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What Are The Auditing and Assurance Standards?

The main purpose of the audit is about checking the validity of the information present in the company and its documents. This is a very crucial task because there is so much which needs to be considered by the auditors in Dubai, UAE. Any minor mistake can have a huge impact on the whole working of the company. That’s why it is really important for the auditors in UAE who carry out the auditing in Dubai to work attentively as well as effectively.

What to Look for When Choosing an Auditing Firm?

Goals of Audit

The first and the foremost reason behind the audit is to show the opinion about the financial statements of the company. The decision making of management is basically dependent upon the company’s financial statements. If the financial statements are not accurate, the management of the company will not be able to make the right decisions. All of these things are interrelated and that’s why audit has prime importance in the company.

To show whether or not the company is away from all the procedural errors, the audit is carried out. This basically acts as an assurance for the company and its functions.  This is the reason why statistical sampling is taken into consideration for audits.

The audit does not qualify the management of finances and other valuable assets, it also provides recommendations towards improvement. The recommendations are supported by the identified facts and aim to help the management add more vigilance, transparency, accountability and standards to their business functions.

Quality assurance

The basic objective of the audit is quality assurance. This comes under the audit standard because if the audit hasn’t been carried out, there might remain so many points which may destruct the company.  Accounts and then the financial statements derived through these accounts unassured thorough audit may provide misleading information about the financial position of the company. Also, any sort of corruption or unintentional mistakes that immediately need to be fixed can be assessed and identified through audits to be taken care of.

Facts You Should Know About Fraud Auditing

Recommendations

The audit helps the company in identifying its problems which ultimately makes the company thrive to become better than before. Auditors in Dubai from top audit firms in Dubai UAE recommend different things that can make the company and its functions better. If the company works on the recommended fact properly, the company can succeed. Auditors do not only identify issues in the financial statements but also, through their experience and exposure, provide expert recommendations. These recommendations are based on facts and help the companies take all measurements to improve the management of finances along with better decision making.

Do not avoid your Responsibilities!

It is the responsibility of the company to work on the audit systems and pay attention to them keenly. They have a huge importance in the company because the audits show how much the company is dealing with all the things. An auditor does the diagnosis and also recommend the treatment. It is then the responsibility of the management in a company to seriously consider these recommendations in the benefit of their company and to improve its processes.

4 Types of Audit Report that You Need to Know

Work on your audit systems!

There are different auditing companies in Dubai, UAE which work day and night in order to provide their clients with the best opinions regarding the financial statements. This is not all. There is so much more they are offering to their clients.  The accounting systems have been developed in a professional manner which makes the internal functions of the company as effective as ever. Make sure to adopt an accounting system with the recommendation of your auditor for your company. When choosing the accounting system, make sure it suits your business type and model and compare it with other available systems. The reason to involve accounting systems is not just to show that your organization is technologically sound and up to date, but also to add transparency into your accounting systems.

As per the law, in UAE, every company regardless of its size should get their books of accounting audited. Many small and medium enterprises (SMEs) usually do not get their accounts audited unless they are required for any specific purpose e.g., due to any legal requirements, requirements of any other third party like investments or insurance companies and when required by the management itself. This practice of small companies may be economical but is not coherent with the laws.

Auditing Firms in Dubai

Farahat and Co. Our audit firm in Dubai, Abu Dhabi, Sharjah UAE works and emphasizes the planning as well as conducting the work right according to the internal auditing standards. We have highly developed working systems to excel the companies. We understand what the companies need and what they should get. We approach to enhance the services to make them right according to the company’s needs.  There are so many areas we provide our services in. whatever you ask for, we will provide you with our services right according to them.

Get in touch with us to get the needed information. Our auditors are the best and professionally really active.  They know it all and will never dissatisfy you.

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. Read more