Audit and Assurance services in UAE are actually much more than just playing with the numbers. It’s about verifying accomplishments and challenges and helping to ensure strong foundations for future aspirations. Auditac illuminates the what, how, and why of change so you’re always ready to act ahead.
It is the process in which every business’s financial records are examined & reviewed to ensure that they are accurate to their best know-how and according to the IFRS and laws of UAE.
What is Assurance Service?
Assurance service is the process of analyzing. It is used in the assessment of accounting entries and financial records. Assurance services can be compliance-based or regulatory. Assurance service ensures a company follows guidelines, rules and policies and provides internal and external confidence for financial statements.
Types Of Audit
A business requires different types of audits. They are as follows:
1. Internal Audit
It is an independent and objective examination of all the business’s financial data. It is vital as it acts as a tool to keep track of the company’s growth and development path. It adds value to a business by spotting and uncovering any fraudulent activity taking place in the business.
2. External Audit
An audit of the company, which an external party conducts, is known as an External audit. This external or third party is unrelated to the business in any way and ensures that the auditor prepares the audit report without bias or pressure.
The External Audit ensures that all the company’s data provides a clear story of the business’s current situation. It is usually conducted once a year to get correct and accurate records.
3. Statutory Audit
Sometimes there are situations in which the government/authorities want to obtain track of the company to ensure that the business records are accurate, termed a statutory audit. The audit report is submitted to the government or concerned authorities to understand that the business has no fraudulent activity.
Why Should A Business Get Audit Services?
No matter the business size, Audits should be conducted for all companies regularly, as the benefits outweigh the disadvantages.
Reasons To Conduct Audit:
- To reassess the acquiescence with a multitude of managerial regulations.
- To reassure the productive operation of a business.
- To retain/augment the status of the business in the community.
- To execute a “due diligence” review for shareholders or potential investors.
- To inculcate a sense of buoyancy in management and stakeholders that the business is functioning well and profitable and that you are prepared to meet potential challenges in the market.
Advantages Of Audit & Assurance Services In Uae
1. Accomplish Business Objectives
Involving auditors in your organization can help you to meet the predetermined business objectives. Whether an internal or external audit, it will help you fix the company loopholes at any point.
2. Identifying Risks
For most businesses, it is a challenging task to identify the risk, but it is an essential process. Auditac can help you by evaluating the company’s financial health and provide recommendations for improving financial performance. and implement effective internal control systems to safeguard assets, prevent fraud, and mitigate risks..
3. Boosting Credit Rating and Valuation
Improving a company’s goodwill is a necessity for any company. By availing of audit services, you are opening doors to attract foreign and domestic investments, and get the best credit rating, increasing goodwill as it shows the financial position of your business.
4. Assessment
Auditac can help you figure out your business’s overall picture. A complete company audit can help you to focus on the SWOT analysis that your business entity holds.
We at Auditac provide you with Auditing & Assurance Services in UAE specially in Abu Dhabi. For know more, please visit our website or contact us.
