It is a myth that the auditing of a company needs to be done only because it is mandatory by law. Regular auditing and maintenance of accounts have a greater contribution towards the successful running of a business. The lack of proper books of accounts and regular auditing often results in the business owners continuing to run the venture with the impression that it is going on profitably, while it is running under loss. The realization comes late and the resultant damages are often irreplaceable. This is where; a pragmatic approach to external auditing services in Dubai becomes inevitable. Every business needs the services of professionally qualified and experienced external auditors in Dubai to look into their accounting issues.
What is external auditing?
- External auditing is the process of ensuring that the financial records and operations of a business firm are accurate by employing the services of an external auditor. External auditors are accountants who work independently of an auditing firm. External auditors are necessary for all businesses to remain compliant with the laws of the government of the UAE. It can help to sort current or impending issues, if any, and confirm the financial claims of the organization to be true.
What are the benefits of external auditing?
- Ensuring compliance with government laws
- The government of the UAE has stringent laws for the financial operations of the small, medium, and large scale businesses. Thus if you are running any business in the UAE, you might need the services of external auditors who can perform yearly audits that are a prerequisite for your annual trade license renewal. Since the government of UAE has introduced VAT tax from 2018 onwards, proper accounting and auditing ensure compliance to laws avoiding the chances for unnecessary legal issues.
- Enhances financial credibility
- The best auditors in Dubai are at your service to evaluate the financial transactions of your company and ensure that they are accurate and compliant with the laws of the country. A valid audit report by a certified professional auditor is essential when you apply for loans and financial assistance from banks to establish credibility. So, hire the top auditors in Dubai to leave you devoid of worries in the future.
- Ensuring the accuracy of financial information
- Your in-house accountant provides regular financial information that needs to be verified by a professionally certified auditor to help you analyze the current status of your business, whether it is profitable or running under loss, what changes need to be made in the current functioning and so on.
- Prevention of fraud and malpractices
- It often happens that fraudsters exist within your company and their antics most often go unnoticed. By the time it gets noticed, it is too late and will have caused irreplaceable losses to your company. Thus employing the external auditing services can help you track any fraud or financial malpractices going on. Regular inspection by an auditor can keep your financial statements transparent and smooth.
- The need for expertise
- It may not be feasible for all companies to hire a full-time auditor. Thus most firms here, look for external auditing services. Such auditors can verify your financial statements at regular intervals to ensure compliance and find out flaws if any. They can also suggest making changes in the functioning to improve upon the pitfalls by increasing cash flow, reducing interests, depreciating assets, and so on. They can help in the overall optimization of profit.
Who will be benefitted from external auditing?
- Business owners and shareholders
- Business owners cannot keep an eye on all matters concerning the business. It is advisable to opt for the best auditors to keep a check on the financial statements of your business. They can ensure that it is running smoothly and profitably. They can also analyze pitfalls and suggest changes. It also helps the business owners to keep the trust of shareholders by sending them regular financial reports verified by a certified auditor in Dubai.
- Accounting and finance team
- It is the accountants and the members of the financial team who are responsible for the day to day financial operations of the company. Even though they are well-versed in dealing with general financial issues, they must take guidance from the best auditors to verify the account statements they have published, to help them deal with complex issues, to aid in financial assistance from banks and to keep them up to date about the new rules and regulations put forward by the government of UAE. Most firms have their chief accountant and the rest of the accounting team work hand-in-hand with an external auditor to solve issues on the go.
It is inevitable for every business in Dubai to hire an external auditor. We, at Hallmark International– Auditors and Accountants are top auditing services in Dubai established firm providing impeccable auditing services to ensure the seamless operations and profitability of your business. With a long-standing history of offering the best auditing services, we are the most sought after auditing firm by ventures from all sectors and industries.
- The best auditors on board
At Hallmark International, we have only the very best. Professional chartered accountants, chartered certified accountants, certified public accountants, and all professionals necessary for financial audits in Dubai work for Hallmark offering their dedicated services to our clients.
- Long-standing industry experience
Finance is a sector where experience is crucial. With decades of experience in accounting and auditing in Dubai, you can trust us with your venture completely.
- Affordable costs
We, at Hallmark International, ensure that our auditing services in Dubai do not burn a hole in your pockets and are affordable to even small businesses.
- Compliance with international standards
With a consistent clientele based in both the UAE and the UK, we follow global accounting standards.