A financial
audit is the analysis of your business' financial reports and accompanying
documentation and processes, and is conducted by someone who is sovereign of
your organization. These often-yearly events probe your Company's financial
position: They look at your accounting reports, interior control policies, and
accounts according to the industry-accepted accounting criteria.
Prepare
for a Financial Audit
It is normal
to be worried about an impending company Audit firms in UAE. They are costly and make you unsure about what your auditor will find.
Moreover, if you plan ahead of time, you can save money and ensure that your
auditor's findings are only suitable.
As you have
read in earlier sections of this guide, your auditor is watching for
inconsistencies that could lead to financial exaggerations. In their arsenal,
your auditor has many distinct types of analytic procedures, though if they do
not understand something, they will examine and ask you or your staff
questions. They will also request for supporting documents to make assured you
have recorded your financial information correctly. They will examine your
operational procedures and may examine your information security to ensure that
the data they are seeing is authentic.
You can
take several steps to save hours and costs down, including the following:
Implement Good Practices Year-Round:
If you put
proper processes in place, you can save time and money. Reconcile your data on
a monthly or quarterly basis, so mistakes do not compound. Regularly document
your costs and revenue during the year, and designate a place to store them, so
you do not have to strive to find things.
Evaluate Your Own Financial Information:
Experts
recommend evaluating your own financial information. This may be hard if your
Company is huge, but if you are a business owner, your financials should make
sense to you. If they don't, your auditors may also struggle to understand
them, which adds more time to their investigation. Further, if you know your
situation, you are capable of explaining it to your auditor upfront.
Get Your Paperwork Together:
Throughout
the preparation phase of your audit, your auditor will ask a list of documents
and schedules. You or your accountant should be capable of generating or
gathering this documentation. It is best to turn in this data by the auditor's
deadline, so they do not have to consume extra time and money tracking it down.
Prior to giving information to your auditor, ask them what type of file they
prefer to work with them.
Financial
statement audits may be a daunting and stressful procedure, and however, with a
fair amount of preparation and interaction between the Company and the auditor,
the procedure can be comparatively painless for all involved. Being well
prepared for a financial statement audit can redeem your time and money in the
long run.
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