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Auditing firm: the responsible control body

Auditing firm: the responsible control body
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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 process

Like 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 

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 .

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.

Views - 21/03/2020 Last update
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