Audit and Assurance

Top 4 Reasons to Avail Audit Services in UAE

July 2, 2020 Comments Off on Top 4 Reasons to Avail Audit Services in UAE

Audit services in UAE are vital for businesses of all types and sizes. Negligence in auditing or choosing a random audit firm in UAE can also cause you a severe penalty.  Audit service in UAE from a reputed audit firm will save you time and money.

People might ignore company audits, thinking it’s time-consuming; yes, it is, but when you hire a professional audit service provider in Dubai, they will take care of all your financial management requirements, and you can just concentrate on operating your business.

Audit and other financial services have a considerable scope as these are required by all companies.

Let us have a look at the various benefits that a reputed audit firm that provides high-class audit services in the UAE can provide to a growing company. First, let us understand what an audit is.

Table of Content

Types of Audit Services in UAE

An audit is usually of two different kinds. The first is an Internal Audit, and the other is an External Audit.

Internal Audit 

External Audit

An internal audit is done by the company’s in-house accounting team. Some companies will have their own accounting and auditing teams who have access to all the company’s financial things. The audit done by that team is known as an internal audit.

The external audit is hiring an external auditing company, which is also called a third-party auditing firm. The company will hire a reputed firm to manage all their financial statement and bookkeeping. This will save companies time and money.

Why is it Important to Hire Audit Services in UAE?  

By availing yourself of the audit service in UAE by a reputed audit firm, you can maintain your updated financial statement as per the new regulations. Here are the various benefits of availing an auditing service in UAE:

  • Better Utilization of the Resources of the Company

Each company has its own way of operations and so many different procedures inside the company; auditing will give clarity to the company and help it to decide where it should focus more and where less.

This will help the company to do better administration and gain a better understanding to put in more effort.

  • Better Management of Taxes

The auditor will take care of the various taxation procedures for the company. It is the job of the auditor to take care of the company’s taxation and also find out if the company is eligible for any tax benefits.

As a dedicated person is present for the management of taxes, the chances of following wrong procedures for taxation or making a mistake in filing for taxes are significantly reduced.

  • Expansion of the Company

By the proper allocation of resources, the administration of the company can better understand the direction in which it should pursue the development of the company. By adequately following the trends in the industry and the future of a particular sector, the company can expand into new markets.

  • Increased Investor Confidence

Conducting regular audits will provide a considerable boost to the determination of both the present as well as potential investors.

Audited documents are more reliable and more transparent, so these documents can provide information which people can trust.

Process of Hiring an Audit Service in UAE

Auditing service in UAE involves various steps as listed below:

  • Be clear in your Audit Needs.
  • Conduct thorough research about Auditing Firms in UAE.
  • Check Accreditation and Certification.
  • Verify Expertise and Industry Experience.
  • Check the reputation of audit service providers.
  • Ensure Compliance with Regulatory Standards.
  • Discuss Scope of Work and Fees.
  • Ask About Technology and Methodologies.
  • Check the qualifications of the Team.
  • Discuss Communication channels.
  • Consider Industry-Specific Requirements.
  • Read the terms and conditions in the Contract.
  • Do a Final Check before making a decision.

End Note

These are only some of the benefits which are available to a company when conducting an audit. If you want your business to flourish and reach its potential, you must do a periodic audit of your company.

According to UAE law, only an approved auditor can conduct a proper audit. If you are looking for audit and accounting services in the UAE, then you must avail yourself the service of a reputed auditing firm like JAXA Chartered Accountants. It is a leading name in the audit and accounting industry and will take care of all the company’s financial requirements. For more details, Contact Us. We will be happy to help.