It is a myth that a company should be audited only because it is required by law. Regular auditing and bookkeeping contribute much more to the success of a company. In the absence of proper accounting and regular auditing, entrepreneurs often continue to run their businesses believing that they are making a profit, while in fact, they are losing money.
This is discovered too late and the damage is often irreparable. In such cases, a pragmatic approach to External Audit Services In Dubai is inevitable. All companies need professional, qualified, and experienced external accountants in Dubai to maintain their accounting records.
What is an external audit?
An external audit is a process of ensuring the integrity of a company’s financial statements and transactions by an external auditor. An external auditor is an accountant who works independently of an audit firm. External auditors are mandatory for all companies to comply with the laws set by the UAE government. They can help solve current or future problems and confirm the accuracy of the organization’s financial statements. Personal loan in UAE 3000 salary
What are the benefits of an external audit?
Ensure compliance with the laws of the state.
The UAE government has strict laws governing the financial activities of small, medium, and large companies. Therefore, if you are doing business in the UAE, you may need an external auditor to conduct an annual audit – a requirement for renewing your business license every year. As the UAE government has introduced VAT since 2018, proper bookkeeping and auditing will ensure compliance and avoid unnecessary legal issues.
Improved financial solvency
The best accountants in Dubai can evaluate your company’s financial transactions and ensure they are accurate and compliant with national legislation. When applying for loans and financial assistance from banks, a valid audit report from a certified accountant is required to prove reliability. Hire the best accountant in Dubai so that you do not have to worry in the future.
Make sure that the financial information is accurate
Your in-house accountants will provide you with financial information on a regular basis, which should be checked by an accountant to help you analyze the current state of your business, whether it is profitable or unprofitable, what needs to be changed in your current operations, etc.
Preventing fraud and abuse
Fraudsters often operate in your business and their numbers usually go unnoticed. When they are discovered, it is too late and your business has suffered irreparable damage. That is why external audit services can help you detect fraud or financial errors. Regular audits by accountants can help ensure that your books are in order and open.
The need for expertise
Not every company can afford to hire an internal auditor. Most companies here, therefore, use external audit services. These auditors can review your financial statements regularly to ensure that they are in compliance and identify any deficiencies. They can also suggest changes in the business to correct deficiencies by increasing cash flow, reducing interest rates, writing down assets, and so on. They can help optimize overall profits.
Who can benefit from an external audit?
Business owners and shareholders
Business owners cannot keep track of everything about their company. It is recommended that you choose the best accountants to audit your company’s financial statements. They can ensure smooth and profitable operations. They can also analyze the pitfalls and suggest changes. It also helps business owners to maintain the confidence of shareholders by sending them regular financial reports audited by a certified accountant in Dubai.
Accounting and Finance Team
Auditors and finance team members are responsible for the day-to-day financial operations of the company. While they are experienced in dealing with general financial issues, they must use the best accountants to review the reports they publish, help them with complex issues, help them obtain financial support from banks, and inform them about new rules and regulations promoted by the UAE government. Most companies have a lead auditor and the rest of the accounting team works with the external auditor to solve problems on the spot.
It is inevitable that every company in Dubai will hire an external auditor. We at Bestaxca International – Auditors and Accountants are a leading accounting firm in Dubai that provides impeccable auditing services to ensure smooth and profitable operations for your business. With a long history of providing the best audit services, we are the most sought-after audit firm among businesses across all sectors and industries.
The best accountants on board
Bestaxca International employs only the best. Bestaxca employs professional accountants, chartered accountants, certified public accountants, and all other professionals required to perform financial audits in Dubai to offer their services to our clients.
Years of industry experience
Finance is a field where experience is crucial. With years of experience in accounting and auditing in Dubai, you can trust us when it comes to your business.
At Bestaxca International, we ensure that the auditing services we offer in Dubai do not put a hole in your pocket and are affordable even for small businesses.
Meets international standards
With a regular client base in both the UAE and the UK, we adhere to global accounting standards.