Having internal auditing provides worthy insight concerning an enterprise’s business policies and procedures from an independent viewpoint and ensures that it’s governance, risk management, and internal control systems are as per the standard and are functioning orderly. If you’re looking for an audit firm in Dubai, in view of the importance of getting your financial statements audited, before choosing your accounting partner, you need to ensure that the agency you hire is expert, dependable, and suitable for your business need. Here are six points that you should consider to make your process of searching for hassle-free and foolproof.
Reputation
Regardless of we’re on the lookout for a job, a dentist, or a plumber, we find someone who has a high reputation in the industry. This is because, reputation displays the image of a person, organization or a service provider and characterizes the uprightness of the entity as valued by the society. Thus, when you are looking for an audit firm in Dubai never ignore to listen to the industry buzz to make sure that the partner you are choosing is well-skilled, reliable, and devoted. Reputation cannot be built overnight but comes through decades of dedicated services, maintaining quality standard and commitment. Get through corporate websites, talk to your like-minded business groups, stakeholders, and accordingly make a list of 2-3 names for further research.
Qualification
The job of auditing is much different from bookkeeping or preparing books of accounts. It requires high background, razor-sharp insight, and great analytical sense to review the vast financial systems of a company ensuring if they’re performed as per the accounting standards or there are some missing areas, irregularities or fraud. They’re the professionals who design your company’s internal control systems in a custom manner after due consideration your company’s individualized needs. Therefore, make sure that your audit firm in Dubai is fitted with professionals like CPAs, CAs, CIAs, and ACCAs who are likely to take care of your auditing job. Being operational in one of the free zones in Dubai, before choosing the firm, you must verify whether or not they’re approved DMCC auditors. If yes, then only you can move ahead further.
Experience
Never make a mistake to join hands with an audit firm which is in the startup stage or even a company working just for a few years in the market, regardless of it boasts a high growth rate. You should always go for an audit firm in Dubai that has been operational in DMCC for more than decades and demonstrates being a service provider to some distinguished business groups in the industry. The value of experience is immense that makes a company seasoned to locate even the most critical fraudulent activities in an enterprise with great insight and intuition power. They understand the laws related to different areas of financial audit better than any average house.
Professionalism
As accounting systems are standardized in different ways, the practice of due diligence is intimately related auditing services that involve thorough analysis, examination, and investigation to find all potential impacts which may come into sight. When it comes to financial audits, compliance audit or tax audit, CAs or CPAs must perform their duties to unearth to the deepest part of accounting records that they’re auditing, rather than having a quick peek to reach a pre-arranged outcome. Having continuous education is a must for professionals involved in accounting or auditing that smartens them up in terms of the fast-changing laws and technological advancements keeping consistency with the global standards.
Meet in Person
Obviously, having a personal visit is vital to assess how consistent is the team to take care of your business’s audit service. Meet the senior officials and check how long they are serving the same client which is a great sign of gaining customer loyalty with excellent client services. Make sure that the company is backed by ISO certification which is must-have for an audit firm in Dubai to establish its excellence, meticulousness, and professionalism as an auditor. Check other certification, special awards, and recognition as a DMCC approved auditor. Ask what kinds of papers you need to keep prepared before they start auditing. There is absolutely no harm to check who will be working with you while having a preliminary discussion with the professional will help you understand if you’re comfortable with the person or the team.
Room for Negotiations
Before partnering with an audit firm in Dubai, it’s vital for you to get details their fees, terms and other formalities if any to ensure their suitability. Importantly, as you cannot expect them to offer you services with professional fees compared to an average one, in general, they offer competitive prices according to their standard. If you feel the rate is abruptly high than the market standard, ask if the rate is negotiable explaining what you expect. If they don’t accept, you can obviously shop around further to choose a firm that suits your need but mind well, you should not compromise with any low-priced company considering the significance of audit services in the fast-changing business.
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