Category: Audit

Visualize internal audits as a quality management tool that helps improve and assess critical business processes. This form of auditing enables you to determine the operational aspects of
your business and identify areas that need adjustments. Essentially, an internal audit is a vital aspect of a productive quality management system.

The concept of auditing has become a crucial aspect of modern business practices. With the increasing statistics of financial fraud, about 49% currently. Auditing helps determine how accurate a business’s financial reports are and points out loopholes in a financial statement. Auditing provides a ‘truth-test’ analysis of a company’s financial reports. Auditing is an essential aspect of the business process that mainly external entities could carry out.

An external audit is a financial examination that an independent accountant conducts. The sole purpose of an external audit is to provide confidence and assurance to lenders, stakeholders, or investors about the financial statements issued by their company that they are truly and fairly present their organization’s results and financial position.

Annual external audits are a stressful period for the UAE firms, and the audits are frequently a highly tiresome procedure for business owners.

As per Federal Decree-Law no. 7 on taxation the Federal Tax Authority (FTA) has the legal right to perform a tax audit on any person to determine their compliance with the relevant provisions of the law

An internal audit’s primary objective is to provide leadership with the highest level of independent assurance and recommendations.

A forensic audit reviews the accounting statements to collect facts used in a court of trial or civil practice.

Not long in the past, audits could be performed only by teams of accountants manually scouring financial facts reams.

Bogged down by the time-consuming nature of the audit, your company’s internal auditors even often suffer from ‘Audit Exhaustion.’ But all it takes is to pick the best approach to make a difference by allowing the consistency and smooth flow of the internal audit process.

Have you ever wondered why you need an Audit report or why your investor or the Bank asks you for an Audit report?