Name: KGRN Chartered Accountants
Brand: KGRN
SKU: KGRND1
Rating: 4.9 (84 reviews)

There are so many responsibilities for entrepreneurs in their business and auditing is counted as a mandatory one. Auditing is the primary process in every business to take care and to examine all the financial records of the company. Hence, this is taken care of by the company auditing services. Furthermore, an audit is a significant factor to all the shareholders and businessmen to analyze and examine the financial records of their company. KGRN supports you in finding the best audit preparing services in the UAE.

Table of Contents

For enquires call @ +971 45 570 204 / Email Us : [email protected]

Duties of the auditor in during an audit:

The following are the list of duties followed in the audit preparing services:

Firstly, compile your work papers
Secondly, review account balances
Thirdly, prepare financial statements, reconciliations, and schedules
Furthermore, respond to the auditor’s technical questions on your behalf
Lastly, compile information for tax preparation

For enquires call @ +971 45 570 204 / Email Us : [email protected]

What is statutory audit procedure ?

Have you heard of the term ‘audit book paper’? The schedules that assist you by providing auditors to support the organization’s ledger balances are meant by audit book paper. If you submit your work papers to your auditors, auditor’s time is saved and all your financial records are accurately submitted.

Depending on the needs of the auditor, the work papers can be produced in two distinct forms:

Firstly, Paperwork papers
Secondly, Electronic work papers.

For enquires call @ +971 45 570 204 / Email Us : [email protected]

What does the audit entail?

Auditing is simply, examining and verifying all the financial and accounting records by an audit preparing service outside the company. As a result, the auditor will produce the audit reports of the company. The resultant audit reports will comprise of the following mentioned components:

Report of the director
Report of the auditor
Financial position
Profit or loss statements
Equity change statements
Cash flow statements

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Why is an audit mandatory?

Numerous reasons are answering the question ‘why is audit mandatory?’ Likewise, every company’s reasons for auditing differ. Some of the distinct reasons for auditing in the company auditing services are listed below:

To find an independent opinion on the truth about the financial statements of the

company

Submission of the reports to the government for different reasons
In case, the free zone’s requirement to be satisfied in the UAE
Submission to the banks for the renewal of credit facilities

Benefits of statutory audit:

Confused in hiring auditors? KGRN will assist you in seeking the best audit preparing services in the UAE!

As we all know, hiring auditors is quite crucial. The following are the benefits of hiring auditors:

Increased operational efficiency- The auditors review the entire organization’s procedures and policies on a regular basis. As a result, business risks are gradually reduced. The monitoring and verification processes allow for the identification of recommendations to improve business processes and their effectiveness.
Protection for assets and evaluation of risks- The auditing services in the UAE guarantee the protection of the assets. The risks in the assessment are found. This makes us understand the gaps and flaws in business and helps us in overcoming it.
Effective Control- The audit preparing service in Dubai will help the organization establish and result in great efficiency. This is done by controlling and minimizing the risks in the business. Conducting audits regularly for the company permits proper solutions for all the problems in the company or the business.
Compliance with Regulations and Corporate Laws in the audit preparing services in Dubai helps you in the preparation of your company for external audits too. Internal audits are prepared and it assists with all the legal documents for regular internal audits.

For enquires call @ +971 45 570 204 / Email Us : [email protected]

Here are some of the major benefits of conducting an Audit of a Company are:

Firstly, Decision making becomes stronger
Secondly, it helps utilise all the resources properly
Increase in credit ranking
Provides a new and fresh perspective
It attracts all the investors
Improves all the weakness of the company’s accounting systems
Enhances fraud detection
Lastly, it enhances the credibility and reliability

Tips for a financial audit:

Prepare a timeline first
Ensure paperwork is available
Settle all the previous accounts
Inculcate good practices

Documents required:

The following are the required list of documents need for an audit conducted by the company auditing services:

Payroll reports
Bank accounts list and financial records
Transaction details
General ledger
Trial balance
Legal documents’ copies
Loan documents
Schedules

For enquires call @ +971 45 570 204 / Email Us : [email protected]

Why KGRN?

Firstly, in Dubai, KGRN is a multi-purpose accounting firm connected all over the world.
Secondly, KGRN is a common and trustworthy platform for all audit preparing services
Registered and duly licensed
Also, we will protect the client’s assets
Furthermore, we will guide you throughout the process
No hidden charges
Thousands of happy and satisfied customers
On-time delivery
We provide instant updates about the process and guide you throughout the process
KGRN has contact with the best company auditing services in the UAE.

For enquires call @ +971 45 570 204 / Email Us : [email protected]

FAQs:

1. What are the phases of an audit?

There are four phases while conducting an audit. They are:

Firstly, we start with a Preparation phase
Secondly there is a Performance phase
Thirdly, there is a Reporting phase
Lastly, there is a Follow up phase

2. What is the audit life cycle?

The audit life cycle comprises all the steps from the audit planning until closing any possible observation which will be detected during the audit execution in the company auditing services.

3. What is an audit summary?

After audit completion, an auditor will review, organize, and then present it in a proper format. The final audit will be in this format. An Audit summary is the output of this process.

4. List out the audit procedures held in the company auditing services

There are five distinct procedures in the process of auditing held in company auditing services. They are: