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What is Auditing?
The term "auditing" typically refers to an examination of financial statements. Financial auditing is an independent review and assessment of an organization's financial statements to ensure that they fairly and accurately reflect the transactions they purport to represent.
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Benefits of Auditing
Here are some of the important benefits of auditing:
- It presents a comprehensive analysis of the company.
- It aids in the early detection of potential problems.
- It assists in identifying areas (or risk) that needs improvement.
- It increases the organization's overall effectiveness.
- It assists in determining if the finished product is fit for use and complies with client demands.
- It assists in ensuring that the necessary work processes are implemented and successful.
- Ensuring the organization complies with all legal and regulatory requirements, it helps prevent lawsuits.
- It makes sure that effective Corrective Actions (Remedial Actions) are taken.
- Having effective systems and procedures in place aids organizations in lowering costs by reducing rework and rejects. In reality, this boosts consumer confidence, enhances brand reputation, and boosts sales.
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Types of Auditing
The types of auditing can differ from company to company. For instance, a construction company might audit how much money they spent on a project (e.g., costs for contractors or supplies). Here are a few types of auditing: Internal, External, Statutory, Financial, Payroll, etc.
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Internal Auditing in Dubai, UAE
An organization's internal controls, including its corporate governance and accounting procedures, are assessed via internal audits. These audits help to maintain accurate and timely financial reporting and data collecting while ensuring compliance with laws and regulations. By spotting issues and fixing flaws before they are found in an external audit, internal audits give management the resources they need to achieve operational efficiency.
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External Auditing in Dubai, UAE
An examination carried out by an unbiased accountant is known as an external audit. The primary goal of this kind of audit is often to certify an entity's financial statements. An external audit serves as a neutral, independent assessment to confirm that the financial statements accurately depict the company's financial situation and have been correctly prepared in compliance with accounting rules.
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Statutory Auditing in Dubai, UAE
A statutory audit is a legally required examination of the correctness of a company's or government's financial statements and records. A statutory audit looks at data, including bank balances, financial transactions, and accounting records, to assess whether an organization provides an honest and accurate portrayal of its financial status.
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Financial Audit in Dubai, UAE
An independent assessment of your company's financial statements is known as a financial audit, often known as a financial statement audit. They typically take place once a year. While internal (by an employee) financial audits are possible, most of the time, your stakeholders will prefer an audit from an impartial organization.
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Selecting Approved Auditors
The duties of external auditors should be much more than business compliance. Auditors need to bring the necessary credentials, expertise, technologies, and approach to the job to contribute value to your company truly. The following are some qualities you should look for:
- Qualifications
- Industry Experience
- Use of Technology
- Quality Assurance Processes
- Reasonable Fees
- The reputation of the audit firm
- Ongoing support for decision-making & growth
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Approved Auditors
JAXA Chartered Accountants is an ISO 9001-2015 certified firm of experienced Chartered Accountants, auditors, and specialist service teams offering a wide range of services, including Auditing, Accounting, Feasibility studies, and Management and Software Consultancy services tailored to client's needs.
Jaxa auditing firm has approved auditors for all the Major Free Zones in UAE, which can help you prepare Audit Reports in these Free Zones.
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