Misunderstanding about Auditors and Audit firms in Dubai:

Performing an audit has numerous benefits for the company, but many misunderstandings and rumors are going around regarding the auditing of a company. These are some of the myths that prevent us from conducting an audit, which ultimately hampers the company.

The most prominent misunderstandings/myths that every business person should know about audits are explained below:

Auditing is considered a Boring Profession:

It is normally agreed upon by everyone that professions such as auditing and accountancy are very droll and very boring. Whenever we say auditors, a figure of a skinny person with thick glasses sitting in front of a large ledger resembles in our mind. This thought is just a fantasy of our vision. In reality, the accounting services and audit firms in Dubai have seen a visible disruptive revolution in the job.

Nowadays, everything is done online or via a computer. Various soft wares help in reducing the time of a process, which would have taken days to perform manually to small hours. An accountant or an auditor is also confidential to information that is not given out to familiar people or to the employees of the company for that matter.

Fewer Auditors maintain Better Organization:

While auditing, the administration of the company has to provide information about the confidential environment to a third party. This makes the management feel that there is a danger to the future of the corporation. It is because of this speculation many companies do not carry an audit of the company.

Also, the administration feels that conducting an audit of a company many times will decrease the goodwill of the company and will lower the share value. In reality, conducting the audit many times will assist in catching hold of any mistakes in the process or any illegal activity.

A rumor about Auditors: Find Faults in the Finances

According to a rumor, the auditors always try to find faults in the financial books of the company. This nit-picking diverts the management of the company from operating the company accurately.

This myth is entirely wrong. First of all, it is the work of the auditor to find any mistake or deviation in the economics of the company. The auditor will examine even the minutest of process and then report about it to the management.

Internal Accountants Are Auditors:

It is believed that an auditor has the equivalent training as an accountant. Many people also believe that auditors only focus on the various financial records of a company. This is an absolute misunderstanding.

The performance of the accountant and the auditor include a lot of financial data and records of the company. Still, where the accountant only provides the data and reports it to the management of the firm, the auditor emphasizes the detection of error and fraudulent activities in the business.

If you are among those who think that the work of the audit firms in Dubai, UAE, is done with the use of a specific checklist, you must get rid of this assumption. The auditors use different lists or different methods each time for evaluation.