In order to abide by the government’s guidelines, it is important for all businesses in the United Arab Emirates (UAE) to conduct an external audit at least once a year. However, along with saving yourself from the fines imposed by the government by following these legal and general guidelines, external audits have a number of other benefits as well, such as :
Ignored Benefit #1: Provides Credibility
Credibility is important to small businesses; a positive image can work wonders while doing business. Having an external auditor agree that your financial statements are accurate and up-to-date can serve as a proof of credibility.
Ignored Benefit #2: Prevents Fraud
Most business owners are either extremely busy or unable to read huge volumes of numerical data regularly and interpret it correctly. During such times, there is a danger of fraud. Also, if you need to catch a fraudster, most often, a panel created within the company can be biased. (It will also cause a great waste of time and resources). An external auditor is unbiased as his/her judgement will be based on the bookkeeping records present. He/she can tell you whether all your data is accurate and reliable.
Ignored Benefit #3: Verify / Re-Verify Financial Information
It can be expensive for small businesses to have certified public accountants to handle their financial records. Having external auditors check your records from time to time not only helps you in verifying your numbers but also provides you with the opportunity to learn new ways to improve your processes and procedures. This in turn helps small businesses in identifying unnecessary activities that are causing reduction in profits and putting undue pressure on cash flows.
If you are considering to hire an external auditor, we are among the most well-respected, knowledgeable and yes, pocket friendly as well.
Why not give us a call right now at +971 557636758 and start a conversation immediately.