Dubai is the best city for businessmen who want to make a lot of money and want massive financial exposure. While Dubai is a business paradise, there are also a lot of strict financial laws that you have to follow to run your business in Dubai smoothly, efficiently, and safely. For that, your business needs some Auditing.
What is an Audit?
A financial inspection that is performed independently without any bias is called an Audit. In an audit, the auditor would look into all aspects of a company’s financial activity, whether it’s profit, sales, debt, salaries, and even the individual bank accounts of the employees in some cases. Auditors make sure that the financial situation in a company remains pure and transparent. Auditors also audit the finances of individuals as well. They check the finances involved in every activity done by a person, a company, or a firm. To keep the integrity of your company intact, it is important to hire a good auditor who can audit your financial activities and can judge the financial health of your company.
An Audit Firm would identify financial inefficiencies that are causing you or your company unnecessary losses. It will also help you reduce operational costs and help you achieve various financial objectives. An Audit Firm helps you properly structure your company’s financial model and make it more efficient and profitable.
Types of Audit
There are two types of Audits:
1. Internal Audit:
Internal Audit is an independent and consultation-based activity that is all about adding value to your company and helping it improve its business operations and making it more efficient.
2. External Audit:
External Audit is an external financial inspection of a company where all of its financial statements are inspected and analyzed. External Audit happens according to a set of certain rules and regulations. This activity is done to validate the financial records and paperwork of a company or a person. These records are checked to make sure there is no fraud or embezzlement in the financial activities of a company or a person.
Why should you hire an Audit Firm in Dubai?
Audit Firms in Dubai analyze your business properly and detect financial inefficiencies within your business’s operations. Audit Firms in Dubai will also check how efficient is your company’s record-keeping process is.
Here are some other benefits of hiring an Audit Firm in Dubai:
- Audit Firms in Dubai make sure that your accounting statements are accurate
- Audit Firms in Dubai make sure whether your company’s accounting meets Dubai’s accounting standards or not.
- Audit Firms in Dubai make sure that the financial activities in your business are fraud-proof as they will be verifying all of your company’s transactions, regardless of the size of the transaction.
- Hiring an Audit Firm in Dubai will increase the trust of your company’s shareholders.
- Auditors in Dubai are some of the most qualified auditors in the world.
- They will structure your company’s finances in such a way that not only your system will be extremely efficient, but there will also be no loopholes for anyone to commit any fraud.
- Audit Firms in Dubai will provide you with detailed and timely reports.
Audit Companies normally have two types of auditors:
- Internal Auditor: A professional auditor who is tasked to perform a detailed inspection of a company’s operational and financial activities.
- External Auditor: A professional auditor who is tasked to perform an independent and unbiased inspection and review of an organization’s financial activity. For that person, he/she will go through all financial statements and will be looking for potential frauds and errors in the transactions.
Audit in Dubai
All companies in Dubai are very strict about audits and they often get their company audited as Dubai’s business laws are very strict, which is the reason why Dubai is the safest place to do a smooth, profitable business.
Audit Services in Dubai
In the list below, you can find some of the best Auditors in Dubai that not only provide you with the best auditing services, but they also provide you with consultations so you can make informed decisions regarding your business’s finances. If you want the best Audit services in Dubai, you should be heading to Avyanco. Avyanco has a team that includes some of the most experienced Chartered Accountants out there who can provide all kinds of auditing services and consultations.
External Audit in Dubai
Considering how strict financial laws are in Dubai, it is very important to keep your company’s finances safe from all sorts of frauds and errors. Apart from keeping up with Dubai’s strict financial laws, external auditing is also very important for banks and shareholders to trust your business. Banks require audited financial statements to grants large loans and extend your company’s credit limits. External Audit also helps you stay out of trouble with the law, as Dubai can be very strict, and your license can get canceled if your company is involved in fraud, corruption, or other financially sinister activities.
Internal Audit in Dubai
Internal Auditing is important for you to spot inefficiencies in your company’s financial system and it also helps you improve your company’s overall financial structure.
When Should You Hire an Audit Firm?
You should hire a good Auditor as soon as you register your business in Dubai or as soon as your company starts generating profit. This will keep your financial structure organized and free of all frauds and loopholes since day one.
Why Do You Need the Best Audit Firm in Dubai?
Many Audit firms in Dubai offer both External and Internal Auditing services. However, they don’t have the kind of highly qualified and experienced team that we do. We have made many financial systems smooth, efficient, and fraud-proof. We are Avyanco, the best Auditing Firm in Dubai.
How Can Avyanco Help Your Business?
Avyanco is Dubai’s leading Auditing and Accounting firm that will help establish your business in whichever free-zone or mainland you want. We have strong connections throughout all free-zones and mainland in Dubai. Our highly skilled professionals will help you structure your company’s financial system and will help you start your business in Dubai in no time.