Benefits of Hiring an Auditor in the UAE
In the last couple of decades, we have seen a significant increase in the number of companies coming into the Middle East countries to set up a business. This has been possible due to various factors such as the opening up of the economy of the Middle Eastern countries, the presence of various free zones, the shift of focus of the middle eastern countries form the production of oil and petroleum-based products to different business sectors and various others.
With an increase in the number of companies, there has been an increase in need of various professionals in the field of finance. There is a greater need for Accounting and Auditing services and various other financial services by the businesses.
In this blog, we will be talking to you about the various benefits of hiring an Auditor for the business and how it will make your business more profitable.
Benefits of Hiring an Accountant
From understanding the present financial condition of the company to reviewing all the internal processes and controls of the business, and Auditor performs many different jobs and has a number of benefits for the business. Some of the benefits are as follows:
1.Assessing the present Financial Condition of the Business
In order to properly assess the position of the company among its competitors in the market, one has to understand the present financial condition of the company and an auditing service can vastly help the company in this matter. By assessing the present condition, the management can take the decision as to the future of the company. The management will also have a clear picture of where the business stands among the competition and which aspect of the company needs to be improved.
2.Examining the Accuracy of the financial statements of the Company
One of the advantages of hiring an Auditor is that the auditor will examine all the financial records prepared by the accountant. Because of this, there will be fewer probabilities of any mistakes in the financial statements of the company. with correct financial statements, the company will not face any difficulty in the process such as tax filing and distribution of profits which will, in turn, enhance the confidence of the shareholders in the company.
3.Ensuring that there are no wrong or illegal Activities going on
An Audit report will help the management to understand the inner working of the company, and accordingly, the management will be able to examine if any unwanted activity is being conducted in the business. it will also help the management to understand if any changes are to be made in the processes to make the company more efficient and profitable.
4.Keeping abreast of the current Financial Environment
The business environment also plays a key role in the development and profitability of the business. one of the most significant works of an auditor is to keep track of any changes in the business environment and implement those changes in the company so that it doesn’t follow old and obsolete practices.
5.Ensuring that all the Auditing and Accounting Standards are fulfilled
In today’s world, following compliance is very important for a company. the rules and regulations all around the world have become strict. This is why it is in the best interest of a company to comply with the given Accounting and Auditing Standards. It is to be kept in mind that each jurisdiction has its own set of compliance rules which should be followed to avoid any penalty in the future.
6.Providing a Pathway for the Future
An auditor has access to all the financial reports of the company. Thus the auditor can refer to all the different reports and can generate a future plan for the business. Following this future plan, the management can strive to make the company profitable and more efficient.
These are some of the advantages which a company can achieve by hiring an Auditor to maintain and examine the books of accounts of the company.
If you want to know more about the services of an auditor and how an auditor can help your company, then feel free to ask the experts at JAXA Chartered Accountants. Jaxa is reputed auditing and accounting firm in the UAE and is also ISO 9001:2015 certified.
To gain more knowledge about the services of JAXA Chartered Accountants, Contact Us. We will be happy to be of service.