An audit firm in Dubai helps in assessing the financial health of a company. It helps a business owner to form an opinion about the current processes of a business and also help in making decisions about the future of the business. The audit report provided by audit firms outlines a precise and complete picture of the financial health of a company.
A company may need a financial audit of its records for compliance and assessment. Companies hire auditing firms in Dubai for professional assistance and to guide them in financial matters.
Here are some of the major reasons why a business needs to hire a top audit firm in Dubai:
- Protection against the attempt to defraud investors
Companies may need an audit firm to detect fraud and errors. An audit firm also helps in prevent errors and advises companies in taking necessary steps to avoid such frauds. Major or minor fraud can occur at different levels in an organization. After conducting a fraud prevention audit, the company may also get a comprehensive structure of the financial status of the company which would allow for the careful scrutiny of the workings of the business.
- Accuracy in financial statements
Companies need to get their financial records audited on a regular basis. All these financial statements of a company need to be highly accurate. Auditors check the accuracy of a firm’s financial transaction and confirm whether or not the organization follows generally accepted accounting principles in UAE. Companies' financial statements will be more credible if an auditor evaluates them and agrees that they are accurate. Credibility is important to all businesses, especially during the first few years of business when they are trying to build positive reputations.
- Expertise and experience
Audit firms in UAE comprise highly skilled experts, which means they can examine significant information related to the audit. The company's management can utilize this data to assess the organization and actualize measures that are important to meet goals and targets. A company well versed in auditing will be able to handle and make reports far better as they have vast expertise in the area. Before outsourcing an audit function, remember to evaluate the strength and weaknesses of an audit firm.
- Complete adherence to existing governmental regulation
A company may need the service of an audit firm to ensure compliance with relevant laws and regulations. Failing to comply with policies can damage the reputation of the company and potentially subject it to significant financial liability. Gaining client trust and avoiding costly fines associated with non-compliance make audit an important and worthwhile activity for an organization.
- Verification of internal controls
Companies may need an auditing firm to confirm internal controls and processes. Auditors in UAE identify vital areas which need to be enhanced and they test the performance of systems. Auditing companies in Dubai also check the quality of the record-keeping process aside from looking for fraudulent transitions or activities hidden within documents. Auditors also analyze the financial data of an organization to make sure that the taxes are paid properly and processes are maintained to protect the security of confidential financial data of an organization.
Farahat and co is an audit firm in Dubai that has been working with multiple clients to help sort their audit needs. Our highly qualified auditors in Dubai offer the most significant level of professionalism in all kinds of audits. Our audit experts will also take care of the audit process and help prepare the audit reports in a hassle freeway.
You may be interested in reading: 7 Reasons to Conduct an External Audit in Dubai
For more information, contact us.