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Oct 2019
Dubai is considered as a significant destination for budding entrepreneurs and people in business from all over the world. This is because of the various benefits that a company can avail in the industry in this destination. Now setting up a business in Dubai is very lucrative and profitable, but the significant challenge for any owner comes in the form of maintaining the business. The best way for any company to support the organization is to avail Accounting and Auditing services for the company.
The next big challenge comes in the form of choosing an auditing and accounting firm. Choosing an auditing and accounting firm is a significant decision as the recommendations of the auditing firm will form the base for any financial decision that the company takes for its growth. The way a company manages its workings is the decisive factor between the success and downfall of the company.
Selecting Auditors in Dubai
There are various attributes that one should look for in an Audit firm so that the management of the company can make informed decisions and work towards the success and growth of the society. Some attributes are:
1.The reputation of the Firm
This is a critical parameter to look for in an auditing firm. If you avail the services of a firm which is not known by many people, you can very well be hampering your own business. It is therefore advised that you hire a firm which has a good reputation in the market.
2.The Qualifications
As auditing a company is significant for its bright future, it is necessary for the management of the company to check whether the auditing firm has the qualifications required or not. Testing for the requirements of the auditing firm will provide a sense of confidence to the management that the auditors know how to perform their duties and will take good care of the company.
3.Has any experience or not
The auditing firm should have previous experience of performing an audit for a company in a similar industry. Having experience is necessary as it will allow the auditing firm to have the knowledge of the workings of the industry and will be able to provide informative results. The auditing firm will also allow the company to chart a trend line for the company and suggest the requirements accordingly.
4.Peer Reviews
Sometimes utilizing the services of an auditing firm which is recommended by your friends or peers can prove to be very beneficial for your company. This is because the firms that are supported by your peers have been tried and tested by them and are happy with the results they got.
5.Availability and Support
The availability of the auditing firm is also essential. The management should look into it that they can avail the services of an auditing firm according to the requirements of the company. The Firm should also provide a customer support 24X7 which will help the company in-case they are unable to understand how the auditing firm has concluded.
6.Compliance
The auditors will keep special care that all the rules and regulations of the area are being followed. If the company is not compliant with the rules as prescribed by the concerned authority, the company may have to face certain fines, which will present a poor picture of the company to investors.
7.Ability to Adapt
This dynamic and ever-changing business environment is tough to understand, and an auditor has to keep on adapting to the changes. These changes can be political or a difference in the regulations of the country. If the audit firm is not able to adapt to the auditor will provide wrong information to the management of the company, which will, in turn, lead to the collapse of the company.
These are some of the attributes that should be kept in mind of the management before availing the services of an auditing firm. In Dubai, special care should be taken to check that the auditing firm is approved by the various free zones which are present. This will allow your company to have a higher chance of success as such, and accounting firms have a guarantee that the financial data of the company is in the right hands.
If you are looking for Auditing and Accounting firms in the UAE or any of the free-zones therein, do have a look at JAXA Chartered Accountants. We at JAXA, offer you a range of various services which will allow your company to grow further and achieve greater success. In case of any questions, please contact us, we’d be glad to assist you.