting for Internal Audit?

Prema Consulting brings a finance‑first mindset to internal audit: understanding how weaknesses show up in your numbers, not just in procedures. Reviews are performed by professionals who have worked inside finance and operations teams, so recommendations are grounded in what is realistic for SMEs and mid‑size groups, not just large corporates.

Communication is direct and human. Management hears exactly what the issue is, why it matters in business terms, and what can be done within existing systems and budgets. The goal is to leave you with stronger controls, more confident teams, and a governance framework that supports growth rather than slowing it down.

Expert Guidance

Work with auditors who understand UAE regulations and real operations.

Tailored Solutions

Receive audit plans customised to your sector, size, and systems, with steps your team can implement.

Risk Reduction

Identify control gaps early and reduce fraud, error, and compliance risk.

Clear Communication

Get plain‑language findings, priorities, and action steps your team can follow.

Prompt Compliance

Keep ahead of regulatory changes with structured, timely reviews and clear follow‑up actions.

Long-Term Support

Build a lasting partnership for ongoing follow‑ups and continuous improvement.

How Prema Consulting Works With You?

Understand your Business and Risk Profile

Start with conversations and not checklists. Map your structure, systems, and pressure points, then build a risk‑based audit plan.

Perform Focused Fieldwork

Combine data testing, document review, and staff interviews to understand how things really work, not just how they are written.

Prioritise Findings

Classify issues by impact and urgency, clearly distinguishing between “must fix now” and “improvement opportunity” so management can act.

Agree Practical Actions

Translate recommendations into specific owners, timelines, and suggested controls or SOP changes that fit your resources.

Follow‑Up and Support

Periodic follow‑up reviews to track implementation, refine controls, and adjust the plan as your business or regulations change.

FAQs

How is internal audit different from external audit?

External audit focuses on whether financial statements are fairly presented, mainly for regulators and stakeholders. Internal audit reviews processes and controls inside the business to help management manage risk, improve efficiency, and strengthen compliance.

Do we need an internal audit if we are a small or mid‑size company?

If you handle significant cash, inventory, third‑party funds, or regulated activities, internal audit can add value even at smaller scale. The scope can be right‑sized to your risk level and budget.

Can you work with our existing external auditors?

Yes. Prema Consulting can coordinate with your audit firm so work is complementary, not duplicated, and share insights (within agreed boundaries) that help both assurance and improvement.

How often should internal audits be performed?

Many clients start with an annual risk‑based review plus targeted follow‑ups on high‑risk areas. Faster‑growing or highly regulated businesses may opt for quarterly or semi‑annual cycles.

Will internal audit create extra workload for our team?

There will be some involvement for walkthroughs and data requests, but the approach is designed to be respectful of your time. Clear planning and focused fieldwork minimise disruption.

Can you help us build an in‑house internal audit function later?

Yes. Prema Consulting can help define an internal audit charter, create templates and work programs, and even train or transition responsibilities to your own hires when you are ready.

Preparing Your Financial Institution for Regulatory Changes in the UAE
November 16, 2025