8 Factors to Consider Before Hiring an Audit Firm in Dubai

Jan 2020

Auditing is an indispensable activity that should be performed by a business. Conducting an audit is one of the most beneficial things that the management can do to ensure the growth of the company. The management needs to choose the best possible auditing firm for the business because if there is even a small mistake made while auditing the financial records of a company, the company can be gravely affected and can face tremendous losses.

Availing the services of an auditing firm can be a very delicate job as if you choose the wrong firm, you can jeopardize the future of your company. Before availing of the auditing services of the company the management should think long and hard and also conduct research so that no mistakes are made in taking decisions.

The management of the company must keep certain factors in the back of the mind while selecting the auditing firm, which would be suitable for the company. These important factors are described below:

Factors to be Considered

Here is a list of factors which if considered will help you to choose the perfect auditing firm for your company.

  1. The reputation of the Auditing Firm

How the people who have previously utilized the services of the firm feel about the company says a lot about the reputation of the company. The reviews of the previous clients help a lot in deciding if the firm will be able to handle the financial data of the company. In case the peer reviews are wrong, the management should not opt for the auditing firm. The review will also help the management in deciding if a particular auditing firm Is the right choice for the company or not.

  1. Qualification of the Auditing Firm

Checking the qualifications are a way of understanding the skill set present with the auditing firm. The management cannot take the risk of choosing an unqualified firm to audit the company. Before availing the services of the audit firm, do a background check of the firm. This will ensure that a firm which is correct for the company is being hired.

  1. Experience Of the Auditing Firm

By experience, we mean to say that the management needs to find if the auditing firm has previously provided its services to companies that are in the same sector ad perform related business activities. Having a previous knowledge about similar industry will reduce the time taken by the company and will provide the confidence to the management that the auditing firm will be able to handle the data of the company.

  1. Services provided by the Auditing Firm

Many audit firms offer a number of services, and you do not have to hire different people to receive various services. First of all, we should check which are the services that are provided by the auditing company and what are the requirements of your company. If the conditions and the services provided match only then should the management think about availing the services of the auditing firm.

  1. Security Measures Taken

In today's world, the security of the data is of paramount importance. Every company will be hesitant to share its confidential financial data to an auditing firm if the auditing firm is unable to provide the confidence to the company that the data will be in secure hands. If even by mistake any data of the company is leaked out, the company may face huge losses.

  1. Fees Charged

This is one of the most fundamental factors to consider before hiring the company, but it is the most effective factor. Even if an auditing firm provided impeccable service, a company would not avail the services of the firm if the cost charged is too high. The fees of the auditing firm are a significant consideration while choosing an auditing firm.

  1. Good Communication

An auditing firm must be good at communicating the details to the company. If the auditing firm is not able to demonstrate the properly with the management, there may be a mismatch of opinions which will lead to the administration taking a wrong decision which will ultimately have an adverse effect on the company.

  1. Technologically Sound

This is the era of technology and every company which wished to create a mark needs to be technically sound. The business environment is very dynamic and cannot be predicted. This is why it is good to hire an audit firm which is technologically sound and uses a lot of the latest technologies. This way, we can be assured that the company is compliant of all the laws and rules.

The biggest factor of them all is that the auditor should be professional in his work. If the auditor takes his work very lightly, the ultimate impact will be on the company. Thus always avail the services of a reputed auditor which has been approved in the Mainland as well as the Free Zones. If you are looking for such services, then you must avail the services provided by JAXA Chartered Accountants.

Our teams of professional accountants and auditors will ensure that your company faces no hindrances in the future. The professionals at JAXA Chartered Accountants will make sure that they understand the requirements of the company and provide the services according to it. For more details on the various services we provide do contact us – we’d be happy to help.