Getting your books of accounts to get audited by professional audit firms in Dubai helps the businesses reassure the stakeholders that your company’s financial statements are completely free from material misrepresentation or misstatements.
The internal audit firms also help the company magnify their business or brand reputation by ensuring that the financial statements represent a true and fair view of your business. Hiring the best internal audit firms will make you sure that every stage of the audit process that includes audit plan and test controls are done without any delay and efficiently.
Moreover, the company’s management also has to prepare everything in well advance to help the external auditors execute their tasks. The companies must have to organize all types of relevant data, documents, and make sure that all the internal auditing processes are being done prior to the visit of the external auditor in the company.
The following are some of the ways through which internal audit firms in Dubai help a business prepare for auditing.
1. Set and Discuss the Priorities
Audit planning is the first and foremost step in internal auditing, and the auditor needs to know the business priorities to design an audit plan.
The company management needs to jot down the list of vital annual activities and submit them to the external audit firm in advance by submitting this important annual list of the business’s activities and priorities and asking the correct questions.
This external auditing firm will discuss later how the changes in the past years will affect the audit. Based on these discussions and reviews, the external auditor will create the audit plan and give solutions to address the priorities in the plan.
2. Organise and Track Data
The company’s management has to streamline and organize their data in order to make the complete audit process simple and easy for the auditor.
The auditor must spend enough time locating the documents and financial data, which will help conduct the smooth audit process. With the help of advanced storage systems, the business could track all the main documents in real-time. Software like Sharepoint or Huddle can be used to track and store all the company’s financial data.
These methods will help the businesses easily access the required documents for an audit at any time and be very useful in the annual audits in the coming years. Using efficient and effective software will decrease the time and management have to spend with the external auditor, and audit can be managed quickly.
3. Participate in Meeting
When the client and auditor engage in a meeting, which gives you a chance to talk about the needs of the company, important details from the last year’s audit, and the expectations from the present year’s audit. Prior to this important meeting, the management could help the auditor build an agenda that will provide a proper structure for this meeting.
The meeting could discuss the transactions and activities of the current year, FQAs about the last year’s audit, how to execute recommendations from the last year’s audit, the response of the company to the last year’s internal control report and management letter, etc.
4. Prepare the Staff
The audit process also needs an external auditor to work in cooperation with the employees of the company. The client company staff will have to keep in touch with the auditor throughout the audit process.
The internal audit firms have to prepare all the company staff for the annual audit in advance. So that the daily tasks of the company will not be affected during the annual audit process.
5. External Confirmations
With the audit process, the auditor needs to require many external confirmations, such as debtors, banks, creditors, related parties, etc. Which will take a long time and could hold the audit process itself.
The company management requires to co-ordinate with the internal auditor for these kinds of confirmations so that they can get it received in real-time. The management and external auditor’s time become saved, and the process of an annual audit goes on smoothly.