Every company functioning in the Dubai mainland and free zones are required to maintain the book of accounts for at least five years, which makes it mandatory to audit their accounts. Auditing of accounts will help the entity to have a smooth flow of transactions and will enable the management to identify the malpractices (if any) at the company. Auditing cannot be practiced by anyone; you will need a certified auditor to look into your accounts.
One can find numerous auditors in Dubai who will help you audit your book of accounts. It is extremely important to choose the right auditor for your entity. In order to be an auditor in Dubai, he/she must be a qualified and certified auditor who is licensed under the Ministry of Economy in the UAE.
Auditing might be a tough concept to understand for an outsider, but as someone who runs a company, you are bound to know the procedures of auditing. There are a few steps in the auditing process, beginning from the documents check to the final meeting with the company and the auditor.
The auditing process:
- Document check
In the process of auditing, an auditor whether internal or external will provide a list of documents which is to be submitted by the company.
The documents may comprise of legal documents, previous auditing reports, financial statements, ledgers, bank statements, receipts, etc. They might also want the copies of the minutes of the board meetings conducted during the past financial year, the company’s regulations and so on.
- Preparation and commencement of audit
The company will be given a date by the auditor for the commencement of the audit; as the auditor prepares for the audit, the company will have to provide with all the necessary documents requested by the auditor, and may even prep up the employees who may be interviewed as part of the auditing process.
- Report submission
Once auditing is complete, the auditor submits the audit report with the findings and solutions for the errors found during the process. The report submission is followed by a meeting with the auditor and the management to discuss the findings and the solutions put forward by the auditor.
If you are planning to hire an auditor in Dubai, to audit your accounts, you may as well consider the reputation of the firm, the qualifications and experience of the auditor. Unlike earlier days, everything is systemized and computed with the use of technology, which is why you need to be sure that your auditor is capable of handling the latest technologies available.
The reputation of the firm is the most significant factor to consider while you opt for auditors in Dubai. HLB HAMT has been in the field of accounting and auditing for more than 20 years now. We have well experienced and highly qualified professionals to help you sought out your auditing issues. Our team handles the accounts of our clients with high confidentiality and ensures to provide the best quality services available in the whole of UAE.
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