Although there are many types of audit, the term is generally used to designate the "external audit of financial statements", which is an audit by a professional accounting expert, of the books and accounting records of an entity, to give an opinion on the reasonableness of the information contained therein and on compliance with accounting standards.An audit will make it possible to identify errors made in the organization and amend them in time, to take measures that allow the company to return to the correct course.
Most small and medium-sized businesses are not required to do audits and do not attach importance to it. But an audit can help organizations optimize their operations and achieve significant cost savings.
An Internal Audit and control system reviews in Dubai can help managers establish measures to achieve good financial and managerial control. By performing a balance sheet analysis, those situations that constitute a risk and that could be a financial opportunity can be clearly identified; Furthermore, when carrying out an analysis of the income statements, some strategies can be planned to achieve higher levels of savings and profitability.
When do i need to perform an audit?
An audit is necessary when there is evidence of overspending, non-compliance with projects, customer complaints, high turnover of human resources and when the results are far from those expected by the owners.
Read also: Auditors in Dubai
Remember!
To have an objective audit, we recommend hiring external companies, this will allow you to identify in the organization the main risks that should be resolved, adjust the strategies to achieve that they are adapted to what management expects and give confidence to the market in relation to the financial statements They are free of significant errors.