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Auditing In Dubai | Is Auditing important?

Auditing in Dubai

auditing in dubaiAuditing in Dubai is a process performed by the auditors to examine the accuracy of the business’s financial records.

Financial Auditing ensures the business financial records are correct and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.

 

Types Of Auditors

  • Internal Auditors: Our bookkeeping and  accounting firms in Dubai  and our Auditors that are working as an employee within the company called internal auditor i.e internal audit services in Dubai. The internal auditor works as an employee to examine the internal records and help to improve internal processes such as operations, internal controls, risk management, and governance.
  • External Auditors: According to the law, public companies have to verify their financial statements from an external auditor.

Auditing Process:

 Planning : Define audit objective and methodology

  1. Work Plan Initiative and Special Project Request
  2. Send audit notification letter
  3. Gather relevant background information
  4. Audit objectives are defined and audit methodology is determined
  5. Identify Risk
  6. Prepare audit program and work paper protocol
  7. Document anticipated deliverable

Entrance Meeting: Hold Entrance meeting

  1. Discuss objective and scope of the audit
  2. Discuss Audit methodology and the reporting process
  3. Identify estimated timing and resource requirements

Fieldwork(Evaluation Phase) :  Gather evidence to accomplish audit objective

  1. Test transaction and documentation
  2. Conduct interviews with departmental personnel
  3. Evaluate documentation and process
  4. Review documentation and process
  5. Perform other audit procedures to meet audit objective

Exit meeting(If necessary, an exit meeting will be held)

  1. Discuss Audit Result with management
  2. Resolve questions and concerns
  3. Discuss corrective action  plans
  4. Develop Recommendations

Reporting : Communicate Audit Results

  1. Provide draft reports(initial report distribution is initially limited to the immediate manager of the area so it can be reviewed prior to further distribution of the audit report. ) for comments
  2. Obtain correct action plans
  3. Obtain expected implementation date.
  4. Prepare Final Report( its a written report that details the audit scope and objectives results, recommendations for improvement, and the audit client’s responses and corrective action plans.)
  5. Distribute final report to appropriate and required individuals.

Follow Ups: Review corrective action Plans and Results

  1. Interview staff
  2. Review new process and documentation
  3. Re-audit

Many of the companies only focus on one type of Auditing but with all complete services, once can reduce administration pressure and have a list of corrective actions in a single place.

Our experienced auditors  are helping companies by giving them unique innovative ideas and customized services as per their needs. We are associated with big companies as their audit support and offering professional and the excellent auditing services conforming to auditing standards.

Trust-building is not a one day job, but with consistent delivery of quality services helped Elevatebs to gain the trust of the companies. Elevatebs offering comprehensive audit and assurance services for all types of businesses.

Elevates professional not only assisting clients in auditing financial statements of their companies or business entities but also carry out various other audit services ranging from operational, information technology to rental and investigative audits.

Why Elevatebs is the first choice for the clients?

Unparalleled Auditing Services providers when compared with other similar firms. Because of the professional experts in the team, Elevatebs has been distinguished as one of the best audit firms. Clients get auditing services on the basis of effective methodologies that are suitable for their business type.

Our experts blend the latest technologies with innovative ideas in providing customized auditing services to our clients ensuring authentic assessments of cases and fairness in reports.

We do not restrict our services in just providing reviews, but also extend our help in giving suggestions and chalk out ways to improve the weaker areas of our client’s business.

We always proved that Investing in an Auditing Services is always be the best thing for business growth.  Innovative and professional auditing services can benefit your business outcomes significantly with accurate accounts.

Auditing service is very important and investing in Audit firm in Dubai is always be beneficial for a business. Elevate  innovative services can help you in finding the accounting and VAT issues quickly which directly helps you in finding the weak point.

Auditing is of following types and with all these Auditing Services. Elevatebs, best Auditing in Dubai UAE is leading in the industry with their best quality services. Each type of auditing type has its own format to record audits properly.