Because of the growth that the United Arab Emirates is having for years now, there is a need to ensure transparency and compliance with the regulatory standards that businesses should aim for. The external auditing firms come into the picture with this fact laid out. They play a big role in the growth of businesses, and in turn, the country’s economy. By knowing what to change and where to improve, companies will be more confident to tackle the issues that they have been having.
The critical role that external auditors play in ensuring the correctness and fairness of organizations’ financial information is greatly needed even if the audit is viewed as a time-consuming activity that demands a lot of effort from both sides.
What External Auditors Do for You
Review Financial Statements
Some people believe that external auditors make your financial statements from scratch. This is not the case as financial statements are prepared by the designated employees in companies and it’s the job of external auditors to assure them reasonably that it is free from errors, erroneous records, and vague entries and ensure that your financial statements meet a certain regulatory standard based on the data provided.
External auditors don’t necessarily fix the problems of the businesses but provide opinions on where they can improve more. They provide solutions that can fix your issues. This can help the companies to effectively run.
Understand the Company’s System
External auditors ensure that they understand how the company works and what their system entails and does exactly before jumping to conclusions and simply letting things be. It’s their job to check and review the accounting information system and anything that they use to prepare their financial statements to be sure that data are not being compromised.
If there are any misstatements in the financial statements, they can also find out what could be the reasons for why it is happening.
Acquiring Evidence as Foundation of Opinions
External auditors do not simply form their opinion out of the blue based on loose facts and what they can plainly see. Instead, they ensure that the foundation of their opinions is evidence that they have managed to find through their examination during an audit.
Reliable third-party sources (like banks) are also used in getting evidence to support opinions that will help a company.
What Will You Obtain from These?
Low and Weak Points are Identified
When the above items are successfully done by a good external auditor from audit firms in Dubai, you can find out about the low and weak points of your company wherein you can improve and how.
This is exactly why external auditors are needed because they can see what you cannot see and find out what you seem to have a hard time finding out. Sometimes managers are blindsided that they cannot see what they are doing wrong or what they are not doing to improve some areas of their business.
Financial Statement Credibility
External auditors that are licensed and registered can ensure that your financial statements are credible. When they audit your book of accounts, you can be sure that you will have the credibility that you need for your company.
This kind of external auditors are reliable, and their stamp of approval can give you an assurance that you can definitely start doing business or transaction with organizations or institutions that you need to do business with. This is because those people are assured that you do not do fraud and there are little to no mistakes in your financial information, meaning that you are a company that complies with the regulatory standards.
External auditors do not simply review your financial information for nothing. All the data that you will provide to them will be assessed meticulously to ensure that they can give the best solutions that you can have in order to be more successful than before.
They are hired not to simply check your financial statements but to also ensure that they leave you with quality solutions that can improve your processes and reduce or remove altogether any risks in misreporting.
Audit Firms in Dubai
There are number of audit firms in Dubai UAE. The quality audit services that you have been looking for and provide you the solutions that are just right for your company.
The experience that licensed and registered auditors gives the edge in the business industry as they are updated with the regulatory standards and know exactly what to do in any situation. You can book a consultation today to find out more FAR – Farhat & Co.