The challenges and opportunities for internal audit services in UAE are closely related to the dynamic and evolving business environment in the country.
Some of the challenges include:
• Keeping up with the rapid changes in technology, innovation, and digital transformation.
• Adapting to the new normal of remote working, online transactions, and cybersecurity threats.
• Dealing with the impact of COVID-19 pandemic on business continuity, resilience, and recovery.
• Aligning with the UAE's vision 2021 and 2071 goals of economic diversification, sustainability, and social development.
Some of the opportunities include:
• Leveraging new tools and techniques such as data analytics, artificial intelligence, blockchain, and cloud computing to enhance internal audit capabilities and value.
• Expanding into new markets and sectors such as healthcare, education, tourism, and renewable energy.
• Collaborating with other assurance providers such as external auditors, regulators, and consultants to create synergies and efficiencies.
• Developing new skills and competencies such as strategic thinking, communication, leadership, and innovation to meet the expectations of stakeholders.