Dubai, one of the biggest business destinations, has been growing continuously and is extensively making a way for multiple businesses available worldwide, heading towards becoming the future business podium. The economy has got rules and regulations that need to abide by the organizations. Now, conducting audit services in Dubai is one such mandate. The word ‘Audit’ refers to supervision or inspection. Business entities undergo different dimension of business transactions every day depending upon their nature and size. Auditing refers to an official check of a company’s accounts so as to identify whether all the business transactions conducted are ethical or not. Earlier auditing focused only on numbers and cross-checking of the business insights. Down the line, the concept of audit and assurance has widened its scope in both internal and external matters. Now, it’s not only limited to number activity but goes beyond that. This article will provide you all the necessary details regarding audit and how you can choose the best auditor for better performance of your company.
Why Does a Company Need Auditing?
Auditing deals with inspection of the company both in the internal and external matters. Now, the need for auditing arises because of the following reasons:
When a business grows, it becomes essential to keep a track on who is accountable for what. This helps the stakeholders to take better business decisions in the near future.
Trust in business is important. Conducting the audit services helps the tax officers, financial institutions and the company management to rely on the business activities that take place and believe in ‘lend worthy’.
3. Providing a Comprehensive Review
One of the best things that auditing does is provide an overall report on business health. This turns to identify the future as well as rectify the present issues.
4. Boosting Credit Rating
Audit reports boost the credit rating and credit worthiness of a company ultimately making a way for new investor to invest in.
We can see that the above-mentioned points highlight the fact that auditing is one of the strong pillars of business and to maintain them in a sequential way is a must. One of the best options is to outsource the Audit and Assurance Services. Now, you must be wondering why? Well, the answer to your question lies below.
Why Outsource Audit and Assurance Services?
- Highly skilled professional auditors have got a sound knowledge regarding audit process
- Cost saving as compared to internal audit training and recruitment cost
- Provides effective business solutions
- Help to prevent financial frauds ultimately protect the banks and lenders
Important Points before Selecting an Auditor
As we have seen that auditing is one of the confidential and most important parts that a company needs to deal with, one should also be careful before outsourcing its services. Below mentioned are a few points that a company needs to seek before selecting an auditor.
1. Evaluate the Expertise
Since you will be outsourcing the company details to a third party, it becomes a mandate for you to evaluate the strength and weakness of your auditor. Choosing the right auditor relieves more than half of the tension. So, it becomes an essential part to know the pros and cons of your auditor before handing the company information.
2. Ability to Adapt
Your auditor needs to understand your business and gets adaptable towards your organizational culture. There are multiple audit firms in UAE that provides a diverse range of services but it should match according to your specific needs.
3. Industry Experience
Experience in auditing matters a lot. A company well versed with the auditing experience will be able to handle and make audit reports far better than the one possessing a smaller number of experiences.
4. Clear Communication
Transparency communication in business matters the most. During the audit process, the transparency holds the most important part. Therefore, it becomes important to choose such an auditor that will understand your company requirements and maintain a transparency during the audit process.
Financial statements handling is a tedious job that involves a lot of complexities. It is always advisable to outsource the audit process to an experienced audit company who is well-versed with the rules and regulations and help you in provide concrete audit reports. Are you planning to outsource your audit process? Wondering whom to choose? Don’t worry. JAXA is a veteran audit firm in Dubai, which has been working with multiple clients helping them to sort their audit services. Our audit experts will take care of the audit processes and help you prepare your audit reports in a hassle-free way. For more information, do contact us today – we’d be happy to assist.