If you have a business in the United Arab Emirates, or are planning on starting one, you would be aware of the amount of regulations that are mandatory to be followed in the country. The cost of not complying is much higher than the cost of complying with the laws of the land.
The auditing service carries out procedures that basically confirms if the financial statements are free of fraud or error.
Here’s a list of activities you can expect from an auditing service:
- Speaking with management and employees for understanding how the organization functions and reports its finances, and for a history of fraud or deception
- Evaluating and understanding the internal control system
- Analysing the account balances and transactions
- Investigating account statements and testing them for accuracy
- Analysing physical inventory
- Confirming accounts receivable and other accounts with a third party
At the end of the audit, the service can also include recommendations for improving the quality of financial reporting and install controls that can help the organization function better and more efficiently.
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