The United Arab Emirates has seen a huge increase in the number of companies being set up in the country and is also considered as a breeding ground for businesses from all around the world. There are many functions that should be performed while establishing a business such as accounting and auditing as these functions can have a huge implication on the working of the business.
The choice of the audit firm also has a huge difference in how profitable the business can be. This is the reason it is very important for the management to choose a company that is a reputable one and will provide the best quality services to your business. This is one of the best ways to ensure that the growth of your company is not hampered in the long run.
These audit firms will perform an analysis of all the financial data of the company and will provide the management with detailed audit reports. This report will help the management of the company in understanding the current financial status of the company. Availing the Audit Services will help the management of the company to prevent wastage of the resources and also will allow the company to plan for its future.
Things to look for in an Audit firm?
When looking for an Audit firm in the United Arab Emirates, you must look for specific characteristics in the auditing firm. These characteristics can be as follows:
·The Qualifications of the Audit Firm
The qualification of the firm is very important for the management to check. The management must find out all the qualifications which the audit firm possesses. The certification of the audit firm will provide proof that they have the required understanding of the managerial systems and will be able to handle the accounts of the company well.
·Services Offered by the Entity
Every audit firms have its own area of expertise and the company must choose an audit firm according to the services offered and also should take into consideration the needs and requirements of the company. The audit firm should understand the client's business and provide solutions accordingly. These services will depend on the nature of the business conducted and the industry of the company.
·Reputation of the firm among the Peers
The audit firm which has been chosen must have a good reputation in the market. It is an added bonus if a peer has already used the audit firm in question. In such a case, the peer will be able to provide dependable reviews. The reviews of an audit firm play a crucial role in its selection. One of the best forms of reference is word of mouth, as through this, the clients who have availed the services of the audit firm.
The extent of Experience of the Entity
The extent of experience of the entity in the past plays a very important role in deciding which auditing entity will be used for the company. Higher the experience of the audit firm in the market, the better. If the audit firm has experience in different sectors, it will have a deeper understanding of the business and can very quickly chart the future trends of the industry.
·Easy to Contact
It is very important to avail of the services of an audit firm that can be contacted anytime. If the audit firm can be reached swiftly, the company of the client can make use of the opportunity, which presents it for a short duration. the quick and easy connection also helps in developing a personal relationship with the audit firm
The fees charged by the audit firm has to be taken into consideration before deciding the service of which auditor should be availed. Some of the auditors have a set of services that they offer, whereas some of the auditors provide the option of choosing the services required by the company and will charge only for those services. If the fee charged is out of the budget of the company, then no matter the quality of the services, the company won't avail of the services.
If a business takes care of the points mentioned above, they will be able to avail the services of an audit firm that will understand the requirements of the client and will provide the best possible solution for your company.
If you are looking to set up a business in the United Arab Emirates, then it is suggested that you avail of the services of JAXA Chartered Accountants. JAXA will understand your business and will provide you with relevant advice for your company.
JAXA also provides a range of other services apart from audit services such as Accounting and Bookkeeping services, services related to Value Added Tax, Management Consultancy Services, and many others. To receive more details on the services offered by JAXA Chartered Accountants, Contact Us. We will be happy to help.