There are many different types of auditors but in the banking and financial services industries, there are two basic types – internal and external (independent) auditors. Internal auditors are those employed by banks and all the other financial services companies; external auditors on the other hand, are usually teams of auditors employed by Accounting/Audit firms who are hired by the banks or financial services companies for an independent financial statements audit or for other engagements. This is the same the world over. Regardless of whether you are seeking an internal or external audit position, the requirements are practically the same; you only differ in the type of audit you do for the most part. Internal auditors generally perform compliance and operations audits; external auditors perform financial statements audits.
Compliance and performance audits. Collect data and analyze information as to efficiency of company operations and the effectiveness of automated and other internal control systems in place.
Independent audits. Analyze and verify completeness, appropriateness and reliability of management-prepared financial statements for external reporting purposes.
Reporting Requirements. Report to management on weaknesses and inefficiencies noted of the internal control systems; reports on detection of fraud and its impact on the company’s books and may recommend legal action to management.
AED 5,000-25,000 depending on related professional qualifications, experience, organizational size and clientele and other factors.
Several audit firms are offering a range of audit services in Dubai, including branches or affiliates of the big four firms in the world – PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte & Touche. Banks – local, regional and international banks have internal audit teams as well. These are prestigious, not to mention stable businesses with highly organized and highly structured operations.
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