Companies that successfully address audit issues, improve the quality of their financial reporting, and stand to gain even credibility internationally with leading sources of capital.
Given the importance of audit services, many senior executives and audit committees look to Alya Auditors for efficient procedures, the value of their work, and dynamics in their personal service.
Your organization stands to gain in multiple areas – reputation, insight, service, and cost – by finding experienced auditors who truly value your business.
We’ve been fortunate enough to work with companies of all sizes – from startups to big companies. By working with a variety of clientele, we’ve seen many different pitfalls that organizations are prone to, especially startups. As an organization committed to helping our clients get the most out of our thorough information security assurance services, we’ve put together a list of five ways startups can ensure a smoother audit. Let’s discuss.
Not every early-stage company has a full-fledged finance and/or accounting department. In fact, it is not unusual for emerging growth companies to operate on a cash basis for a period of time before hiring their first finance chief. That means it may be necessary to collect the relevant records and prepare them for the audit. It also means it is time to begin maintaining financial records in a way that eases the audit process going forward.
At its most basic level, an audit examines that financial statements are prepared in accordance with IFRS and free of material misstatement. As simple as that may seem, IFRS accounting rules can be highly nuanced, requiring significant technical knowledge and judgment. They are also continually updated, so current audit preparation and reporting experience are essential. In short, before starting an audit, see to it that at least one person on staff or working on the audit knows IFRS and how it applies to the company.
A growing organization tends to be consumed with product development, sales, and customer support. Internal infrastructure may be important, but less of a priority. At the same time, employees can wear many hats. In finance, this might mean responsibility not only for financial reporting, but diverse other areas as well (think facilities, human resources, and office IT systems). Since an audit can take a nontrivial amount of time and effort, it is especially imperative in this environment to free the bandwidth to support it from beginning to end.
Three outcomes are desirable: First is a common up-front understanding of what the audit will entail, which can be achieved through a “whiteboarding,” or pre-audit planning, the process involving the audit team (internal) and the auditors (external). A second important outcome is meeting all deadlines and commitments as the audit process unfolds. The third outcome is a good working relationship between the audit team and auditors at the end of the process.
If your business in the UAE is looking to understand more about the taxes in the country and conduct a tax audit for your company, then you can take the assistance of Alya Auditors– Chartered Accountants. Alya is a reputed name in the field of Auditing and Accounting and is also a certified firm in the UAE which will assess the needs and requirements of the company and accordingly provide a solution.
For any more details on the services provided by Alya Auditors -Chartered Accountants, feel free to Contact Us. We will be happy to help.
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Truly, let us know what service you are looking for and hence we can get back to you with more details.
Definitely, Alya Auditors is the one partner you need to ensure your business is built on accurate accounting books certainly, to spearhead greater growth and wider market reach.
An association of legally independent auditing & accounting firms in the UAE
Silver Tower, Business Bay. PO Box: 41102, Dubai, UAE.
Sharjah Airport Free Zone PO Box: 120403 Sharjah, UAE.
+971 48769377
+971 52 9750690 , +971 50 522 1035
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