The AUDITING FIRM, now also known as the AUDITING FIRM, is the missing
link in our journey through the audit tool. After examining the budget
certification and the audit, today I will tell you about the
supervisory body that is RESPONSIBLE FOR CARRYING OUT THIS PROCESSLike
the verification that they carry out, there is no need to be afraid of
these organizations, which can instead be of great help in increasing
the brand reputation of our company
Auditing firm: the control body responsible for verifying and issuing
the financial statement certification
The shady figures who roam your corridors a couple of weeks a year are
not authors, but professionals who have the task of verifying that
your financial statements do not present significant errors with
respect to their checks
It is therefore not for you to judge their work and its legitimacy, it
is rather your duty to facilitate the verification task by ensuring
that the auditing company has access to all the necessary
documentation
WHAT'S THIS?
An auditing firm is a body, large or small, which deals with the
activity of auditing accounts. Not all of these companies are
recognized by law, the audit firm is divided into two categories
1. The one regularly registered in UAE register, certified and
recognized. This type of auditing company can carry out audits on
listed companies and in all those for which auditing is required by
law.
2. There is also a type that is not subject to these obligations, as
it is not regularly registered in the government UAE board register.
HOWEVER, BOTH ARE EQUALLY LEGALLY ACTIVE
The difference lies in the obligations to which they are subject,
which are obviously greater in the case of certified auditing firms.
Related Post: Ahmad Alagbari Being The Finest Accountants In Dubai
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WHO IT IS MADE OF
The professional who works within this control body is called an
auditor or auditor
The latter must, in the exercise of his profession, operate according
to the auditing principles that can be dictated by the law itself or
by the directives of the auditing company to which it belongs
WHAT DOES HE DO
The auditing firm provides Audit and financial advisory services.
Auditing of accounts is in fact only one of the services that a
company consultancy offers, as part of a complete assistance regarding
the financial, tax and management areas.
This does not mean that the auditing firm has real inspection powers:
in the event of false statements in the financial statements, the
responsibility lies solely with the company. The auditor may instead
be accused of aiding and abetting.
To become an auditor or be part of an auditing firm, you must have a
diploma in business subjects and have completed a three-year
internship in the subject of auditing.
Following the traineeship, the qualifying exam will be taken on the
subjects covered by the profession.
Even the accounting firms , such as freelancers, are recorded at the
Register of Statutory Auditors.
THE REVIEW PROCESS
As soon as an auditing firm enters your company, a whole series of
research and practices will begin which aim to ascertain that your
financial statements are not affected by significant errors.
What is being done, therefore, is not a check on the veracity of the
financial statements. It would not be possible, either for a freelance
auditor or an auditing firm.
Instead, it is ascertained that, when you drafted your financial
statements, it complied with all the laws and regulations in force for
your type of business.
IN WHAT WAY?
Each accounting firm uses specific evaluation criteria, based on the
experience accumulated over the years.
So if there are those who prefer to proceed through random checks,
there are those who use the method of relevant and non-relevant
actions. The result, however, is always to judge whether the error
lies above or below a certain defined threshold of relevance.
However, the company itself is aware that, during its work, it could
itself incur errors in valuations, so it introduced and calculated the
concept of risk within the valuation itself.
This leads to a mathematical formula that takes into account several
variables, all useful for making the evaluation as precise as
possible.
AND THEN?
The evaluation process certainly does not end when the auditing firm
visits the company . After that, in fact, the whole series of
evaluations begins, with the final result being the budget
certification
Indeed, the verification carried out is not an end in itself, as a
police check at a checkpoint could be. Instead, it is aimed at
acquiring this certification, which precisely guarantees the
legitimacy of the criteria used and the absence of significant errors
in your company's financial statements
THIS INVALUABLE DOCUMENT PRODUCES A NUMBER OF POSITIVE EFFECTS
1. In the first place, it increases the prestige and brand awareness
of your company, increasing its credibility towards the general public
and customers;
2. Secondly, it causes an improvement in brand reputation also towards
stakeholders and investors, who feel reassured of the relationships
they have with your company;
3. Finally, you will also have a significant improvement in your
relationships with banks, very attentive to the judgments issued by
audit firms . This could greatly facilitate your relationship with
them, both in reference to the daily one and to long-term
relationships.
HOW CAN I DO?
You are therefore convinced of the positivity of the work of the
review, you just have to understand how to undergo this procedure.
If you fall into the category of companies that have to comply with it
by law, you have nothing to worry about, as you should regularly
receive the auditors in Dubai [https://www.aaa-cas.com/] .
If, on the other hand, you want to proceed voluntarily to the process,
all you have to do is contact the numerous audit firms present in UAE.
Our methodology is based on a progressive approach, aimed at
establishing a relationship of trust with the company. The latter must
in fact have time and a way to adapt to the current drafting
principles of the financial statements.
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21/03/2020 Last update