Various challenges faced by an Auditor
20

Jul 2021

There has been a substantial increase in the number of businesses that have sprung up in recent times, but with the increase in the number of companies, there has also been an increase in the dangers of fraudulent activities. This has made the use of financial services such as Auditing, Accounting, payroll services etc. This makes auditing a very much needed service.

Conducting the Financial Audit of a company is now almost considered a necessity. In some jurisdictions conducting a financial audit of a company is not necessary nut conducting an audit can provide deep insight into the working of the company and thus it is recommended that the management should conduct financial audits of the company in intervals.

The Financial Audit is not without any cons. While the audit process is conducted, there can be a certain amount of inconvenience to the company as the audit process me come in between the workings of the company, which will ultimately hamper the productivity. This problem has been reduced to a great extent by conducting a Remote Audit of a company.

What does one mean by Remote Audit?

A remote audit is very similar to a company audit the only difference being that it is conducted using electronic means so that the auditor does not have to go to the location to collect all the information. The remote audit is also known as virtual audits or E-audits and can help remove the problem of physically conducting an audit.

With the exponentially increasing technology in the field of Auditing, remote auditing has become a new possibility. The auditing has been assisted by the likes of cloud computing platforms and increased online security due to which it is now possible to obtain better company data without causing any hindrance to the business.

Benefits of Remote Auditing

The benefits of remote auditing provide it with an upper hand when compare to simple auditing of a company. These benefits are described below:

  1. Conducting Audit even in Hard to Reach places

In the remote audit, the auditor will not have to physically go to the location to conduct an audit of the company. This will allow the auditor to conduct an audit for places which are in secluded area or locations which are affected by political or social unrest in the jurisdiction.

  1. Saving Time and Money

As the auditor can collect all the required information of the company via various electronic mediums such as clouds and various financial software without visiting the location, the auditor will save a lot of time as well as other resources.

  1. Better Efficiency

Whether it is a single auditor or a team of auditors, everyone will benefit by conducting a remote audit. All the important data of the company can be accessed from a different location, and if a team of auditors are working on the company, then they can all collaborate to provide the most efficient audit report.

  1. Staying up to Date and Maintaining Compliance

Due to the use of different software and technologies, the auditor will be able to receive the latest information about the company and since they will be well updated the auditor will be able to remain compliant with the rules and regulations of the jurisdiction.

With so many benefits conducting a remote audit is a very viable option for the different companies.

Should all Companies conduct Remote Audits?

The possibility of conducting an audit remotely may sound very lucrative, but this does not mean it should be done by every company. The management of the company should be well aware of all the pros and cons of conducting an audit and should make sure that conducting a remote audit will be beneficial to the company. 

If you want to know more about the audit process of your company and how it can be beneficial, you can avail yourself of the Auditing services provided by JAXA Chartered Accountants.

JAXA Chartered Accountants is a reputed accounting and auditing firm in the UAE and will provide the best possible services. They also provide a range of different services such as Tax and VAT related services, payroll services and many more. To know more about the services provided by JAXA, feel free to Contact Us. We will be glad to assist you.