COVID 19 Challenges- Outsource your Internal Audit Functions and Save Cost

The importance of conducting an Audit is known to every business. Whenever we think about streamlining all the business processes and optimizing the entire business, we believe of Audit. It is the first thing that comes to mind the management for conducting scrutiny to know the actual financial situation of the company. However, in the present dangerous times, the control of many of the companies have a doubt on whether these auditing and other compliance activities need to be done or should be put on hold.

The answer to this question is, “No.”

There is a requirement of the businesses to now be efficient and cost-effective, but this in no way means a business should stop conducting essential procedures such as Accounting, Auditing, Bookkeeping, etc. The correct method to during these times would be to take the assistance of the outsourced auditors, which will know exactly how to perform the job in this situation.

Outsourcing your internal auditing functions can be a very beneficial step for your business in many ways (Know the importance of internal audit). Some of these ways are mentioned below:

·Outsourced Audit helps save both Time and Money

Outsourcing the Audit helps in saving the time as well as the funds of a company. This will help the management to properly focus on the various aspects of the business and help them to plan the business. When the auditing services are outsourced, these services are handed over to a third party, which then looks over all the auditing requirements making the management free to handle other important tasks o the company.

·Provides a Different Perspective

An internal auditor has a set task in hand and does not apply any more effort than is required, whereas an outsourced auditor conducts audits for various businesses in multiple sectors. This helps them to view the problem of the company in a different light. This change in the perspective can result in a major breakthrough for the company. A different perspective will also play a huge role in making decisions about the Payroll function.

·Helps in Deciding the Future of the Business

The auditing function is the analysis of all the business activities of the business, and this analysis helps the management to gauge the present trend in the business environment as well as help in developing a strategy which the company can follow for a better future. The auditor can also conduct a competitor analysis, which will help the business to understand what their competitors are doing and seeing that they can incorporate those ideas into their work.

·Keeps a check on Fraud

This is one of the biggest functions of an audit. An outsourced auditor will analyze all the business activities of the business and will try to find any shortcomings or loopholes. If found, the auditor will devise a plan to stop these shortcomings from happening.

·Helps in proper Allocation of Resources

After the analysis, the auditor prepares a report, which is known as the auditor’s report. This report comprises of all the finding made by the auditor during the audit and the suggestions made by the auditors. The management can go through this report and find out where they need to put in more resources and which part of the business is not so profitable.

·Better and In-depth Analysis

The outsourced auditor is not affiliated with the business in any way, and because of his, he/she can provide the complete and accurate data of the company. This in-depth information will not only help the management to decide the future of the company but will also assist the present and potential shareholders in understanding if they are getting their money’s worth by investing in these companies. Some of the data required for an audit can also be generated through proper Accounting.

These are some of the most beneficial and lucrative features of availing the services of an outsourced Auditor. In times such as these, a business has a number of things to focus on. In the current situation, the expansion of the business takes a backseat, and the bigger issue is to keep the business afloat. Availing the services of an outsourced auditor can help a lot in this matter

The outsourced auditor will take care of the financial aspect of your business and will also provide timely and accurate business advice, which will help your business to flourish in the United Arab Emirates. If you are searching for a firm that will help you in such a matter, then consider your search over.

JAXA Chartered Accountants are a competent and reliable financial consultancy firm that aims to provide the best services possible at competent prices. It is an ISO 9001:2015 certified firm and has the experience of over 13 years in the UAE market. For more details on the various services offered by JAXA Chartered Accountants, Contact Us. We will be glad to answer your queries.