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Financial Audit In 2019 And Their Processes
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.
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