Auditing refers to an official assessment of a company’s accounts so as to identify whether all the business transactions conducted are ethical or not. Good audit firms in Dubai, UAE can add value to an organization by providing helpful information that increases the value and credibility of financial statements.
Other reasons to hire an audit firm for audit and assurance services are as follows:
Access to highly skilled professionals in auditing companies in Dubai who have got sound knowledge regarding the audit process
- Cost savings- hiring an audit firm is less expensive compared to maintaining an entire department for audit
- Increase user confidence with a business financial statement
- Helps prevent financial fraud.
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To make sure that you hire a reputable and reliable audit firm in UAE the following points have to be evaluated:
Evaluate expertise
When outsourcing auditing services, it becomes important to evaluate the strength and weaknesses of the audit firm. It is essential part to examine the pros and cons of hiring an audit firm before delegating work.
Experience
Experience in auditing matters a lot. A company well versed in providing audit and assurance services will be able to handle and make an audit report with the help of experts. If the auditors you hire are already familiar with all the operations of your business, they can easily carry out an audit of a business.
Qualification
Certifications of the audit firm should be reviewed when hiring an audit firm. Having a sense of managerial systems will be an added benefit for selecting an audit service. This is important because business needs professional training and certification to judge the ability of the firm.
Reputation
Companies in the UAE should hire auditing firms in UAE which has a good reputation. Hiring someone with a bad reputation can harm a business. In addition to that, a reputable firm may ask for audit and assurances services in UAE is trusted by clients and has delivered satisfactory results to businesses
Negotiations
The audits firm hired must be good enough to negotiate to get the best possible value for your organization. While partnering with an audit firm it very important to negotiate with them on the transactions.
Flexibility
Using one audit firm for all audit and assurance services will cut out the time and money, using different people for different work will make the process more hectic. Companies must hire a firm who is capable of doing all the audit-related tasks.
Transparent Communication
To maintain a long-term relationship between a company and its auditor it is very important to build a strong foundation of trust. The auditing firm should be transparent in the quality control procedures it follows. Audit firms that practice transparency in its functions can communicate even the smallest inconsistency in the audit before it escalates into a larger issue. An enviable auditing firm should ensure that the company understood the auditing process and freely answer all questions of company management.
It is Essential to Hire an audit firm for the following reasons
Accountability
When a business grows it becomes essential to keep a track on who is accountable for what. This helps the stakeholders to make better decisions in the future.
Reliability
Trust in business is important, conducting audit services helps the tax officers, financial institutions and the company management to boost confidence.
Providing a comprehensive review
one of the best things that auditing does is to provide a proper report on business health. This may help to identify the future as wells rectify the present issues.
Boosting credit rating
Audit report boosts the credit rating and creditworthiness of a company ultimately making way for a new investor to invest in.
Also read: What are the Steps that You Need to Do in an Audit Process?
Audit services in Dubai
Handling auditing services in UAE involves a lot of complexities. It is always advisable to hire an audit firm that is well-versed with the rules and regulations and helps you provide accurate audit reports. Farahat and Co is the top audit firms in Dubai that will take care of the audit process and help you prepare your audit reports in a hassle freeway. For more information, contact us we would be happy to help you.
