What Is Auditing All About?
Auditing is a term used in the financial and business world, to refer to closely reviewing a particular aspect of the company.
While most people think it has to do with financial stuff only, this is not the case, and can stretch to investigating non-economic aspects of a firm as well.
We have put together this guide to tell you more about what audit services in Dubai by AABDXB are all about.
What Auditing Includes Generally
Auditors are professionals who are fully trained usually in the accounting profession, but their main purpose and training is in looking at the nature of the company, and watching out for aspects in which improvements can be made, the big risks to the company, and whether there are any wrong, unethical or fraudulent acts taking place.
Anyone who owns their own business or knows someone who has had their company audited will have heard or seen that it can be a tough time for the company.
This is because these processes affect the natural flow of the firm.
But this is for the larger benefit because this process has the ability to mark and the address all the risks and weaknesses in the methods being used.
Therefore the loss of productivity for the time-being becomes worth the wait.
Apart From Financial Aspects
Auditors can perform a number of functions unrelated to the finances as well. These include:
- Looking at and reviewing human resources rules
- The setup and review of operational procedures and controls
- Helping to create and strengthen quality and safety policy
Auditing Of Accounts
Accounting and auditing on their own are both different concepts and have different applications.
The auditing of accounts combines both of these, and gives a great deal of benefits to any size of business.
By definition, the accounting audit refers to the review and investigation of the systems and different policies that are used in tracking and storing the many financial pieces of information in the company.
The first part of the process is to make sure that all the documents related to transactions are received on time.
What Options Are Available To Businesses?
The main choices are between either hiring an auditor yourself, or going to a full-service accounting firm.
For small companies, the main benefit is it hands over duties and save on time.
For larger firms, it is sometimes a legal requirement for the auditors to be a third party, and therefore neutral and unbiased.