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What To Consider When Choosing An Audit Firm In Dubai
Audit is the process of examination of an organization’s financial statements and checking the accuracy of financial reports. It is audit that tells you about any misrepresentation done in financial records, any misuse of funds, any fraud, and any dishonest activities done in a company.
So obviously, when you are hiring an audit firm in Dubai, you need someone expert in its field and can perform its duties right.
But the biggest problem is every firm out there claims to be an expert.
Well, you cannot rely on what they say. You have to find an actual reliable, expert firm. That’s why we have listed down few key things you need to consider while choosing an audit firm in Dubai.
This is the most basic thing that you first of all need to ensure. Ask your firm to show copies of their training and qualifications that certify them to perform the assessments your organization requires. Make sure they hold a valid license. A valid license ensures that the firm is registered with Govt. regulating authorities and functioning in compliance with set standards. As you are choosing an audit firm, the most reputed approving authority is DMCC. Look for DMCC approved auditors.
Experience plays an important role while choosing an audit firm. Look for an auditing firm with experience specific to your industry. A team that has performed audits of your business type in the past will have the knowledge for anticipating what your audit will look like. Ask your firm to provide evidence of its experience. It is very easy to write on the website that we have that many years of experience, but difficult to prove it.
The reputation of audit firm in Dubai gives you an idea about the quality of services of a firm. Read the reviews and testimonials of clients to get some idea about the reputation of a firm. Positive reviews and clients’ recommendations show clients are satisfied with the firm’s work. Check the list of clients the firm has worked for. It will also give you some indication of the firm's reputation. A well-reputed firm has a list of well-established clients. Apart from this, any awards and accolades add to the credibility of the firm. Ask your firm if they have any such accomplishments.
4. Customer service
The next thing you need to consider is customer service. And the most important part of customer service is communication. You should not be waiting for a reply to your query from a firm for days. Auditors working on your project should be easy to reach and generous to your queries.
At last, consider the cost of the services of a firm. Get quotes from three to five audit firms of the same level to know the actual cost of the project. Choose an audit firm that offers the best value, not the best price.
So these are the five things you need to consider while choosing an audit firm in Dubai.
EthicsPlusUAE.com is a full service public accounting firm licensed in the Emirate of Dubai providing high quality accounting, auditing, VAT advisory and other advisory services including CFO, market research and techno-feasibility studies, business valuation, operational improvement services, enterprise risk management, information technology, credit & working capital management, incorporation and placement services. To know more, visit https://ethicsplusuae.com/.
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