Kinds of Audit Services in Dubai and why they are a Necessity
An audit is not just a technicality; this mandatory step is useful if you want to safeguard your business and help it flourish. There are many reasons behind this; some of which include features such as practical conflict-resolution, uninhibited communication, and early warnings.
The procedures involved in an audit are customized according to the particular audit that is being provided by VAT consultants in Dubai. This approach ensures that members are successful in providing an intelligent, constructive, and much better quality of audit to every client.
What are the Various Types of Audit Services in Dubai?
Based on the specific requirements in an audit and its purpose, there are various types of audits that are conducted by the respective members. Some of these are:
Internal Audit: Done by the employees within the organization, this type of audit is focused on strengthening internal control systems. This helps minimize the risk of errors or omissions – both intentional and unintentional. Additional focus areas include protection of assets, sufficient division of authority across main control regions and conforming to internal operating policies as well as guidelines.
Statutory Audit: A statutory audit is one that is required by law to be performed at a given time. It is aimed at reviewing the accuracy of an organization’s financial records and determines if it is representing its financial status correctly. For this purpose, various data such as transactional records, bank balances, and bookkeeping records related to a host of private and public corporations, banking institutions, financial institutions, sole-proprietors, and so on, are examined.
Tax Audit: This entails the preparation of a report that includes various forms filled as per the governing body’s rules and regulations. The audit services in Dubai that are offered by our experts also include the following tasks –
● Assessing the notice given by the tax authority and explain about it
● Examining the problems, if any
● Helping our clients in putting together the files and documents for the tax audit
● Evaluating the findings of the tax audit and elaborating them to the client
● Explaining the process and other alternatives available in case the client disagrees with the tax authority’s assessments
Transaction Audit: It is an analysis of results to find out if the activities, resources, and other contributing factors causing them are being handled with efficiency and effectiveness.
Management Audit: The goal of a management audit is to examine the systems, techniques, and regulations followed by an organization’s management in the way resources are controlled and used, the planning of tactics and strategies, and improving the organization along with the employees in it.
Stock Audit: An audit that is done on a business’s inventory and is conducted in the interest of banks and financial institutions. This is aimed at making sure that the security on the basis of which funds are lent by the bank is safe and valued correctly.
VAT Consultants in Dubai: How RVG Chartered Accountants Can Help
Our team of experienced and skilled professionals is equipped to provide the best audit services in Dubai by performing various vital tasks such as the following –
Collect and Examine Proof: We combine the data gathered in interviews with database queries, email correspondence, and information present in hard drives. These findings are reported, after which internal controls are evaluated and restoration options are suggested.
Conduct Internal Audit: The scope of this audit is set according to the internal audit controls and performed with cost control as the priority. This is done to make sure that there aren’t any mistakes made by the employees either deliberate or accidental. We are excellently trained in protecting your organization’s assets and ensuring the smooth operation of procedures as well as the proper implementation of internal policies and guidelines.
Due Diligence: Our team helps clients in performing financial, legal and accounting reviews in different scenarios like investments, mergers or acquisitions. An excellent grasp of local laws, regulations and accounting practices gives us the ability to weed out all crucial problems in detail.