Auditors in UAE play an integral role in the development of the nation’s economic infrastructure. It is wrong to think that accounting and auditing are all about numbers. Auditing requires careful analysis and is a critical decision-making tool used by businesses. Hence, audit firms in UAE help companies analyze their financial position and make well-informed decisions that help the business. Let us now take a look at a list of audit firms in UAE, and why such audit services are so essential.
What is the process followed by an audit firm in UAE?
The primary job of auditors in UAE is to analyze and examine a company’s operational environment. With that in mind, let us take a look at the process followed by audit services in UAE;
- Review the organization’s activities
- Ensure compliance with regulatory laws
- Test existing internal controls
- Review the firm’s processes, procedures and financial transactions
- Formulate and analyze financial statements
- Assess operating trends, and gauge the accuracy of the reporting done by the company
- Evaluate and mitigate the risks found
What financial statements do auditors in UAE go through?
The most commonly reviewed financial statements are as follows;
- Previous year’s audit report
- Financial statements
- Bank statements
- Minutes of board meetings
- Company’s regulations
Benefits of relying on audit firms in UAE
- Might be government-mandated in some instances
- Internal audits help gauge the effectiveness of the management
- Audited financial statements help secure loans and credit
- Improves chance of external investment by improving credibility
- Ensures the accuracy and genuineness of financial statements
- Gauge the financial position of the company
- Maintain compliance with Emirati law
KGRN Chartered Accountants is one of the top audit firms in UAE. Our continued excellence and commitment to clients have made us preferred auditors in the UAE. Partner with us and have all your auditing needs handled efficiently.
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