Save Your Company from Frauds, Get Audit Services in Dubai

by RVG Chartered R. Premier Accounting and Business Advisory Services

Whenever someone starts a company or business, his/her main motive is to earn as much money as possible. For that, they work really hard, put extra efforts to achieve the business goals, make investments on several things, and more. Even they start getting profits but after some time, they suddenly feel there’s something wrong going with their annual financial accounts. Their financial growth appears a complete opposite of the work done and the output derived. When a company starts growing, some people set their evil eye on the business and try to do fraud. As a result, the company suffers a loss. To ensure your company doesn’t face any such situations, you need to get your company to undergo audit services in Dubai that can uncover inaccuracies and discrepancies in the organization.

Audit services aren’t only about numbers, in fact, it’s much more than that. They focus on crucial risk areas and uncover any threat to the company. Before proceeding further, let us understand what an audit actually means. An audit is the precise inspection and analysis of the company documents, vouchers, and accounts by an autonomous body to ensure how the financial statement of the business is presented in a fair and true matter as required by the law. The audit in a company can serve a plethora of services. Some of them have been mentioned below-

1. Provides ease in business sales

2. Beneficial in safeguarding the company’s assets

3. Prepares a business growth plan

4. Prevent and detect frauds and errors

5. Maintain the company’s account in a proper manner

6. Helps you to obtain loan

7. Works in compliance with applicable laws and regulations

8. Identifies whether the company will be generating a profit or loss

9. Compare the company’s current performance with the previous year’s performance

10. Extremely helpful in Taxation

11. Increases company goodwill

Besides this, an audited financial is of much importance; you may have even thought of it. If you want you to renew some kind of license, most of the authorities UAE will ask you to provide an audited financial statement. For example, free zones authorities always demand financial statements. Even the banks in Dubai will ask for the audited statement for analyzing the possibility of approving bank facilities needed by your organization. Plus, it is considered one of the major pieces of evidence that can confirm the lawsuits and the legal against the organization or vice-versa. Hence, internal audit Dubai is pretty crucial for all organizations to run successfully.

The next most important part of auditing services is IFRS which can be expanded to International Financial Reporting Standards. It plays a critical role in global financial reporting as businesses across the world are implementing and embracing them. It provides a global language for company affairs so that business accounts are more clear and understandable. The rules are being updated on a frequent basis to present relevant and useful information transparently to users thereby introducing basic changes to accounting processes for those who prepare a financial statement.

Now, let’s talk about internal auditing. Many of us believe that internal audit is needed only in larger companies or those who run complex operations and that the benefit or cost of an internal audit function wouldn’t just be there for them. There are two types of internal audit- due diligence and forensic and fraud investigation. A due diligence audit is basically a thorough investigation of the complete financial picture of the organization. Generally, these audits are done before making any big purchase or merger and acquisition or any other major decision that could have a negative impact on the companies’ finances. Such audits ensure that there are no hidden liabilities.

On the other hand, forensic and fraud investigation is essential to carry out an investigation to uncover the truth related to any kind of fraud or risk associated with the company and to drive value. Such an audit devises a strategic plan to help the company to handle complex fraud risks and ensure the smooth functioning of the business. Hence, it is pretty clear that auditing services are an extremely important part of all the companies that want to save themselves from any risk and fraud.