Need for external Audit Services in Dubai, UAE!

The corporate landscape in Dubai endures a tough regulatory environment which has raised the bar higher for organizations as a result many companies in Dubai are suffering losses financially, having to operate under losses versus imagined profit. 

Even in the presence of internal auditors, challenges exist as to the question of objectivity and how it applies to a company’s financial audit. Therefore the need for external Auditing companies in Dubai who work with business owners to help them understand the accounting process through a keen eye for purposes of betterment. 

To avoid complications one could approach some of the best Audit firms in Dubai. The auditors are specialized in external audit procedures which help organizations to prepare their accurate financial statements. 

Various reasons to have an external audit in Dubai: 

• Comply with the regulations and rules in UAE: While appointing an external auditor to review the financial statements, they stay in compliance with the international accounting standards. External auditor identifies the books of accounts which do not comply with the governing regulations. When appointing any external auditing company in Dubai , one gets unbiased feedback and it helps to modify the financial statements. Internal auditors may find it hard to share genuine feedback. Thus hiring an external auditor is beneficial to your business in Dubai, UAE.

• Credibility: Hiring an external audit firm Dubai would improve the credibility of the business. Successful external audits inform government, public, and finance companies that the business is a trustworthy organization. The approved external audit reports are much more reliable compared to the reports of an internal auditor.

• Quality control of internal audit: Businesses may consider an internal auditor sufficient for any financial record of the company. However, it is recommended to appoint an external auditor where they could limit the errors made during the preparation of accounts. Internal auditors are familiar with biased approaches and deny points to errors made in bookkeeping or accounting records.

•  Prevention from fraud with external audit: External auditors examine the bookkeeping records and financial reports to inform the management if they find any suspicious transaction or business activity. The external auditor provides necessary advice and feedback if any activities conducted by the organization could put the business at risk of fraud. The auditor team goes through extensive research and determines the financial crime or risk in your business. Moreover, they provide advice on improving the risk management system in the business or company.

• Ideas for betterment: External auditors suggest and advise after thorough research of the financial reports. They come up with new ideas to improve the financial body of the company. They may suggest expenditure requirements and implement different strategies to increase business efficiency. By hiring external audit services in Dubai, you get access to qualified professionals who uplift the financial health and status of an organization.

 Benefits of hiring an External Auditing firm: 

• It is more objective: Internal audit firms in Dubai are personally invested in the result of a financial audit. This is because the findings of the auditing may affect them in one way or the other. This is why it is beneficial to bring in the services of external auditors who would be impartial in such a way that internal auditors cannot.

• Detailed reporting: External auditing companies in Dubai give a detailed report of the findings. This stretches from as wide as business processes are concerned, to comprehensively determining the accuracy and correctness of information presented in the company’s account books.

• Give assurance of legal compliance: Now there are so many regulations for businesses in Dubai and the UAE at large, that the services of an external auditor are useful. This is because of the ability to fortify organization practice within the confines of the law. It is the responsibility of the external auditor to spot areas of operational non-compliance by performing a professional financial audit. It is also their duty to identify the issues related to abuse and fraud as it pertains to the company. The external audit digs deep to uncover certain issues that make your business vulnerable to regulators.

• Helps to grow budding companies: Organizational stakeholders combined with the concerned review and revenue boards would appreciate the thoroughness which comes with external auditors. Looking into the company’s financial and accounting processes, the level of credibility which is achieved is particularly important to small companies and start-ups.