Every company has to make sure that all its processes are running smoothly throughout the year like
a well-oiled machine.
All the cash flows and expenditures of a company are put on record by the accounting department, through the terms and engagements outlined by the company. It is the job of an audit accountant to reevaluate the financials of a company to report any malpractice or anomalies in the financial records of a company and its operations.
An Unbiased Record Of Company Operations –
The very basic and the most primary function of an audit accountant is to present a report of how a company is operating financially, and making sure that the report presented is not affected by any other factors or company logistics.
It is basically a simple record of how a company is doing financially.
A company is built on the basis of the services and products that they offer based on a strong business plan.
Every business holds certain accountability to the public and the government to provide assurance that it is not only thriving but
also is financially stable.
Running Financial Errands –
It is the job of a company accountant to record and document the day-to –day business of a company, the cash flow and sales, expenditures as well as profits and losses.
It is a difficult and challenging task to keep track of all company processes and it is very important that no mistakes are made.
The audit accountant examines yearly financial records of a business to make sure that no mistakes are made.
In contrast to accounting where the bookkeeping and the asset management takes place, the sole purpose of audit accountants is to provide a strict error check and make sure there are no violations of any kind and compliance is maintained in the financial operations of the company.
Check For Violation of Standard Policies –
Companies operate daily financial transactions. These transactions are carried on by standards set by the company. Initiating, recording, processing and reporting transactions are done according to accepted accounting standards set by the company and management.
The job of an accounting auditor is to make sure that the financial statement that is presented at the end of each fiscal year is sound and conforms to the standard accounting practices that are approved.
These practices are important to be checked and reviewed regularly by an accounting auditor in order to make sure there are no violations and malpractices.
Fraud Detection And Reporting –
Audits take place to make sure that a company is not faking its financial report or carrying out any malpractices that result into a financial loss or fraud.
It is important in this case for an audit accountant to have a keen eye for detail as he looks over each and every essential procedure and transaction that the company has undertaken.
This is done in order to make sure there is no fraud committed knowingly or unknowingly.
Any information leaks or even a malpractice carried out by one corrupt official can cost the company millions of dollars. Which
is why it is important for an accounting auditor to check the financials of a company thoroughly before the company starts conducting regular business.
Re-Evaluate Work Of Other Auditors –
In case you are appointed as an external accounting auditor, a part of your audit is to look over and scrutinize the work of the internal auditors that are the part of the company.
It is common to overlook the mistakes of a company when you are a part of it,but as an external audit accountant, it would be an important duty to go over each and every audit report to check for violation of auditing standards and practices.
External auditors almost always have way more work to do than the internal auditors, as they have to keep a check on the auditors
as well as overlook the overall financial report of the company.
Pass A Final Judgment –
This is perhaps the most difficult task that an auditor has to undertake, which is to produce a final report of how a company is doing financially. It is the most crucial decision an auditor has to make as the financial well-being of a company is the only factor that decides its fate.
All the reports considered, the auditor must in the end summarize all the factual data to report whether the company is financially stable or not.
It is the final call that the auditor makes after all the painstaking work of scrutinizing accounts and looking for mistakes.
3 Factors To Consider Before Hiring An Audit Accountant
The Right Qualifications
If you want to choose an auditor for your company, make sure you have the best in the business.
Having the right qualifications and training is a crucial part of being an audit accountant, as he/she will be checking the work of other qualified accountants and auditors.
The audit accountant must have the right training and experience in order to be able to handle the audit of a huge company with complex financial operations.
It is also important to make sure that the audit accountant you are about to hire has a good reputation in the market.
Along with training and qualification, it is also important that there is a certain level of sincerity and seriousness with which an audit accountant operates.
The accountant has to be especially sensitive to the given deadline. Having a genuine auditor makes the audit fluent and impeccable.
An audit accountant’s reputation speaks for itself when you review his past work and run background checks. His successes and failures would go a long way to show how well he/she does when employed by you.
It is to make sure that you know the whole team of the audit accountant from top to bottom. It is important to check the compatibility between your company and the auditing team you are about to hire to make sure that you work well together in the long term. It is also important to have an auditor that provides you not only an impeccable service, but also helps you improve as a company. Alya auditors provide different range of services apart from auditing & Accounting.
Companies succeed when they are supported by great financials produced by standard policies.
These policies are reviewed regularly by auditors to make sure that you are ethical in conducting your business and your transactions remain error free.
Remember that audit firms in Dubai, UAE, keeping in mind the experience and qualification with training get paid an average salary of up to a minimum of AED 10,000 per month. Therefore, choose wisely so you can see good return for your money.