The Lack of an internal audit department in a company called Mawarid Research Paper

The Lack of an internal analyze department in a company called Mawarid Islamic finance in the UAE - Research Paper eventIn accordance with the issues discussed in the paper Mawarid pays strategy focuses on supporting and develop the national economy through the provision of Islamic financial services and products for small and medium enterprises (SMEs), which crop the backbone of a nations economy, to enable them to develop, grow stronger and faster. The organization specializes in developing sharia law complaint economical or financial services. It provides eMurabaha that allows its clients to buy the goods offline or online financing for the purchase of the items letter of guarantee covering bib online labor guarantees, and advance payment bonds, together with guarantees for the retention monies, customs duty, labor, home financing, maintenance. Moreover, it offers vehicle and property financing for people, and different services to the corporate sector, which implicate wor king capital, assets, deposits, trading activities and financing projects. Mawarid Finance is the only UAEs financial institution that is absolutely independent. However, in an attempt to ensuring that it hands itself operational independence, we stupefy that the distribution of its shares has been done across over three hundred and fifty shareholders, whereby organizations or even companies have got less than five percent each of the capital there is no stake of an individual shareholder that is more than two and half percent. (English 54). Problem Statement Lack of internal auditors has appeared as one of the unsounded factors that have led to misappropriation of funds in several companies and organizations. That is why several companies and organizations have adopted it to help in bringing accountability, so that each money spent can be accounted for. stress and Significance Internal auditors play a very crucial map in the corporate face of their organizations, financial reporting processes, analysis of risk concern and internal ensure structure. During the last decade, they actively offered management with assurance and consulting services to help in conformity with the laws like the 2002 U.S. Sarbanes-Oxley. The internal audit resources have in any case seen expansion for the purposes of satisfying the increasing demand for the services to facilitate financial report and internal controls executive certifications. In the future years, it might be expected of the internal auditors to broaden their role to responsibilities such as the improvement of risk management, reduction of organizational costs and complexity, and participation in the emergence of governance and strategic processes. For instance, the rules of Proxy Disclosure Enhancements of the United States Securities and Exchange Commission to reveal their governance measures, which include the structure of their board, the boards supervision of risk management as well as its human rela tionship with the executive practices and policies of compensation. The new proxy rules will actually exert pressure or compel the boards to submit their role in the supervision of risk management, and further, this presents both opportunities and challenges for the CAEs (chief audit executives) and their