How can you Conduct an Audit Successfully? (Part 1)
05

Nov 2020

Setting up a business can be a monumental thing, but to keep the business alive and functioning can be an altogether different task. To maintain a business and to find out solutions for any problem faced by the business, the management can conduct an audit of the company. The audit is a very important part of the business and can play a decisive role in strategizing for the future.

What is an Audit?

An audit can be defined as a process or technique which involves a thorough examination and evaluation of all the financial statements of the company to gauge the financial health of the business. The Financial audit of a company can be conducted either internally or externally. The primary aim of conducting an audit is to find any discrepancy or wrongdoing in the company and also find a way to resolve the matter.

An Audit of a company is dependent on various factors. There are certain tips and techniques which should be followed during a company Audit to make it a successful one. These tips are provided below:

1.Making a Plan for the Future

The audit is a very big and important process for the company. The companies which are planning to conduct an audit of their company must make a plan so that the management can make time for the process. Knowing about such things early will allow the management to actually properly prepare for any such event.

2.Making use of the Previous Experience

It is very important for the business to take assistance from an accounting firm to handle the various financial issues posed by a business. The Accounting firm should possess the necessary certifications, and it will be an icing on the cake if the accounting firm has previous experience.  This previous experience can be used for the betterment of the business.

3.Keeping track of the Present Trends in the Industry

Each of the business is dependent on the various trends which are prevalent in the market. It is important to keep track of all the trends which are being followed in the present market. these trends will help us to understand the direction in which the business should focus and will help to be more profitable.

4.Creating and Providing the Proper Reports at the Proper Time

It is imperative that a business prepares the financial reports of a company in a proper manner because these reports will be used in the preparation and conducting the Audit of the company. if there is even a small mistake in these reports, then the Audit reports, which are based on the financial statements, will provide a wrong result, which in turn will result in huge losses for the company. o know more about audit reports, read out blog All You Should Know About Audit Report.  

5.Keeping track of the Company and any Amendments made

The business environment keeps changing periodically, and this forces the management to make amendments in the working of the company. these changes sometimes can affect the audit of the company in a positive way and sometimes can produce new problems for the Audit.

These changes can also bring alteration in the compliance of the business, and everyone knows that compliance plays a very important part in the development of a company. if there is any breach of compliance, then the company can be looking forward to huge fines and penalties, and in some extreme cases, the company may be disbanded.

These are some of the factors which should be followed by an auditor if he wished to conduct a successful audit of a company. if you want to conduct a Financial Audit for your company in the United Arab Emirates, then you can have a look at the various services provided by JAXA Chartered Accountants.

The various experts at JAXA will first understand the needs and want of your business and accordingly try to provide the best possible solution for your business. Apart from Auditing Services, JAXA also provides a number of different services such as Accounting Services, Bookkeeping Services, etc. the amalgamation of all the different services provided by JAXA will help your business in its growth and development.

For more details on the services or to ask any query, feel free to Contact Us. We will be happy to answer your queries.