Is your firm going through an external audit for the first time? If yes, then the pressure must get overwhelming, since auditors will thoroughly check and verify all the books and information. However, preparing for the audit beforehand can help reduce your anxiety, and allow you to manage the auditors better. A reliable accounting firm in Dubai can help you prepare for the external audit and ensure you pass with flying colors. The accounting and auditing needs of an organization are unique, and they need a professional who can understand them and offer services accordingly.
If you are notified about an external audit, you should contact the best firm to internally audit your accounts and books. An audit is used to determine whether or not the accounts are accurate and complete. Thus, instead of panicking before an external audit, you should take time to get all the books audited internally and strategize about how you will manage the external auditors. If your firm’s audit is due in a few days, then look at these tips to manage the auditors and prepare your firm for an external audit.
Try to Understand The Standard
The audit report is used to determine the performance, process, and revenue of the firm. If you conduct an internal audit of the firm, you will be able to compare your books and define the correct standard of your firm. Having an internal audit is critical to understand the approach the external auditor will take. If you employ a trusted accounting and auditing firm to audit your books, you will be able to share the knowledge with external auditors and reduce the auditing time. With this knowledge, you can avoid topics that are outside the scope of an audit.
Identify Your Internal Process and Prepare Subject Matter Experts
The employees understand the internal process of the organizations better than anyone else. You can use their knowledge to ensure that the auditing process goes smoothly. You can determine which employees or team members have the best knowledge to assist the external auditors. They can make sure that the external auditors have access to someone who can guide them throughout the process, making it quicker and seamless. If you are hiring audit firms in Dubai, make sure you share the importance of the external audit beforehand to ensure they use their best skills and prioritize the assignment accordingly.
Offer Resources to Auditors
Every auditor has their daily operations to take care of, and external auditors are no exception. Since the auditors will be managing a lot of work, you should allocate as many resources as you can to help them. This will not only make the process faster but allow them to proceed with the audit seamlessly. You can allot SMEs and other organizational resources at their disposal.
Assess Your Internal Procedures
Before an external audit, you should gather your employees and the firm you have hired to audit your internal controls and process. This will allow you to identify the gaps where the processes are weak or do not exist. Doing this will allow you to manage your organization’s process prior to external audits. In simple words, this will help you to review and ensure all controls that are mandated by the government are implemented, and your firm is taking corrective actions wherever essential. By assessing your internal process, you can reduce the work of an external auditor and manage them better.
Gather All the Relevant Documents at One Place
This is important, if you have an upcoming audit by an external audit, you should ensure all your documents are in one palace. This is because the auditor will be reviewing all relevant documents and books. If you have them in one place, you will reduce their workload and ensure the process is completed quickly and efficiently. You can have the physical documents in place, or get all the necessary documents in one system or drive which will be easily accessible. Start by making a list of all relevant documents and ask your team to upload all files in a single drive.
Managing external auditorscan be a bit overwhelming. These are the professionals who will determine your organization. Thus, you should make the process easier for them. A reliable accounting firm is all you need to prepare you for an external audit. HALSCA is one of the leading accounting firms in Dubai. They can assist you with everything allowing the process to get smoother. You can visit their website to review their work or get in touch with their experts at +971 55 651 9937.