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Why do we need an Audit?

Why do we need Audit?

Auditing is important as it ensures the business’s financial records are accurate and in accordance with applicable rules (including accepted accounting standards), regulations, and laws. It is a process performed by the auditors to analyze the correctness of the business’s financial records.

A company can have auditors as an employee, which is called an internal auditor. But Law demands that companies have to verify their financial statements from external auditor to ensure all the statements are in accordance with the law, public companies have to verify their financial statements from an external auditor. An internal auditor is responsible to examine the internal records and help to improve internal processes such as operations, internal controls, risk management, and governance.

Auditing is very important and investing in the Auditing service is always fruitful for the business. Experience of Auditor matters as well because with his/her innovative auditing services, he/she can help you in finding the important account issues quickly which directly helps you in finding the weak point. 

 

Types of Auditing are mentioned below and each type of auditing has its own format to record audits properly.

 

Internal audit

External Audit / Statutory Audit

Stock Audit / Inventory Audit

Revenue Audit

Feasibility Study

Business Valuation

Corporate Restructuring

UAE Vat related consultation

Accounting & Bookkeeping

Outsourced CFO services

Liquidators Report

Most companies pay their focus only on one type of auditing but if they focus on all the complete services then they can reduce pressure on the administration and have a list of corrective actions in a single place.

Auditors with knowledge, skills, and experience can improve business outcomes with excellent auditing services conforming to auditing standards. We all know the fact that trust-building is not a single day job and reputation building is all depends on the basis of work delivered to the clients.

Companies like Elevatebs, Audit firm in dubai, offering comprehensive audit and assurance services and their professionals are not only serving clients in auditing financial statements of their companies or business entities but also assisting clients with various audit services like operational, information technology and investigative audits.

Investing in Auditing Services is always proved a good decision for business growth.  Innovative and professional auditing services can always give benefit to your business outcomes significantly. Audit quality has been enhanced with the advancement in technologies.

 

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