What to Look for in Accounting and Auditing Firms in Dubai?
Businesses employ auditing firms for a variety of reasons. A business owner may require a financial review of his business' records for auditing purposes, or may just need financial guidance for his business to forestall a shocking debacle. Whatever may be the reason, in today’s day and age; it is essential to connect with accounting and auditing firms for professional guidance and assistance.
- Expertise
One of the first and most essential points to remember is experience. Always contact a company that has a team of experienced professionals. When you hire an accounting or auditing firm, you endow you most sensitive financial information to experienced experts. Regardless of whether the business is new or established, the company you select should have senior employees that have years of demonstrated expertise in the financial business.
- Ethics
Decision making and maintaining confidentiality are total necessities for the auditing firm. If you’re looking for accounting and auditing firms in Dubai, make sure that the company follows firm ethics and show those morals consistently. The company employees should incorporate moral standards in such a way, that it is visible through their services.
- Reputation
A good reputation enables an auditing firm to hold its present clients while grabbing the attention of new ones. Reputation, similar to ethics, is something that every customer must look for. An auditing or accounting firm with a poor reputation is bound to lose clients and will be less likely to make new clients. Connecting with a company with such a reputation means affecting your business reputation. Check for online reviews before contacting a company, this will give you an idea of how the company as dealt with their previous clients.
- Transparency
An auditing or accounting firm that is transparent follows all the rules and regulations while finishing all administrative work and financial tasks precisely and in a convenient way. Remember one thing, when an auditing firm operates morally and as indicated by the law, that firm can easily operate in a transparent manner. Connecting with a team like this will benefit you in the long run. To learn whether they are transparent or not is by asking questions related to their auditing services Dubai. If the experts are able to address your concerns without hesitating that means they can be trusted.
- Mandatory Factors
Ensure that you hire an auditing firm that has met all the licensing and obligation necessities, as well as adheres to the laws and accounting standards provided by Dubai’s International Financial Reporting Standard (IFRS). These are some general prerequisites that every firm should follow. You need to check this or ask the firm before trusting them with your valuable accounting and information.
CONCLUSION
These points are essential for every business owner whether in Dubai or any other part of the world. As a business owner, it is your responsibility to make sure that you contact a company that preserves your confidentiality and offers you a remarkable service. In case you have shortlisted a few companies or got a recommendation from acquaintances; verify all these points.
Audit and Accounting Firms in Dubai- Introducing You the Excellent Firm
In the world of cut-throat competition, it is extremely difficult for companies to handle all their in-house tasks and hence, companies look for a partner who is reliable and can promptly aid them stay up on their feet and establish themselves well in the international market.
So, if you are one of those companies that is looking for someone who can take care of your accounting and auditing work, then you must outsource these works. There are many firms that have experienced Chartered Accountants who have good hands-on experience in accounting, auditing, and other financial services and compliances.
One such company is RVG that is known for providing financial as well as auditing services to the clients. We are known for our commitment and timely intervention. Our efficient services will help you concentrate on other core operations of your company. Hence, you can delegate all your accounting and auditing tasks to us.
Accounting Outsourcing Services
Of the major activities that consume most of the company’s substantial time yet are critical for an organization is its accounts and finances. RVG Chartered Accountants is one of the best bookkeeping and accounting firms in Dubai that provides accounts outsourcing services and renders brilliant results at a maximum cost enabling businesses to concentrate on establishing their critical business functions while delegating the rest of the work to us.
Our innovative business model along with top-notch services keeps things a lot easy and simple for us and you. When you outsource us your accounting function, we will keep you updated with our day to day accounting processes. Also, you will get reduced operational costs which will help you save more money and invest it into other vital operations. Besides, if you have any interest in any phase, we will be there to help you then and whenever required.
Auditing Services
Auditing services refer to the facilities that include precise investigation and analysis of the company vouchers, accounts, and documents by an autonomous body to determine how the financial statement of the company or organization is displayed in a fair and true manner as required by the law. The audit can serve an organization in the following:
- Prevention and detection of errors and fraud;
- Obtaining a business loan;
- Ease in business sales;
- Safeguarding the company assets;
- Maintaining the company’s accounts;
- Determining if the company generates a profit or loss;
- Compliance with applicable laws and regulations;
- Enhance company goodwill;
- Prepare for a growth plan;
- Compare the company’s present performance with the previous ones;
- Help in taxation.
So, if you are looking for audit firms in Dubai, you can contact RVG. We will conduct due diligence, forensic & fraud investigations, and more.
Internal Audit Dubai: Importance and Procedure
We all know that Dubai is known as the commerce and trading hub of the world. Entrepreneurs and investors from all over the world come here to trade, invest, and execute other business purposes. Companies are establishing everyday and hence, audit firms are no exceptions. The contribution of audit firms to Dubai’s economy is quite impressive. So, here’s the reason why internal audit Dubai is necessary for companies over there. Not only it lets companies identify errors but also plays a critical role in various ways.
In this blog, we are going to discuss the advantages of carrying an internal audit in companies and what procedure companies may follow for the same. Let’s find out-
Benefits of Carrying an Internal Audit for Companies
The company carrying an internal audit avail several advantages of the process. Some of them are as follows:
Identification of Frauds
With regular internal audit Dubai, companies can evaluate their controls and reveal any evidence of fraud, abuse or waste of assets. The recurrence of internal audits depends on the process to be examined or the department. For instance, a daily audit is required for a manufacturing company, while for human resources, an annual review is sufficient.
Good Corporate Governance
Internal audits assess the internal controls of a company, including its accounting process as well as corporate governance. They ensure the organization is in compliance with laws and regulations and have accurate financial reporting and data collection on time. They also aid in maintaining operational efficiency by determining problems and fixing lapses before they are identified in an external audit.
Quality Control
Internal auditors perform the role of consolidating assurance and consulting. Assurance works to inform the management of how well systems and processes of the company are crafted to keep the goals on track. On the other hand, consulting advises the management on the improvement of those processes and systems if and when required.
Protection of Company Assets
An internal audit assists companies in verifying their assets and suggest the right security standards for protection from fraud. The internal auditors execute a program serving stakeholders and management through a systematic risk assessment.
Procedure for Company’s Internal Audit Dubai
Typically, an internal audit requires four general stages of activities. They are described as follows:
Step 1: Planning Process
Firstly, the team of internal audit defines the scope and objective, review guidelines related to audit such as laws, regulations, company policies, industry standards, etc., and review the outcomes of previous adults. Furthermore, the team will set a budget and timeline for the audit procedure, identify the process owners to be involved, build an audit plan to execute, and schedule a kick-off meeting for initiating the audit.
Step 2: Fieldwork- Actual Act of Auditing
The audit team is supposed to execute the audit plan throughout this step. The team will interview the key personnel for understanding the process and controls, testing the control for a sample for a certain time period, reviewing related artifacts and documents for executing controls, documentation of work performed, and determining exceptions and recommendations.
Step 3: Reporting of Audit
As can be predicted, the step includes the drafting of the audit report during the reporting phase. The report must be written clearly and succinctly to prevent any misinterpretation and further, to motivate the concerned people to read and understand the report. The findings in the report must be accompanied by actionable recommendations. Further, this should lead directly to process improvements. Besides, the process must comprise drafting the audit report, review with the management to assure the findings’ accuracy, and issuance and distribution of the final report.
Step 4: Follow-up
It’s the last stage of the internal audit procedure which is often neglected. It’s a vital step that ensures the recommendations have been implemented to address the finding identified. In case the organization fails to follow-up on the implementation of recommendations, then the chances of any changes to be made are very rare.
In a Nutshell
It is quite evident from the above discussion that an internal audit is essential for any organization to keep itself protected from any kind of financial or other risks. Such audits help to avoid frauds that many companies nowadays suffer from. Therefore, every company must conduct an internal audit over a certain time period.
In case, you don’t have an internal audit Dubai team in your organization and looking for some other companies that work toward conducting such audits, then contact RVG. Whether it is due diligence or Forensic and Fraud Investigation, we will conduct all for you depending on your needs. You will stay updated for each process carried out by us. Hence, contact us now and get the audit done.
