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Essential Tasks For Financial Audit In 2019 And Their Processes

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By Author: Alkhadim LLC
Total Articles: 10
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Financial audit by Audit firms in UAE is the solution for you. The financial audit will keep track of financial flow and future growth prospects of your business. As a business owner, it is a good chance to boost your profits through a financial audit. Hire any good Audit firm in Dubai and improve your business growth prospects.

How will you prepare yourself before the audit?
• You need to communicate the plan to employees who are associated with this task.

• There should be proper alignment between accounting and reporting statements

• All fixed assets used in the business must be properly recorded in books

• All the statements should be recorded digitally for better auditing

• The expenses incurred must be recorded under the right category

• Books should be closed every month to tally the balances properly

Essential tasks for financial audit by Audit firms in UAE

Ø The organization, communication, and planning:
BY planning we mean that the financial stability of the business must be planned in advance by the owner of the business before audit firms in Dubai are called for an audit. Along with planning proper communication is required with the person concerned. The communication needs to be done in advance. The idea of the financial stability of your business can be made through account receivable, inventory receivable, accounts payable, accrued expenses, and cash. Everything must be properly organized.

Ø Studying financial records:
Before going to the audit firms in Dubai for financial audit, it is always better to review internally. This way half of the loopholes can be detected before the audit and necessary steps can be taken to fix them. Now you will say it will waste a lot of time but as a business owner, one must have a clear idea about their business numbers. It will help you in future when external auditor sent by audit firms in UAE will ask you questions about the financial figures of your business.

Ø Documents must be handy
Before the audit process is started by Audit Firms in UAE, you must ensure that all significant records are kept in hand. Let’s discuss how you can keep your documents ready:

The general ledger must be updated till date
The trial balance must be completed
Financial statements audited internally must be ready
Other documents such as bank statements, inventory records, account receivables, etc. must be up to date
Fixed assets record must be properly maintained.
A proper schedule of liabilities, expenses, loans and trade payables and accrued liabilities must be kept ready
There is a corporate minute book, stock certificate book, insurance policies, canceled checks, invoices, and bank statements, etc. must be kept in hand.
Ø Expense categorization must be correct
The expenses must be recorded under the right head. Their right categorization will make the work easy for audit firms in Dubai. If cost and revenues are rightly bifurcated, it will help the audit firms in UAE to track the finances and prevent any mishappening. Along with expenses fixed asset categorization is also necessary. They are a significant part of your business. The digital records of fixed assets with the right values must be maintained. The financial auditor will get a better idea about business if digital records are maintained.

Ø The habit of books closing
The books of the business must be closed every month as a good practice. Audit firms in Dubai recommend the same to keep proper track over financial records. The frauds can also be easily detected if there is a practice of monthly closing of books.

Ø Documentation by audit firms in the UAE
The auditor must provide the necessary documentation after the audit process. The reports and documents provided by audit firms in Dubai will be helpful in future for gaining a reputation in the market, making improvements and building trust among investors.

Why financial audit is suggested by audit firms in UAE?
Business owners may not find it viable to spend money on it but it has become a demand for today. A financial audit is necessary for increasing the comfort level of shareholders and investors. The investors will trust more if your business is audited. They will get an accurate picture of the performance of your business.

Now Let’s discuss the benefits financial audit will give in 2019

• Your business can be uplifted to the next level and your future growth prospects will increase

• Your business goodwill will increase and market targets can be achieved quickly with the help of financial audit if conducted by a good Audit firm in UAE

• Many investors will get attracted to your business. In other words, the chances of acquiring your business will be more if your business is audited by reputed audit firms in Dubai

• Tax-savings can be achieved easily through financial audits as the professionals of audit firms in UAE will guide you where to invest.

• You will get numerous and profitable opportunities if you are thinking of selling your business. This is because the audited business has more demand these days that too if audited by Professional audit firms in Dubai.

• Your future costs can be saved through a financial audit.

Only professional audit firms in UAE must be hired to get your business audited. The experts will not only do a proper audit of your business but they will also guide you for future benefits.

Why only experienced audit firms in Dubai is recommended? Well, we will discuss one by one:

The financial statements will get error-proof as their work is to find loopholes that are doing harm to your business.
The frauds prevailing in business can also be identified timely. Fraud investigation audit is the best way to detect hidden frauds.
They will open opportunities for fundraising for your business. This is because financial audit will ensure compliance of auditing standards and financial institutions and banks lend loans to such businesses very easily.
Free zones in UAE demands a license for business running and with audited financial statements by audit firms in UAE renewal of license becomes easy. They demand a financial audit report for renewal
You can use a financial audit report even to settle insurance claims in case of unforeseen events.
Your business credibility and viability will be improved through auditing by reputed and professional audit firms in Dubai.
Internal Control procedures can be better adapted with the help of an audit.
You must be thinking about what they do during the audit process?? Let’s discuss one by one:
They will ask you necessary documents that will be helpful in the audit process
After gathering documents, they will call a meeting with management and key employees. This meeting will discuss the scope of the audit and time frame in which the audit is completed.
The next step is planning. It includes steps taken while conducting the audit. Audit firms in Dubai will organize a risk workshop that will recognize all type of problems. This workshop is helpful in framing the audit plan
Audit firms in UAE will conduct field work after planning. It is required to study procedures followed by business. It will also review internal controls that will ensure that all procedures carried out are in compliance with regulations.
The next step is reporting. All the findings made by audit firms in Dubai such as problems related to posting, mathematical errors, and other matters looked in the audit process will be included in the report. The report will not only discuss problems, rather it will suggest the right solutions to those problems too.
The last step is the report discussion and for that, a meeting is arranged with the management. Many issues are resolved in that meeting only through discussion. Audit firms in UAE will also provide valuable suggestions that the company can adapt to avoid such mistakes in the future.
The financial audit has gained importance a lot in 2019. Business owners have become more conscious and auditing have become a significant process for their business. Their business will not grow if there is no auditing process. Moreover, in 2019 the UAE government has made compulsory for businesses to prepare an audit report. The professional audit firms in Dubai will make everything comfortable for you.

Increase the growth prospects of your business through auditing. Your risks and frauds will be detected timely and can be avoided in the future. How? Audit firms in UAE will guide you in that.

The audit firms in Dubai have increased in numbers. The reason is increasing awareness of the benefits of the audit. Every business wants a professional to carry out the audit process. The reason is they have knowledge and expertise.

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