02
May 2019
This audit process would result in the management knowing about the loopholes and bottlenecks of the business and will assist them in taking remedial measures. Hence, we can figure out that auditing is a very crucial procedure which has the potential of reviving a dying business.
The audit is a process which is usually conducted by a third party who goes through each transaction recorded in the books of the business and then cross-checks them for any fraud being committed. Later, he would prepare the audit report which would highlight the various problems being faced by the company, their causative reasons and will also outline a corrective measure to the problem. Utmost care must be taken while choosing a third party to do the accounting as if the auditing firm or the individual does not perform the financial audit conscientiously, the business can face grave losses and may end up winding up.
Thus, it is necessary to vet an auditing firm or individual before availing their services. We will be discussing the essential factors which must be examined before using the availing the audit services in Dubai.
What to look for in an Audit Firm?
Five basic characteristics should be given priority while choosing an auditing firm.
1.Experience
The third party should have enough experience in your business domain. This means that it should have already done some audit work in the industry related to your company. This would reduce the time taken in audit as the third party would already know what questions to ask and how to handle the audit. The entire audit process would become less time taking and very straight forward.
2.Reputation
This means how the other companies view the auditing firm and how would they rank the firm’s abilities. A firm just building its name in the market may not be a good choice for your company as there would be no guarantee that your audit process would go smoothly. On the other hand, choosing a well-established and recognized firm will practically guarantee high benchmarks and quick solutions to your auditing problems.
3.Communication
The third party should not hide any data which it comes across the audit procedure. The auditor must be honest and clear about the workings of the company. If the auditor is unable to make you understand the current scenario of your business, then that particular auditor is not for you. You must choose an auditor who would provide you with an elaborate and detailed description of any query and will explain all the technical jargons to you.
4.Qualifications
Qualification is one of the most essential features that everyone looks for in an auditing firm. Qualification would be a distinguishing feature of the auditing firm and would provide us with the assurance that they are good at what they do. There are many qualifications which would establish the audit firm as one of the strongest in comparison to their competitors. Getting an ISO certified or a CPA certified accounting firm would be a cherry on top.
5.Fee
A company should also refer to its budget and plan the audit accordingly. If your business is in the nascent stage, you might not require an in-depth review as the business is just setting up its roots in the market. Some audit firms also provide various packages that would allow you to select particular services and will charge only for it. In such a case, the company could choose which aspects of the business need to be audited, and this would significantly reduce the fee charged.
By keeping an eye out for the above mentioned five factors, a company can choose an auditing firm that would suit the company’s requirement. Choosing an experienced and reputed auditing firm would not only help in the thorough scrutiny of the finances of the company but will also give the investors a sense of security to them.
If you are looking for such certified firm, JAXA would be your best bet. It is one of the reputed audit firms in Dubai and is ISO 9001-2015 certified. It would take care of all your business related problems and would provide you with a customized solution according to your business. For more details on the services we provide do contact us, we would be happy to help.