What is an Audit?
The definition is, “Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following a documented system of recording transactions. It is done to ascertain the accuracy of the financial statements provided by the organization.”
In simple words, it is an official financial inspection of any organization’s audit that is done by an independent organization.
What is an Audit firm and what does an Audit firm do?
The place which does all the financial verification for a company is called an Audit firm.
An audit firm helps the company by reviewing its activities and that which will help them to identify inefficiencies of the organization, help them deflate costs, and also help them to reach or achieve organizational targets, goals or objectives.
Auditing firms also investigate potential future income and costs for the company. They help identify theft or fraud within or outside the organization. Also, they adhere to the regulations and policies of the organization.
They also help to ensure the accuracy of the reports. This helps to maintain the standards of the firm and give the organization a very detailed report that would help for future references.
Audit firms in Dubai and UAE:
It is common knowledge that each country has its own set of rules and regulations. Every auditing firm conducts an investigation and bases its reports on it. In Dubai and the UAE, there are numerous auditing firms. They assist any organisation in keeping track of all its expenditures and income. The organisation will be able to identify the company’s growth rates for any period of time with regular auditing. A proper auditing report is required to understand the company’s potential and make decisions based on it if the organisation wishes to develop and grow.
Benefits of Auditing:
Auditing helps the company in many ways. Here are a few ways the company benefits with auditing.
- Detect and prevent fraud
- Helps to improve business
- Better planning and budgeting for the company
- Helps to identify potential cost savings
- Gives a detailed report of all the financial calculations
- Promote best practices for better financial management
- Helps with legal advice to ensure the safety of the company
- Identifies operational inefficiencies and wastes
- Provide insight on losses
- Calculates the value of assets that decreases overtime
- Helps with efficient and responsible use of resources
- Assist management in addressing complex, cross-functional issues
Facts about Audit Firms:
Here are a few facts about auditing:
- Auditing evolved and grew rapidly after the industrial revolution in the 18th century with the growth of the joint-stock companies where the ownership and management became separate.
- The early Egyptians and Babylonians created auditing systems, while the Romans collated detailed financial information. Some of the first accountants were employed around 300 BC in Iran, where tokens and bookkeeping scripts were discovered.
- Lawrence Sawyer (1911-2002), often referred to as “the father of modern internal auditing”
- There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.
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