The UAE prides itself on its stringent procedures and legal obligations which makes it imperative for businesses to keep their financial statements in place. However, the burden of preparing financial audits is usually stressful, especially for businesses that are unfamiliar with UAE’s regulations. The solution to this problem lies in seeking help from reputable internal audit firms in Dubai. These firms can help you prepare to get your books audited by preparing all the documents well in advance.
With their guidance, businesses can reassure the stakeholders about the accuracy of financial statements, affirming that they are free from misstatements and misrepresentations. While the external audits are important for enhancing the reputation by offering a clear picture of the business, the internal audits ensure the freeflow of business operations. Subsequently, top audit firms in Dubai ensure that all stages of auditing, from the audit plan to test control are conducted with utmost efficiency.
Here’s a list of ways in which internal audit firms in Dubai can help in effectively preparing for financial audits.
Designing the Audit Plan
When it comes to preparing businesses for financial audits, top audit firms in Dubai start by learning about the company’s priorities and understanding the important annual activities. This step is fundamental for designing the audit plan. At the same time, businesses need to work in accordance with auditing firms as this will help them review the activities and priorities well in advance and prepare the questions accordingly. On the basis of these discussions, the auditing firm will construct the audit plan, whilst offering solutions to address the problems outlined in the plan.
Streamined data compilation
Preparing for financial audits means carefully organising the data to ensure a smooth auditing process. Not only is this process overwhelming but also demands expert intervention. This is where audit firms in UAE come into play. With the help of advanced storage systems, top firms can keep track of all data and also assure apex levels of data security and privacy. Such a streamlined process enables businesses to easily access the documents required for financial audits at any given point.
Preparing the staff
The audit process often requires auditing firms to work closely with the employees of the client. This means that the employees would have to regularly communicate with the auditors, this will help them be better prepared for when the external auditor comes to visit. In addition, this will help businesses avoid the loss of productivity as special schedules would be created to drive smooth employee-auditor communication.
Managing internal controls
The process of financial audits is incomplete without testing the internal control. As a result, companies need to seek the guidance of internal auditing firms in Dubai. These professionals are adept at managing the internal financial flow, taking companies through each step that the auditors might examine during the auditing process. With their assistance, businesses can make sure that all their internal controls and standards are in the right place, leaving no room for error.
Gathering the right documents
Apart from ensuring that all internal flows are in place and intact, businesses also need to provide the supporting documents required for the audit process. In tandem, auditing firms will ensure that you have all the documents gathered before the final audit, informing you about the essentials such as policy papers, financial statements, and others. After the collection, the firm will also conduct a review to ensure accuracy, thereby delivering a precise picture of the business.
Need help? Choose A&A Associate
Businesses are often stressed during the audit season, pondering over questions such as the right documents or accurate management of financial data. That said, auditing is critical for business growth as it acts as a guarantee of your company’s financial health, thereby ensuring stakeholders, authorities, and banks about its longevity. Nevertheless, by choosing the right audit firm businesses can significantly alleviate the burden.
With A&A Associate, you get access to a team of professional auditors who have remarkable experience in helping businesses with their audit requirements. Committed to providing high-end solutions, our team ensure the preciseness of your financial statements, thereby meeting both local and international audit standards.
