7 Ways Audit Firms In Dubai Help A Business Prepare For Auditing

1
7 Ways of Audit Firms In Dubai Help A Business
For Prepare For Auditing
PARSH ACCOUNTING AND BOOKKEEPING
2
Why Audit?
The external audit helps the companies enhance
their reputation by reassuring them that the
financial statements represent a real and fair
picture of the business. Hiring the simplest
auditing firms in Dubai will make sure that all
stages of the auditing process including the
audit plan, and test controls are done
efficiently and at once. However, the management
of the corporate must prepare well beforehand to
assist the external auditors to execute the
task. The companies got to organize every
relevant document and make sure that all the
interior processes are in situ before the
auditor visits the firm.
3
7 tips might be useful for the companies to
properly steel themselves against the annual
audit
4
Set and Discuss the
Priorities
Audit planning is one of the primary and key
st ps within the process of external auditing and
therefore the auditor must study the companys
priorities to style a robust audit plan. The
management must prepare an inventory of the
important annual activities and submit them to
the auditing firm beforehand. Submitting the
list of activities beforehand will give the
auditing firm the much needed time to review the
activities and priorities of the corporate and
ask the proper questions. The auditing firm will
discuss how the changes within the previous year
will affect the audit. Based on these reviews
and discussions the external auditor will design
the audit plan and provides solutions to deal
with the priorities within the plan.
5
The management of the company needs to organize
and streamline their data to make the auditing
process easier for the auditor.
The auditor should not spend much time locating
the key financial data and documents which will
affect the smooth conduct of the audit
process. With the assistance of advanced storage
systems, businesses can track all the main
documents in real-time. Software like Huddle or
SharePoint might be wont to store and track all
the financial data of the companies. Such
methods will help the businesses easily access
the documents required for an audit anytime and
can be useful for audits within the upcoming
years.
Organize and Track Data
6
Ensuring that each one of the interior
procedures is in situ is important but the
businesses also will get to provide supporting
documents for the audit process.
Gather
Documentation for your Procedures
The auditor will invite policy documents,
financial statements, and other essential
documents. The management must prepare an
inventory of all the documents that shows the
present internal controls and also got to review
them.
7
Participate in
Meeting
The auditor and therefore the client engage
during a meeting, which provides the latter an
opportunity to speak about the companys needs,
details from the previous years audit, and
therefore the expectations from the current
years audit. Before this crucial meeting, the
management can help the auditor create an agenda
that will give a proper structure for this
meeting.
8
Prepare the Staff

• The audit process often requires the external
  auditor to figure together with the workers of
  the client company.
• The staff would need to communicate with the
  auditor throughout the method.
• The companies got to prepare the staff for the
  audit well beforehand in order that the day-to-
  day operations of the corporate wouldnt be
  affected while the external auditor visits the
  company.

9
Plan for Testing of
Controls
Testing of internal management is a core step in
the audit procedure. The companies can undergo
the relevant internal processes that the auditor
will examine during the audit process. The
companies got to make sure that all the controls
required by the standards are in situ.
10
External Confirmations

• During the audit process, the auditor requires
  various external confirmations like from banks,
  debtors, creditors, related parties, etc., which
  may take an extended time and may hold the audit
  process itself. The management must coordinate
  with the auditor for such confirmations in order
  that they're received in time in order that the
  time of the auditor and therefore the management
  is saved and the audit process goes smoothly.

11
For more information
Visit Parsh Accounting and Bookkeeping
Address Office No. 2101-05, Floor 21, Binary
Tower, Marasi Drive, Business Bay, Dubai, UAE