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5 Myths about Audits in Dubai that should be Avoided

The fear of auditing felt in different organizations. It is basically a process through which the process that used in an organization is evaluated. Apart from the normal process that is followed by the audit firms in Dubai, there are some myths that are growing to be stronger. Myths tell us a lot about the things with which we are concerned. These are the ways in which people believe the world will work.

Most important myths that every Businessman should know about Audits

  • Few Audits are good for the organization

Audits are a lengthy process; there are a lot of people who tend to avoid audits because they think that fewer audits will be good for their organization. Well, according to the different studies that carried out to get the answer to this myth, reveals that frequent auditing of the organization will have positive effects on the progress.

  • The Internal Audits are all about spending too much time on bigger Risks

It is believed that the internal audit that is done within an organization is focused on bigger risks only. This is a myth that needs to be debunked. No doubt an audit focuses on the bigger risks that organizations are facing. But 80% of the audit focused on examining the compliance of the procedures than focusing on the major risks.

  • Internal Auditors are the Accountants

Most of the people believe that the internal auditors that are working in an organization are also trained as accountants. They are the ones that focus only on the financial records of a company. This is a myth. Although the work of an internal auditor involves a lot of financial issues and the training of accountancy can help in various ways. But the work of internal auditors is focused on the detection of fraud and other compliance issues that are resulting in an organization.

  • Audits should not be provided with the information they don’t ask

The audit is a fearful process. There are some organizations that try to avoid this situation. And some also believe that the auditors should provided with the information that they need only. They should not told about anything else. This assumption is not right. As the auditor the person that trying to check out the workings and the processes that followed in your organization. By providing all the information to the auditor, the organization will able to work effectively.

  • Auditors follow a specific checklist to audit every process, in the same way, every time

If you are one of those who think that the work of the auditors in Dubai UAE is done with the use of a specific checklist, you must get rid of this assumption. The auditors use different checklists or different methods each time for the purpose of evaluation. As the process carried out to make sure that there are no flaws. There is a need to develop a standard the matches the current condition of the organization.

These were the important myths about the auditing that should focus on every organization. Every audit process is different from every other one and it will depend on the nature and the current needs of the organization.

Jose’s entire educational and professional career has circled around audit and assurance. While in India, he became a CPA and worked as an accountant and an auditor. Afterwards, he relocated to Dubai, where he joined Farahat & Co. as an auditor. He is currently assisting UAE mainland and free zone businesses with their compliance needs. With a reputation for proficiency, quality, and reliability, clients refer to Mr. Jose for independent assessments of organizations structures and operations.