Auditing Tips From the Top Audit Firms in Dubai
Nov 11,2019 / Haroon Juma / Auditing Blogs
Top Audit Firms In Dubai
As one of the top audit firms in Dubai, Simply Solved helps companies across the UAE prepare for audits. For those who are new to the auditing process, it can seem daunting initially. To help you get a better understanding of how audits work, how they benefit your business, and why they are important, we have prepared a helpful guide that gives you all the information you need on the auditing process.
In short, audits are conducted to show stakeholders that financial statements are presented according to appropriate IFRS standards. Audits are typically done by independent and accredited service providers to provide assurance to stakeholders that financial statements accurately represent the company’s financial position.
There are numerous types of audits including: tax audits, investigative audits, operational audits, and financial audits. Financial audits are the most common audits that are typically done by a wide variety of companies, from international corporations to smaller businesses. To get the most from the auditing process, seeking expert help from the top audit firms in Dubai is always advised.
Expert Advice From the Top Audit Firms in Dubai
To help you better understand the process, as a top audit firm in Dubai we can share some helpful advice. Keep reading to learn more about the auditing process and why it is so beneficial.
Why do you need an audit?
Audits are often required for compliance, in order to meet certain requirements from stakeholders and governing bodies. Audits also help to show credibility and accountability, which is also important to grow any business. Audits can also help to detect fraud and inconsistencies that may arise, preventing such issues. Other benefits of audits include improved systems, operational efficiency and gaining better budgeting and planning over each financial year.
Audits in the UAE are typically required by several stakeholders
- Government Authorities. Under new compliance obligations, attested financial statement are required by several FreeZones and other authorities to ensure businesses are operating to OECD BEPs guidelines.
- Banks. To secure or maintain bank loan facilities, banks will also require audited statements to ensure the business is able to maintain regular debt repayments.
- Investors. Investors will often require audits to undertake any due diligence prior to any capital investment and gain confidence the business are managing finances efficiently.
- Management. External audits provide expert assessment on the accuracy of internally prepared financial reporting and highlight deficiencies or risks in processes and controls.
Who should consider an audit?
- Government. Government departments will often have mandatory audits to assure the public they are serving that state resources are being allocated fairly.
- Banks. Banks also have an obligation to their stakeholders and the general public that funds are being fairly and properly managed.
- Investors. Investors will often require audits to show that they are managing finances efficiently.
- Owners. Business owners can also benefit from audits to show customers, investors and other stakeholders that they are managing finances correctly.
Plan Your Audit in UAE
Planning for an audit does not have to be stressful. Rather than avoiding audits altogether or putting audits off until it is too late, it is essential to get professional help from someone who is fully trained in the auditing process.
Independent audits are required to be sure that the process is completely transparent and compliant with regulations. Trying to rush audits or conducting an internal audit can end up damaging your reputation, which is why it is always advised to seek help from an experienced specialist to ensure that your audit in UAE is done to a standards process.
To ensure that you get the best results from your audit in UAE, it is important to seek help from an experienced specialist. One of the many ways that Simply Solved helps clients is full assistance with audited financial statements. We provide comprehensive statutory and internal audits, governance, risk and compliance support solutions to companies of all sizes. Get in touch with us today to learn more about working with one of the top audit firms in Dubai.
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