The Impact of Global Financial Crisis on Internal Auditing Practices in Banks of Dubai Emirate

Abstract

This research aims to identify the impact of the global financial crisis on Auditing Practices in banks of Dubai Emirate, where it was addressed to the procedures and practices that are carried out by the Central Bank of United Arab Emirates for the Purposes of Supervision and control over the work of the banks. The research was conducted on a sample of two bank, (Dubai National Bank, and Dubai Commercial Bank). And through reviewing the annual reports issued by the two banks for the years during which the crisis occurred, results indicated that the global financial crisis had an impact on both the audit by the Central Bank or the Internal Audits. Where the focus increased on risky factors, also the Internal Audit Department in all banks became followed administratively to the Audit Committee, which is headed by one of the independent members of the Board of Directors.

Keywords: Global financial crisis, Auditing, Central Bank of U.A.