Myths about Auditing in Dubai
Every entrepreneur must understand the need for an audit in the company. Performing an audit has many benefits for the company, but many myths and rumours are going around relating to the auditing of a company. These are some of the myths that deter us from conducting an audit which ultimately hampers the company.
In this blog, let’s establish these myths as hoaxes and take care while conducting an audit in the coming time.
Myth Number One: Auditing is a Boring Profession
It is usually agreed upon by everyone that professions like auditing and accountancy are very droll and very dull. Whenever we say auditors a picture of a scrawny person with thick glasses sitting in front of a colossal ledger appears in our mind. This image is just a figment of our imagination. In reality, the auditing and accounting professions have seen a substantial disruptive change in the job.
Gone are the days when auditors sat in front of large books. Nowadays, everything is done online or through a computer. There are various soft wares which help in decreasing the time of a process which would have taken days to perform manually to mere hours. An accountant or an auditor is also privy to information which is not given out to common people or to the employees of the company for that matter.
Myth Number Two: Fewer the Audit, Better the Organization
While auditing, the management of the company has to provide various information of confidential nature to a third party. This makes the administration feel that there is a risk to the future of the company. It is because of this reason many companies do not conduct an audit of the company.
Also, the management feels that conducting an audit of a company, again and again, will lessen the goodwill of the company and will decrease the share value. In reality, conducting the audit, again and again, will help in catching hold of any mistakes in the process or any illegal activity. An audit report will also provide transparency to the financial information of a company and will make it easy to share it with the investors.
