If you want to ensure that your company is doing well financially, you may want to consider consulting with a certified public accountant (CPA) who specializes in financial audit services. A CPA is a trained professional with at least two years of experience in the area of accounting, which includes taxation, management information systems and auditing. In the United Arab Emirates, there are three professional bodies that offer CPA training. They are the Islamic Business Council (IBC), the Dubai Chamber of Commerce and the National Society of Professional Accountants (NSPAC).
In general, a financial statement audit covers four main areas: internal control measures, management information systems, audit of transactions and documentation, and auditing the cash flow statement. The first three topics are the most important to understand. Internal control measures are designed to ensure that the activities of the company are conducted in an orderly manner. Auditors also look for evidence of compliance failures and gaps in management information systems. An effective internal control system can detect potential fraud and abuse of company funds, which can result in serious legal issues.
The next topic to cover is audit firms in dubai transactions and documentation. This topic includes examining all parties’ representations, records, receipts, invoices and other financial documentation related to a specific transaction or obligation. For example, a company might submit information to an auditor about the property it has bought, its bank accounts receivable, manufacturing contracts, and its sales and service records for a certain property.
Before you start the auditing process, you will need to have a letter of appointment from the company’s CPA. In general, the company’s CPA would be involved in determining the scope of the financial audit services, preparing a detailed plan of action, developing a contract, and oversee the entire process. The company’s CPA should work closely with the company’s attorneys, accountants, and finance officials to ensure that the scope of the auditing process is captured. He/she should also be involved in the review of the company’s financial statements and reports.
A company’s financial statement audit is divided into two major categories: management inspection and personnel inspection. Management inspection involves looking at how the firm’s senior management deals with requests for information or payment. The objective of this section of the auditing process is to identify gaps in management practices that could be detrimental to the firm’s ability to present accurate financial reports. This section will most likely be quite lengthy. A typical day for the financial audit team during this phase might include presentations, discussions, and questioning of individuals if needed.
Personnel inspection is the final section of a financial audit in Dubai. During this time, the team will verify accounts receivable and inventory data. They will also review payroll and training records to determine if payroll records are up to date and correct. If there are discrepancies, the team will negotiate with the employee or company to find a resolution. Financial audits in Dubai focus on identifying weaknesses and potential issues that might affect a company’s ability to meet its obligations, as well as its reputation among both internal and external parties.