Auditing has become a compulsory task in business organization, so to detect and prevent frauds, auditing is very important. Auditing services are very crucial for any smooth-running businesses for small, big and medium-sized enterprises. It ensures the integrity and transparency of the company’s Finance. Here is where the role of the auditors come into play, it is the responsibility of the auditors to present attested audit report which shows the company has presented an authentic and without discrepancies in financial statements.
Auditing is the inspection of various books of accounts by an auditor which is followed by physical checking of inventory. To make sure that all departments are following documented system of recording transactions.
The following are the helpful points provided by auditing in Dubai:
- A financial statement audit ensures that the financial statements are in line with the reporting standards and is transparent as required by UAE law.
- Auditors make sure the cash flow of companies is smooth and due payments are cleared in a timely manner, they follow up with clients about payments.
- Auditing firms in Dubai helps to keep the company’s financial statements consistent and updated, they improve the credit rating of a business.
- Auditing firms in Dubai offer genuine and accurate financial stability for businesses and they equally avoid miscalculation of financial statements.
- Auditing services in Dubai helps businesses to determine their profit or loss (balance sheet) at this point the owner of the business can get information about profit or loss after auditing the books of accounts.
- Many businesses have been able to gain clarity of their financial positions with the help of auditors in Dubai.
- Auditing helps to identify the issues occurring in the internal management and also give remedial solutions to assist the company in taking the necessary steps to eradicate the root of the problem
The three main areas where auditors look at are;
- Balance Sheet
- Income Statement
- Cashflow Statements
As per UAE law, every company must audit their financial statement every year. Therefore, it is imperative and beneficial for every company to audit their financials and at this point auditing services in Dubai (UAE) is very helpful for every organization.