External Audit Services In Dubai With Bestaxca Experts

The external audit is the most important audit work for a company, as it checks all the company's financial books. It involves expressing an opinion on the company's financial statements. Any concerns that the auditor expresses in relation to the opinion on the report must be explained by the company's management to the shareholders at the general meeting.

Functions of the external auditor Benefits of the External Audit Services In Dubai Process of the external audit Documents required for the external audit what is the need to hire an external auditor in Dubai What is the need to hire Bestaxca's outsourcing services in Dubai?

This type of audit is usually carried out on the basis of a court order and is carried out by a third party that is not related to the audited organization. For this reason, an external audit service can be considered fairer and more impartial. The Board of Directors appoints the external auditor. It is therefore important to use external audit services in Dubai.

Duties of the external auditor

External auditors assess the compliance of a company's organization with regulations. The regulatory authority trusts the accuracy of the company's information, which is confirmed by the external auditor. External auditors assure shareholders that the company is being managed in their best interests. The external auditor can take steps to correct current and future problems and ensure that the company's financial statements are accurate and precise. The external auditor shall assess the financial position and reporting of the entity and make findings and recommendations on the results.

Benefits of external audit

We already know that external audit is impartial. There are other benefits to be gained from an external audit of your company. Here are some of them.

External audits give your company credibility by producing a complete and thorough audit report. This ensures that all government compliance requirements are met. It is a more objective report than an internal audit. An external audit, carried out by a third party who is not accountable, can provide a different perspective on the management of the company. It can help management to use resources wisely and appropriately, reducing waste. This can increase investor confidence and attract more investors. It can help companies understand how they operate and prepare for the future.

External audit procedures

A standardized audit procedure is used.

Step 1: Appointing an auditor

The person appointed must be independent in all respects of the company's business activities. The Audit Committee appoints an individual or group based on several factors. The board of directors and shareholders must approve the appointment.

Step 2: Approval of the auditor

The appointed auditor will provide the company with a letter of assurance that they are working independently.

Step 3: Audit engagement

The auditor and the company enter into a contract. The specific terms of the contract include, inter alia, the purpose of the audit, the auditor's independence, the auditor's fees, the responsibilities of each party, and the scope of the work.

Step 4: Planning and conducting the audit

This is the beginning of the external auditor's responsibilities. First, a written audit plan is prepared for each area, including deadlines and a general timetable for completion. The auditor then prepares a program for the audit.

Step 5: Gathering evidence 

Persuasive evidence is necessary to support the auditor's opinion when presenting the audit report.

Step 6: Audit report 

This is the last step in the external audit process: the signing of the audit report. The report also contains the auditor's opinion on the results of your audit.

Documents required for the external audit 

These documents should be prepared before the external auditor begins his work to complete the audit process easily and quickly.

List of bank accounts used by the company Payroll report List of all transactions made by the company General ledger Company's trial balance Copies of all legal documents, such as licenses, articles of incorporation and bylaws, certificate of incorporation, share certificates, tax registration certificate, and many others. Certificates from customers, banks, and suppliers, schedules of asset records, prepayments, accruals, etc. Loan documents.

Why hire external auditors in Dubai

Having a highly qualified external auditor working for your company can help you avoid problems. Everyday accounting practices can easily hide malpractices, fraud, and non-compliance with rules and regulations. Here are some reasons why you should hire and work with an external auditor in Dubai.

Credibility

Your financial statements will undoubtedly carry more weight and can be trusted for their accuracy if they are audited by an external auditor in Dubai. Compliance with government regulations

An external auditor can identify areas where your best accounting practices do not comply with certain standard government regulations Process improvement.

There will always be areas where you can improve your internal controls, and external auditors can help you find them. Fraud prevention External auditors will review your accounting records, but their conclusions and opinions will not be based on personal relationships.

Why outsource to Bestaxca in Dubai?

Companies in Dubai cannot avoid hiring external auditors to review their financial books. Bestaxca auditors offer top-notch external audit services to ensure that your business runs smoothly and profitably. We have a long history in audit services; we have become the most sought-after audit firm for companies in all sectors and industries.

Other reasons why you should consider our services are:

Bestaxca Auditores employs only the best auditors. Our audit expertise is crucial in the financial sector. Our prices are affordable and reasonable, even for small businesses. We have several clients in the UAE and surrounding areas.

So, if you are looking for the best external audit services in Dubai, you don't have to look too far. Visit us at bestaxca.com, let's talk and we will help you. So have your questions ready and we will answer them all. Our customer service experts look forward to your phone call with eagerness and total sincerity.