Whether you own a small startup or a large multinational firm, if you’re a firm in the UAE you’re bound by the new Emirati law to conduct audits to keep in check the financial health of your firms. External Audits in the past were informal procedures carried out by the accountants working for firms. These accountants would help in the reconciliation of accounts, adjusting any entries made to the journals and also in the creation of financial statements. Third party auditing firms have started making more sense because it’s a little more efficient and helps with the company’s costs. Independence of auditors has become an essential part of the auditing process. More and more firms are turning towards, top audit firms Dubai for their external audits. The benefits associated with external audits are numerous and pave the way for the future success of companies. Though the best audit firms know what functions they can perform, organizations hiring them, however, may often be unaware of the spread of their roles and responsibilities. The text below highlights what an auditor is not destined to perform when working for your organization. What your external auditing firm will not do: Though the following list doesn’t contain the complete of tasks, it’s important to know that the external auditor does not take up the role of the management. Auditors are independent entities. Since auditors aren’t involved in the main processes of the firm, they do not hold any responsibility for the presentation of financial statements. Read below to know what your audit firm can or cannot do! Managerial tasks your firm will not perform
Non-managerial tasks that your audit firm will not do: There are numerous other non-managerial tasks that organization conducting audits will not perform for a firm. The auditing firm will not:
Conclusion It is critical for organizations especially the management to know what audits are and what an auditor may or may not be entitled to do. The based on the finances and financial statements of firms, an auditor is to give an unbiased, independent opinion. The opinion will be according to the auditing standards which guide reports and processes in the audit process. Though novices may find it hard to limit themselves, an expert audit firm will not have issues identifying their limitation with thin the organization they're auditing. Opt for the top audit firms in Dubai and your organization can run smoothly along with that audit process with little chance of interruption.
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