Dubai, one of the biggest business destinations, has been growing continuously and is extensively making way for multiple businesses available worldwide, heading towards becoming the future business platform. There are rules and regulations which are needed to be followed by the businesses in the country. Conducting audit services of companies registered in Dubai is one such mandate.
The word ‘Audit’, if looked up in a dictionary, means to inspect or examine. Business entities undergo different ranges of business transactions every day which depends upon their nature and size. A Financial Audit refers to an examination 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. In the present day, 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 with all the necessary details regarding the audit and how you can choose the best auditor for the better performance of your company.
Why Approved Auditor in UAE are necessary for a Company?
Auditing deals with inspection of all the transactions of the company in the internal as well as external matters. Approved auditors can help the company to be more profitable and efficient.
Now, the need for auditing arises because of the following reasons:
When a business grows, it becomes essential to keep track of who is accountable for what. This helps the stakeholders to make better business decisions in the near future. Having an auditor will help fix the accountability of various functions to the respective departments of the business.
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’. More credibility will also improve the credit situation of a business and will also help to acquire more funds for the business.
3. Providing a Comprehensive Review
One of the best things that auditing does is provide an overall report on business health. The report comprises a review of all the activities of the business, which allows for a better understanding of the activities and will also make it easier to understand the big picture. This will allow proper business planning, which will lead to the growth of the business.
4. Boosting Credit Rating
If a company conducts an audit, then the company will be well aware of the activities happening on the premises. This means that even if there is a fraudulent activity happening, the management will catch it quickly. Keeping this in mind, the various financial entities have confidence in such businesses, which boosts their credit ratings.
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.
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 approved auditor in the UAE.
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 essential part to know the pros and cons of your auditor before handing in the company information.
2. Ability to Adapt
Your auditor needs to understand your business and gets adaptable to your organizational culture. There are multiple audit firms in the 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, transparency holds the most important part. Therefore, it becomes important to choose such an auditor that will understand your company requirements and maintain 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 that 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.