Financial Audit Procedure For a Small Organization | Audit Firms in Dubai

Audit Procedures Needed For Small Organization 


 Smaller organisations have always played a pivotal role in the financial stability and economic well-being of any nation and United Arab Emirates is one such country that encourages the growth of smaller to medium organisations.
So if there is an entrepreneur  in you and you are about to start your startup in Dubai ,there is one thing that you should not neglect ever ; and it’s  financial audit.
It’s very necessary to do financial audit in a careful way  and we are here with information about the factors You should take care.

1.Validating your  Company Documents

Every financial auditor scrutinise  in to the in-depth details of the company  documents.The income and outcome of the company will be evaluated including each minute cost that has been spent. Every financial record will be checked and as the auditor analyses the accuracy of the company documents   through this process it indeed gives him/her an idea of the company status.   

2.Computation of company Assets

 The auditor audits the assets and possessions owned by the organisation and it’s mandatory that each company prepare an inventory list mentioning their available assets.Its the duty of the auditor to compare the list  to the actual physical possessions that the company owns and it should be noted that the price and age of the assets has to be mentioned in the list. 

3.Reviewing  Minutes of Meetings

In order to get a precise idea of the business the auditor cross checks and reviews every meeting that has been conducted by the company.And for this ,it is very important  that the company keeps the records of the time in minutes spent on each meeting.

4.Precise  Accounting Records

Financial audit process occurs through the careful examination of the  accounts books data.Each transaction will be checked by the auditor and it’s mandatory that the business owner record the income and expenses data clearly and maintain an error free and systematic accounts book.

5.Observation of employees

The auditor gets an idea of the organisation by closely checking the activities accomplished by its employees.for a better and smooth audit process the business owner should check if the company staffs are working according to their capacities or not. This also helps for the economic growth of the business.
So if  you ever need any help related to financial auditing reach out to us as we are one of the best audit firms in Dubai.
Don’t pause ..make your auditing process  simpler and fearless through us!!

Location: United Arab Emirates

Comments

  1. AnonymousMay 2, 2022 at 10:25 PM

    Here you have provided more details of the accounting services in Dubai and their procedures for the organization. I would like to thank you for sharing this informative blog.

    ReplyDelete

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