It is a myth that a company should be audited just because the law requires it. Regular audits and accounting are conducive to the proper operation of a business. A lack of proper accounting and regular audits often leads business owners to continue to run a business under the assumption that it is profitable, even when it is losing money.
We realize this too late and the damage is often irreparable. In this case, a pragmatic approach of External Audit Services In Dubai is inevitable. Every company needs the services of professionally qualified and experienced external auditors in Dubai to solve its accounting problems.
What is an external audit?
An external audit is the process by which an external auditor ascertains the accuracy of a company’s financial statements and operations. External auditors are accountants who work independently of the accounting firm. External auditors are necessary for all companies to comply with the laws of the UAE. They can help resolve existing or impending problems and confirm the veracity of an organization’s financial statements.
What are the benefits of an external audit?
Ensuring compliance with government laws.
The UAE government has strict laws governing the financial activities of small, medium and large companies. Thus, if you operate in the UAE, you may need external auditors to conduct annual audits, which is a requirement for the annual renewal of your business license. As the UAE government introduces VAT from 2018, proper accounting and auditing will ensure compliance and avoid unnecessary legal problems.
Enhance financial credibility
The best accountants in Dubai are available to review your company’s financial transactions and ensure accuracy and compliance with the country’s laws. A valid audit report from a professional certified public accountant is important when applying for loans and financial assistance from banks to ensure your credibility. Therefore, hire the best accountant in Dubai to avoid concerns in the future.
Ensure that the financial information is accurate.
Your internal bookkeeper will provide you with regular financial information that should be verified by a professional chartered accountant to help you analyze the current state of your business, whether it is profitable or loss-making, what changes should be made to the current operations, etc.
Fraud prevention and cooperation.
There are often fraudsters in your business and their excesses often go unnoticed. By the time they are discovered, it will be too late and they will cause irreversible damage to your business. Therefore, using external audit services can help detect possible fraud or financial irregularities. Regular audits by an auditor can keep your financial statements transparent and seamless.
Need for expertise.
Hiring a full-time accountant is not realistic for all companies. At this point, most companies turn to outside auditing services. These accountants can audit your financial statements periodically to check for compliance and deficiencies. They can also suggest changes to the business to reduce pitfalls by increasing cash flow, reducing interest rates, depreciating assets, etc. They can help optimize overall profits.
Who benefits from an external audit?
Owners and shareholders of the company.
The owners of corporations cannot audit all matters relating to the corporation. It is advisable to choose the best auditors to audit the financial statements of your company. They can ensure that the company runs smoothly and profitably. 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 certified by chartered accountants in Dubai.
Accounting and finance team
Accountants and members of the finance team are responsible for the day-to-day financial operations of the company. Although they are well versed in dealing with general financial issues, they need guidance from the best accountants to check the statements they have published, help them solve complex problems, help with financial assistance from banks, and inform them of new rules and regulations introduced by the UAE government. In most companies, their chief accountant and the rest of the accounting team work with an external auditor to resolve issues along the way.
Hiring an external auditor is a must for any company in Dubai. We, at Bextaxca International – Accountants and Auditors, are a top audit firm in Dubai that provides impeccable audit services to ensure the smooth running and profitability of your business. With a long-standing tradition of providing the best audit services, we are the most sought-after audit firm for businesses across all sectors and industries.
The best accountants on board
At Bextaxca International, we have only the best. Professional accountants chartered accountants and all the experts required for financial audits in Dubai work for Bextaxca and offer their specialized services to our clients.
Years of experience in the sector
Finance is an industry where experience is very important. With decades of experience in accounting and auditing in Dubai, you can fully trust us with your business.
At Bextaxca International, we make sure that our accounting services in Dubai do not break your wallet and are affordable even for small businesses.
Compliance with international standards
We have a permanent client base in both the UAE and the UK and comply with global accounting standards.