An audit serves as an examination of a company’s financial reports by an organization or individual external to the company. Companies opt for audits for various reasons in India. In some instances, the government mandatory asks companies to hire audit firms in Dubai. Meanwhile, specific organizations hire auditors in Dubai of their own will to identify gaps in their system. But what exactly is the purpose of audit report? Let us take a quick look at the types of audits and their purpose.
Purpose of the Audit Report
The audit report contains detailed information regarding the fiscal position of the company. Auditors in Dubai go through all your financial reports, including balance sheets, income statements and cash flow reports to gauge their accuracy. Hence, the purpose of audit report is to check whether the information presented truly reflects the company’s present position.
Types of Audit
- External Audit: External audit firms in Dubai, analyze reports and provide an independent report regarding your fiscal position.
- Internal Audit: Auditing will internally add value to the business and identify gaps within the system.
- Forensic Audit: Serves as a financial investigation regarding a particular matter.
- Statutory Audit: Audits that are government-mandate as per Emirati Law.
- Financial Audit: Performed annually to check the validity of the company’s financial statements.
- Tax Audit: Usually handled by a government’s tax authority to ensure the organization maintains compliance with government laws.
- IT Audit: Assesses and gauges the reliability of an organization’s IT system and its security.
Hence auditors in Dubai can help companies understand their financial position and take the best steps possible, moving forward. It also ensures compliance with government guidelines and helps improve the company’s credibility and trustworthiness. KGRN Audit Firm has been recognized as one of Dubai’s top audit firms, and we can help you with all your audit and assurance needs.