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5 step methods to obtain audit evidence in UAE

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5 step process to obtain Audit evidence in UAE

Step 1: Design The process

For a well-run audit procedure in UAE, a set of best practice guidelines and an outcome document should be produced. A key task of both the author (or the lead auditor) and the team leading the audit is to ensure the quality and relevance of the information gathered. A well-thought out process by Alchemist helps ensure that consistency across all stages of the project cycle is achieved. This is important as consistency can be key in making sure changes are implemented effectively and regularly, which leads to improved quality and customer satisfaction. Research shows that customers are able to make informed decisions when given clear information about the business. Good auditors at Alchemist know how to design procedures that are clear, concise, actionable, informative and based on research or experience.

Step2: Test the process

One way to think about being in the testing process is that it's a continual process of capturing data and making decisions. You make an initial selection of questions to ask, write up a plan for carrying out the tests, do the data analysis and write up a conclusion. The whole exercise can be so exhausting that you can get focused on other tasks – but there's no point forgetting that initial selection or plan! The single most important thing you need to get right is the process itself. If you skip steps, you won't learn anything; if you miss opportunities, you may get frustrated and end up solving problems that aren't actually problems

Step 3: Data management

In any organization, it is essential that every effort is made to perform efficient audits. But most audits focus only on statistical data. Often, decision makers only study data that support their current views or preferences. This means they miss opportunities to improve services and discover new trends that could alter their profitability. A successful audit procedure should also focus on developing trends related to your business. Managers maintain the executive level balance between team members and external influences associated with abnormal growth. Competency in identifying abnormal growth within an organization is one of the primary skills required for effective leadership development programs.

Step 4: Preliminary audit:

This technique is called preliminary audit. It helps the presenter to understand the ivory wall by asking questions which clarify or build on what has been said previously. The presenter can then build a narrative around this which will make the audience feel at ease. This may involve asking questions which establish whether the topic is new to the other party or if they have already discussed the subject somewhere else. The preliminary audit technique is one way of gaining insights through conversation - especially if you are being interviewed by someone who does not speak your language.

Step 5: Risk Management

Risk management is about managing people’ risk - all risks, both authorial and legal, and all potential losses. Accounting for perception management could be characterized as “spotting things that require attention.Accounting for perception management is important to prepare an organization for best practices compliance review by making it clear to all parties that all potential issues or concerns are being appropriately assessed and addressed. A key element in creating perception management is a culture of challenging issues but also providing adequate support for staff in carrying out risk assessments and risk management activities.

We at Alchemist design a well thought process for your firm towards your Audit process.