Audit Firms In Dubai
,Auditing is a systematic examination of books, accounts and related documents of an entity by following auditing standards and obtain an understanding of the entity’s internal control to ascertain how far the financial statements present a true and fair view. Generally managers are preparing the financial statements where the interest of the manager can be different from the owner. In large companies, shareholders appoint directors to run the business and this separation of ownership and control creates the need for external audit. Independent audit will give the owners the required confidence to move ahead.
When you need an Audit
Under normal circumstances Auditing is mandatory when it is required by an investor or lender, when your company “trading hands”, Public offering of shares or as part of various statutory laws.
Business Health check& Auditing
However we encourage a company to do Audit as part of Business health check when they face any of the following symptoms.
Banks are not willing to give credit facilities, Constant crisis mode, Decrease in profit, Growing slower than similar industry, Highly stressful workplace, Increased legal problems, Increasing losses, Lack of control, Lack of Vision / Goals, Losing customers / low sales, Low productivity, Mounting bad / doubtful debts, Not enough time in your day to get work done, Obstacles appear unexpectedly, Project fails to deliver results, Running out of cash, Theft / Embezzlements, Unable to trace assets and liabilities, Unsatisfied / confused employees etc.
Different kinds of Audit
There are different kinds of Audits. We will discuss those in our next session.
External Audit, Statutory Audit, Internal Audit, Forensic Audit, Tax Audit, Information System Audit, Environmental & Social Audit, Compliance Audit, Concurrent Audit, Transaction Audit,
Revenue Audit, Stock Audit.