If you have ever been in the accounting field, the word ‘auditing’ might not seem very strange. But what is auditing?
In simple words, Auditing is simply the double-checking and verifying books of accounts and recorded financial data prepared by the accountant in an organisation. It is done against the source documents from which they have been prepared and also examines whether the organisation works according to the industry standards or any other stated purpose.
In other words, it is an inspection of the company’s financial data to assure the relevant stakeholders that its financial statements and reported data are accurate and transparent. Auditing can be done in various ways, including physical stock count, getting information from other sources, examining and matching the reported profits, checking bank reconciliation statements, and much more.
Benefits of availing Auditing Service in Sharjah
Below are the benefits of hiring an auditing firm in Sharjah:
Auditors in Sharjah offer a good picture of the procedure that needs to be followed. They meticulously verify the accuracy of your financial records and deliver a simplified report that offers insights into every facet of your business operations.
Confidence for Investors
Investors seek transparency and reliability when considering where to allocate their capital. An external auditor prepares a detailed, accurate report that enables potential investors to make informed decisions.
Reduction of Waste
External auditors streamline processes, reducing the likelihood of time and resource wastage. An accurate audit report allows management to pinpoint areas that require improvement, optimising the allocation of employees and resources.
Best Auditing Firm in Sharjah
If you run an honest and reputable organisation in Sharjah, one of your top concerns would be to find the most suitable audit firm. Decision on the selection of the auditing firm in Sharjah should be made with utmost importance. Perhaps one of the best audit firms in Sharjah with a good reputation and services is JAXA Chartered Accountants.
The firm, JAXA, has been known to provide quality accounting and auditing services for years. Not only will they help new enterprises and startups in all aspects, such as growth and development, but they will also make sure that the organisation follows standard accounting regulations of UAE, which will relieve businesses of any legal issues.
Types of Auditing Services Offered
The Auditing service in Sharjah provided by JAXA can cater to various suitable small and large organisations. The services include:
It refers to evaluating the internal position and control of the business. Internal audit assures the business about its risk management strategies, corporate practices and methods, and internal control processes and ensures that it is operating effectively. It adds credibility to financial reports sent to the shareholders and management.
This refers to the process in which the business's financial records are examined to verify the transparency, reliability, and accuracy of financial data. A third party does an external audit with nothing to do with the organisation. It helps discover any frauds, misstatements, and miscalculations. External auditors report the progress of the business to the management, which assists them in making future decisions and strategies.
This type of audit is mandatory by law and communicates the financial information to all stakeholders, including investors, shareholders, the general public, etc. This audit assures the government and other stakeholders that all financial data representation is done accurately and honestly.
Due Diligence Audit Services
This type of audit refers to the examination and inspection of the company records and determines the business's financial standing. It is useful for management to modify any problems or change the course of the business. This information is beneficial when merging or acquiring new businesses so that the company’s financial standing is clear and not over or underestimated.
List of Financial Statements Used in Auditing Firms in Sharjah
Read the points below to understand the financial statements used in auditing firms in Sharjah:
This is a detailed statement about the profit and loss analysis of the businesses. It contains information about the cost of goods, revenue generated, revenue from other sources, and expenses related to distribution, administration, and finance. Thus, it provides a clear view of the profitability of the business.
Statement of Financial Position
This refers to a detailed statement about the financial standing of the business. So, it may contain information on all the assets, non-current and current liabilities, and equity or capital of the business. It helps determine the net worth of the business
Cash Flow Statements
This statement contains information about all the inflows and outflows of cash in a specific period.
Why Hire JAXA for Auditing Services in Sharjah?
JAXA Chartered Accountants is an ISO 9001-2015 certified firm with qualified CAs, auditors, and specialist teams. It has been recognised internationally as an approved auditor in all UAE free zones and has provided services to more than 1500 clients. JAXA is also affiliated with TIAG, the leader in technology, strategic, and transformational solutions in the international market.
Practices throughout the UAE and a reliable, flexible, and innovative team of accountants and auditors have made JAXA the best audit firm choice for any business in the UAE.