External Audit
It is a myth that company audits have to be carried out because they are required by law. Regular audits and regular record keeping contribute greatly to the success of a business. Without proper accounting and regular auditing, owners often continue to run their businesses in the belief that they are making a profit, when in fact they are making a loss. If discovered too late, this can often be irreversible. Therefore, a pragmatic approach to External Audit Services In Dubai is inevitable. All businesses need professional, qualified, and experienced external accountants in Dubai to investigate accounting issues.
What is an external audit?
The external audit is the process of ensuring the accuracy of a company’s accounts and transactions by hiring an external auditor. An external auditor is an accountant who works independently of the auditing firm. External auditors are required for all businesses to meet the legal requirements of the government in the UAE. They can solve all present and future problems and ensure that the financial requirements of the organization are genuine.
What are the benefits of an external audit?
Ensure compliance with relevant government regulations.
The UAE government has strict legal requirements for the financial operations of SMEs and large corporations. Therefore, if you operate in the UAE, you may need an external auditor to conduct an annual audit, which is a requirement for the annual renewal of your business license. As the UAE government introduced VAT in 2018, proper bookkeeping and auditing can ensure compliance with the law and avoid unnecessary legal issues.
Improve financial credibility.
A good accountant in Dubai can assess a company’s financial transactions and ensure they are accurate and in compliance with the country’s laws. When applying for loans or financial assistance from banks, a valid audit report from a reputable accountant is essential to obtaining loans. Therefore, hire the best accountants in Dubai to ensure that you have nothing to worry about in the future.
Ensure the accuracy of the financial information
The financial information submitted by your internal auditor on a regular basis should be reviewed by a professionally qualified auditor who can analyze the current situation of the business and provide information on profits or losses and changes in current operations.
Prevention of fraud and error
It is common for fraudsters to operate in businesses and their actions go largely undetected. When they are detected, it is too late and they can cause irreparable damage to the business. Therefore, the use of external audit services can help detect fraud and financial irregularities. Regular audits by auditors ensure that accounts are transparent and formally correct.
Need for expertise
It may not be practical for all businesses to employ an auditor on a full-time basis. This is why many companies use external audit services. These auditors can regularly review accounts to ensure compliance and highlight any shortcomings. They can also recommend operational changes to address hidden problems, such as increasing cash flow, reducing interest costs or writing off assets. In this way, overall profit optimization can be achieved.
Who benefits from an external audit?
Management and shareholders
It is impossible for management to always keep track of all the company’s affairs. It is advisable to choose the best auditors to audit the company’s accounts. They can ensure that the business runs smoothly and profitably. They can also analyze hidden problems and suggest changes. Regular submission of financial statements audited by certified accountants in Dubai can also help maintain shareholder confidence.
Accounting and finance team
Accountants and finance team members are responsible for the day-to-day financial operations of the company. While they are well versed in general financial matters, they need the best advice from accountants to review published financial statements, help resolve complex issues, assist in obtaining financial assistance from banks and monitor new rules and regulations introduced by the UAE government. In most companies, the senior accountant and other accounting staff work with the external auditor to resolve problems as they arise.
Conclusion
It is inevitable for any company in Dubai to hire an external auditor. At Bestaxca International, our Dubai-based accountants and auditors, we provide impeccable audit services to ensure the smooth running and profitability of your business. With a long history of providing the best audit services, we are the most sought-after audit firm among companies from all sectors and industries.
Why Bestaxca?
The best accountants on board
Bestaxca International is only the best. Bestaxca employs professional Chartered Accountants, Certified Accountants, Certified Auditors, and all the specialists required for financial auditing in Dubai to offer their services to our clients.
Many years of experience in the industry
Experience in the financial industry is very important. With decades of experience in the field of accounting and auditing in Dubai, you can rely on us for your business.
Affordable costs
Bestaxca International ensures that our audit services in Dubai will not hurt your wallet and will be affordable even for small businesses.
Compliance with international standards
With a permanent client base in the UAE and the UK, we adhere to global accounting standards.
