How to Manage Auditors When They Come For an Audit?

Accounting firm in Dubai

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.

Audit firms in Dubai

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.

Final Words

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.

A Look at the Key Role & Responsibilities of Internal Auditors

Internal audits

Every organization requires a robust internal audit team to assess its accounts and finances. If you have decided to outsource your operations to a firm that offersinternal audits in Dubai, you must be aware of the auditor’s responsibilities. Thus, you should understand the role of an auditor before delegating your work. An internal auditor holds a certain authority in the firm and has access to all sensitive documents. Thus, it is essential to pick the right company to assist you. An internal auditor performs some daily functions, but they have a set of crucial duties. Let’s look at some of the most notable responsibilities an internal auditor is expected to perform.  

Primary Responsibilities of An Auditor

An auditor is responsible to conduct regular internal audits. These audits offer insights to the business owner and allow them to survive in the competitive market. Thus, your shortlisted company must be able to conduct regular Internal audits in Dubaiand help the company grow and expand. The duties that are included with this responsibility are:

  • Reviewing the company’s compliance with the ever-changing government policies.
  • Monitoring and analyzing the risk and controls of the organization and offering corrective solutions to strengthen the weak areas.
  • Providing insightful recommendations to business owners on the best ways to expand their operations and maximize their profits.

Major Roles of Internal Auditors

Apart from all the responsibilities discussed above, an internal auditor performs other roles as well. They verify the books and assets of the company to provide an updated valuation of the organization. They also help the companies pay optimum taxes and draft documents and procedures to ensure maximum productivity. Some of the most notable roles an auditor performs are:

Measuring Operations and Policies to Determine Best Practices

The best method to grow a business is constant tracking, and qualified auditors can do so efficiently. They can conduct regular internal audits in Dubai, and measure the success rate. This helps to give a clear insight into the actual working of the organization. Thus this information will ensure that the business owners implement the best policies and achieve quantifiable results. Regular review will also help determine the strong and weak areas, thereby allowing allocation of the firm’s resources optimally.

Internal audits in Dubai

Evaluating Risk and Offering Best Course of Action

The purpose of every internal audit in Dubaiis to assess the risk associated with every decision. With a professional internal auditor, you tend to get a better risk assessment, which will help you steer clear of the risky decision and losses that accompany it. Thus it is important to conduct a risk assessment before making any financial decision and identify the unforeseen dangers well in advance. By assessing risk, the company will also be able to create a backup plan in case the decision goes wrong.

Better Control

Since your auditor will give you a thorough review of your company’s control, you will have the option to verify and strengthen them. For instance, if your supply chain is not optimized, your auditor will point it out, and you can fix it to limit any further loss. This review will help you strengthen control over the entire organization and achieve your collective goal quicker.

Verifying Compliance with The Regulations

Every industry has certain laws and regulations imposed by the government. The companies are expected to adhere to them, or else they are penalized. If you are in an industry where the regulations are constantly updated, then you can definitely benefit from a professional Internal audit in Dubai. The qualified auditors will remain updated on the new changes and ensure your company is always compliant. Having a qualified auditor will not only prevent any unnecessary fines, but you can also get some deductions and tax reductions as and if applicable.

Offer Insights

This is the most significant benefit of every Internal audit in Dubai. Every review and audit can be beneficial for business owners. Since the auditor will be reviewing your documents and books thoroughly, they will be able to offer insights on enhancing your process or channels. These insights will be valuable during the planning and allow you to develop a strategy that will maximize your revenue.

Final Words

Internal audits can be an effective tool to grow your business. The Internal audit in Dubaiis all the more effective if they are performed by a professional auditor. HALSCA is one of the leading accounting and auditing firms in Dubai. They can assist you with everything from internal audits to managing your account. Have a look at their website to review their work, or get in touch with their experts at sholy@halsca.com.