Oualid El anguoud

🔎 Audit is more than a compliance checkbox — it’s about building trust, reducing risks, and driving business efficiency. But where should auditors really focus their attention? Here are the key audit focus areas every business leader should know: ✅ Revenue Recognition – Ensuring revenue is booked in the right period, testing contracts, and avoiding premature recognition. ✅ Internal Controls – Reviewing design, segregation of duties, and IT dependencies. ✅ Related Party Transactions – Identifying hidden dealings, validating arm’s length pricing, and ensuring board oversight. ✅ Payroll – Checking accuracy of deductions, spotting ghost employees, and confirming compliance with labour laws. ✅ Cash & Bank – Reconciliations, utilization approvals, and managing cash handling risks. ✅ Regulatory Compliance – Monitoring GST, income tax, and statutory filings to avoid penalties. ✅ IT & Data Security – Reviewing access controls, backups, and data protection measures. ✅ Fraud Risk & Forensics – Investigating red flags, whistleblower complaints, and unusual transactions. 📌 Key takeaway: A strong audit framework is not just about financial reporting — it strengthens governance, boosts efficiency, and enhances stakeholder confidence. 💡 Question for you: Which of these audit areas do you think businesses often overlook the most? #Audit #InternalControls #Governance #RiskManagement #Compliance #Finance #Emirates #FederalTaxAuthority

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Audit processes can get tricky, but these 5 tips will help you stay on track: 1️⃣ Add Value, Not Just Numbers – Focus on trust and efficiency, not micromanagement. 2️⃣ Plan Early – Clear planning prevents wasted time and helps solve real problems. 3️⃣ Keep the Big Picture – Use real-time dashboards to save time and focus on insights. 4️⃣ Be Ready for Scope Creep – Prepare for the unexpected with a solid backup plan. 5️⃣ Ditch Long Reports – Use concise, visual dashboards to give executives what they need fast. Streamline your audit process and make it count! 💡 #NEOM_INTERNAL_AUDIT #InternalAudit #Efficiency #DataDriven #Leadership #NIA

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Do you know what Combined Assurance is and how this approach can strengthen the organization internal control environment? Combined Assurance refers to the integration and coordination of various control functions — such as internal audit, risk management, compliance, and other company functions that provides any type of assurance — with the goal of optimizing resources, closing oversight gaps, and providing a more comprehensive view of organizational risks. This approach directly contributes to risk mitigation, including accounting fraud, by eliminating redundancies, identifying weaknesses more effectively, and reinforcing institutional integrity through coordinated action. I had the opportunity to explore this topic in greater depth in an article published in the Journal of Sustainable Institutional Management. https://lnkd.in/dBPqtciy

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Process-Oriented and Risk-Based Approach in HR Audit – With Practical Examples The main purpose of a Human Resources audit is not only to check documents, but also to assess the continuity and compliance of processes. During my last audit, practical and targeted audit checklists were developed and applied in the following key areas: 🔹 HR operations 🔹 Recruitment 🔹 Attendance and discipline 🔹 Training and Development (L&D) The questions, necessary documents and a risk-based approach for each area are prepared in a checklist format. I will share the checklists in a graphic format that reflects real audit questions and document requirements. This approach can be useful for strengthening internal control systems and evaluating HR processes in a measurable way. #HRAudit #AuditPractices #RiskBasedAudit #HRProcesses #InternalControl #RecruitmentAudit #TrainingAndDevelopment

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𝗔𝗻 𝗔𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗮𝗽: 𝗦𝗶𝗺𝗽𝗹𝗲 𝗬𝗲𝘁 𝗣𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗳𝗼𝗿 𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝗹 𝗔𝘂𝗱𝗶𝘁 In the new Global Internal Audit Standards, under 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝟵.𝟱: 𝗖𝗼𝗼𝗿𝗱𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗥𝗲𝗹𝗶𝗮𝗻𝗰𝗲, one key recommendation for implementation is: "𝘖𝘯𝘦 𝘮𝘦𝘵𝘩𝘰𝘥 𝘵𝘰 𝘤𝘰𝘰𝘳𝘥𝘪𝘯𝘢𝘵𝘦 𝘢𝘴𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘤𝘰𝘷𝘦𝘳𝘢𝘨𝘦 𝘪𝘴 𝘵𝘰 𝘤𝘳𝘦𝘢𝘵𝘦 𝘢𝘯 𝘢𝘴𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘮𝘢𝘱." An assurance map doesn’t need to be overly complicated. Let me share an example from a joint venture operation where we applied this approach successfully: 𝗦𝘁𝗲𝗽 1️⃣: 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝗧𝗼𝗽 𝗥𝗶𝘀𝗸𝘀 We asked management to provide their top risks 𝗦𝘁𝗲𝗽 2️⃣: 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝘆 𝘁𝗵𝗲 𝗥𝗶𝘀𝗸𝘀 We categorized these risks into five areas: Strategic, Operational, Compliance, IT, Reporting 𝗦𝘁𝗲𝗽 3️⃣: 𝗠𝗮𝗽 𝗔𝘂𝗱𝗶𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 We reviewed our audit plan for the next three years and mapped: o The risks we are covering. o The risks we are not covering. This created a transparent picture of what Internal Audit is focusing on. It also highlighted areas where we weren’t providing assurance. 𝗦𝘁𝗲𝗽 4️⃣: 𝗘𝗻𝗴𝗮𝗴𝗲 𝘁𝗵𝗲 𝗔𝘂𝗱𝗶𝘁 𝗖𝗼𝗺𝗺𝗶𝘁𝘁𝗲𝗲 This transparency allowed the Audit Committee to make informed decisions. If they wanted additional areas covered, we explained that more resources would be needed. One can expand the model to include 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿 𝗮𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝘀 to see how they were providing assurance beyond Internal Audit. By starting simple, you can leverage assurance mapping as a highly effective tool to improve your coordination and impact. 𝙃𝙖𝙫𝙚 𝙮𝙤𝙪 𝙪𝙨𝙚𝙙 𝙖𝙨𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙢𝙖𝙥𝙨 𝙞𝙣 𝙮𝙤𝙪𝙧 𝙤𝙧𝙜𝙖𝙣𝙞𝙯𝙖𝙩𝙞𝙤𝙣𝙨? 𝙒𝙝𝙖𝙩 𝙝𝙖𝙨 𝙮𝙤𝙪𝙧 𝙚𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚 𝙗𝙚𝙚𝙣?

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