Lots of initiatives are recently undertaken by the UAE Government and in promoting businesses across all manufacturing and service sectors. This has resulted in heightened economic activities in Dubai necessitating increased auditing and financial health assessment of all business enterprises
What Is Audit
An audit is a systematic, methodical, and independent health check of business and evaluates the financial health of a business entity against some set standard. Auditors conducting the Audit meticulously assess the financial and accounting systems and related data for verifying the status of compliance of all applicable requirements. Primarily aimed at assessing financial status, auditing also facilitates an assessment of the organizational and operational performance of the enterprise.
Scope Of Audit
All entities irrespective of type and size and engaged in business activities come under the jurisdiction of audit
Financial audits conducted by accounting services in Dubai serves a whole lot of purpose as
● Repetitive nature of financial non- compliances are easily detected and systems improvements proposed
● Tax-related anomalies are timely detected to prevent huge penalties
● Financial Auditing also help build the confidence of all stakeholders and increases investments
● Audits also aid in future expansion plans with insights gained during a financial health check
● Continuous training and skill development of internal auditors
Types Of Audit
Auditing services conduct different audits based on the agreed scope and termed as External audits, IT systems and compliance audit, Enterprise risk management, and Internal Audit.
Criteria For Selection Of Audit Services
Lots of criteria are factored in during the selection and engagement of audit services. A few primary criteria are
● Audit services are often out-sourced based on references and recommendations from industries engaged in similar types of business. Past Quality performance guarantees credibility and enhances the reputation of an auditing services company
● The size of the auditing services company often becomes the single most important factor in selection. Large auditing services companies conduct more audits and gain better knowledge and industry experience over a while. They usually employ the best quality auditors too
● Tenure of relationship with a business house also matters a lot considering industry and systems familiarity of auditing Services Company. Auditors familiar to accounting systems can carry out the audit more comprehensively
● The scope is also a factor in the selection as it outlines the areas, methods, and time assigned for audit
● Accounting services in Dubai with prior auditing experiences in a specific business sector is usually preferred for their specialty
● The cost of the audit also comes as an important selection criterion with a careful balance between the quality and scope of the audit
Smart Audit Services
Dubai based accounting and bookkeeping services are in the process of employing AI-enabled smart audit platforms to speed up the data-driven audit process by configuring chatbots for data entry and ensuring error-free top-class audit services to the customers.
High demand and tedious activities are easily automated and save precious time and error-free entries. AI also helps in recognizing voices and emotions to prevent fraudulent financial transactions.