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A financial audit is undertaken by various companies, irrespective of size and type, to present a professional opinion whether the financial accounts provided are correct according to certain specified parameters.
The basic reason behind having an audit done is to enhance the viability and feasibility of financial statements. This, in turn, enhances business confidence as well as helps decrease investor risks.
Many companies employ an external auditor. There are many firms in the UAE that offer auditing services for different types of businesses across several industries. Most of these firms tailor their services to meet the specific needs of their clients.
Their services include checking the facts and figures provided by their client for errors or mistakes, and if their client adheres to a set procedure. They analyse the company’s risk management guidelines to detect any fraud, and ensure transparency within the framework. For new businesses, an auditor can seamlessly plan procedures to enable maximum profit margin and minimise risks.
External auditors usually provide free consultations; however, fees are based upon the size and type of the company in question. Companies are advised to select the right external auditor as they help implement ways to develop the business and steer it in the right direction.
• Auditing boosts transparency in an organisation
• It hugely helps steer the firm in the right direction
• External auditors usually offer free consultations
Start your search for auditing professionals now.
Source: Saadiya Ahmad, Special to Classifieds
The writer is a freelancer