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 –