Getting Ready for First Time Audit in the UAE
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.
Ensure the accounts are in order
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.
Engagement of professionals or employees
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.
Make sure that you have gone through the entire process
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.
Make sure that you are aware of the indicators for first time audit
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.
How can we help?
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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