Operational Audit is a systematic process of evaluating an organization’s operational efficiency and effectiveness. On completion of Operational Auditing, the results of the evaluation and the recommendations for improvements will be reported to the management for action. It means that the internal auditor goes beyond financials controls into operating areas. It is focused to strengthen the Organization’s operations and control mechanism for day to day operations. Operational Audit will help to identify points of non-conformity in procedure implementation. It will help the management to take corrective actions.
Some of the objectives of Operational Auditing are:
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There is no statutory compliance for a company to conduct the operational audit. Operational Audit is conducted when Management desires to evaluate the company’s operational efficiency and effectiveness. It helps Management in improving the economic savings of financial processes, where operations are based on financial statements.
The primary responsibility for managing the day-to-day operations is of CEO and/or General Manager. But for every individual function/process covered under Operational Audit, the responsibility will be of the Process Owner/Line Manager responsible to handle that process or operation.
In a programme of operational auditing, the auditor is capable of appraisal activity with particular reference to the following aspects:
The reporting should be very helpful and accommodating to the Management. The operational Audit report provides in detail the observations, auditor’s recommendations to the reported observations, actions to be taken by the Management, responsibility of the process owner and the target date for the closure of the observation. This report is to be discussed with the Management and process owner in detail, so as to help Managers to evaluate and analyze the current effectiveness of a company’s operations while identifying areas of potential improvement.
Emirates Chartered Accountants is a leading Auditing firm in the UAE. If you are looking for Financial Control Audit, Audit & Assurance Services in the UAE, then you are in the right place. Emirates CA Group provides highly qualified professionals in the related field of work by providing a wide range of Audit and assurance services all over UAE – Dubai, Abu Dhabi, Ajman, Sharjah, Fujairah & Ras Al Khaimah.
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Ans: This depends completely on the size of Operations. Unlike financial audit which focuses on the financial controls as they relate to reporting, Operational audit focus on review and assessment of a business process. So, the time taken for completion of operational audit will purely depend on the number of processes related to operations of the business.