Earlier, businesses had a tendency to simply rely upon their accountants or accounting firms to get the auditing done. This might be owing to the fact that businesses were relatively less complex and more primitive before. Also, it might be due to the fact that auditing professionals were not that easily available earlier. Neither was it so important to hire to comply with legal and accounting formalities.  Even if you have accounting staff in your organization, it is advisable to hire a professional auditor or an auditing firm.

Essentially, the need for auditing companies in Dubai or professional auditors arises due to the lack of sophistication and service level of accounting firms or accountants at a smaller level. They may be incompetent or may not be experienced enough to take care of the auditing part appropriately. Besides, there are legal factors involved as well. On the other hand, if you hire top accounting firms like Finacctech, who have their own auditors, you can avoid hiring separate auditors.

Well, why is auditing important? Primarily because while operating a business at a medium or large level, you need to make one hundred percent sure that you have your accounts and statements right. Auditing is the only way to ensure this. You are ultimately accountable to the tax department, government as well as shareholders. Any discrepancy in accounts and statements may potentially ruin your image and even attract legal consequences. Furthermore, auditors analyze and reveal the true financial position of a company and whether or not you are doing better or needs to improve.

We had earlier discussed the steps involved in hiring accounting firms. In this article though, we are discussing more about the values that you should look for in the auditing firm that you are hiring. But before we move on to the core of this article, let’s see what all are the tasks that auditing firms in Dubai will be responsible for.

Duties of Auditing companies in Dubai.

Depending on the firm that you choose to hire, there can be a good lot of responsibilities of an auditing service provider. While the entry-level firms or individual auditors provide just the obvious financial statement auditing tasks, the top auditing firms in Dubai would offer you a range of support services along. So, some of the basic services offered by the auditing firm in Dubai will be the following:

• Financial statement review:

One of the basic and obvious tasks of any auditing firm is financial statement review. That’s what you hire an auditor for- to review financial statements and proof-checking the entries and balances.

• Reviewing documentation:

Auditors would review and ensure the documentation and proofs that support the transactions as shown in the books.

• Reporting financial position and other factors:

Yet another important task of auditors would be analyzing your financial position based on your accounts and transactions. You also get to know the departments that are weak or are cause your losses.

At a higher level, reliable auditing firms in Dubai will guide you as to what changes need to be made in the firm to establish a secure financial position. They would spend time understanding your accounting system and if needed, would also suggest critical changes.

So, now you see, they will have access to some important information related to your firm.  Therefore, it becomes crucial that you hire a company with morals and values. You simply cannot afford to hand over sensitive data to any random team of people sitting with a board calling them auditors.

What to look for in the auditing company in Dubai that you hire?

While you are at hiring an auditing firm in Dubai, let’s give you an overview of the values that you should look for.

• Professional team

What is an auditing firm if they don’t have a good team of professionals to carefully conduct the audit for their clients. Not only will they be adequately qualified and competent, but they will also be professional in their conduct and task-handling. You will feel it from the first interaction itself. Basically, get one of the auditing companies in Dubai that know what they are doing.

So, professionalism- a must.

• Ethics and reputation

Alongside experience and professionalism, presence of ethics and high moral values as a foundation is critical. A problem in this context is that the environment of Dubai is highly competitive. Roughly every auditing firm would claim of having high ethics and moral, but their work may not reflect the same. This is where you might have to rely on the reputation factor. The top auditing firms in Dubai or the most reputed ones will be more inclined to keep their reputation intact and clients happy. So going for those auditors who are reputed for keeping solid ethics should be your go to.

• Good client base

Any firm’s clientele can somewhat speak volumes of the level of the firm. If the company have at least a few reputed clients, you can be sure that you’re entrusting responsibilities to a reputed and reliable company. Also, that to the internet, you can do some digging on the reviews given by past and existing clients for a particular firm. Take full advantage and do a bit of research before you hire.

• Transparency:

In a way, transparency is an extension of the ethical part we mentioned earlier. As you contract, the firm should be able to agree to maintain complete transparency. Any firm operating within ethical standards would be transparent with its clients.

• Confidentiality and Trustworthiness:

As you hire an auditing or accounting firm, much of the critical information in your entity will become accessible to them. You need to be able to trust them with sensitive and important data. So they should be able to agree to sign a confidentiality agreement if so needed.