How to choose an audit company to conduct a production audit

You have already decided to conduct a production audit of an enterprise or company and you are faced with a number of questions: 

• How much is it? 

• What preparatory work is necessary to carry out?

• How long this check will drag out.

• What resources, documents need to be prepared.

• How will it go? 

• Who will conduct it? 

The last question is the most important in this list, having decided on it, all other issues will be resolved quickly and without burdensome, you will be occupied by professionals who know their job.  

Currently, a large number of audit firms operate in Dubai, and the problem of choosing a reliable partner exists.

You can go the easiest way, take advantage of advertising, but this way, without proper verification and analysis, is unreliable. 

Therefore, you can ask your business partners, friends, already faced with the work of auditors, what are the results of such work. If your partners are satisfied with the cooperation with their auditor and recommend that you work with him, this will be important, but not the only reason for choosing. What is good for one alone will not necessarily suit your business or company.

You can use the rating of forensic accounting Dubai. 

The audit market has basically developed. It presents three main groups of players:

• International audit and consulting groups

• Large audit company in Dubai and consulting companies, many of which are part of international networks and provide services under their brand

• Medium and small audit firms in Dubai.  

The first two groups, being not numerous, occupy a large market share in monetary terms, providing highly profitable services to the largest and most solvent companies. It is clear that the audit services of these companies are very high. The third group, being the largest in terms of the composition of participants, receives only a small share of the revenue. Companies in this group operate in the middle and low price range. But this does not mean at all that the quality of the audit services of these companies corresponds to the price.

Today, audit company ratings are compiled on various occasions, by numerous agencies and magazines. The official purpose of such ratings is to help customers see the advantages of certain companies, evaluate their success and experience. But the problem is that almost any company can make its own rating, putting itself in first place for some indicator convenient to it. Such ratings confuse customers and limit their choice of Audit Company. There are a huge number of principles for compiling such ratings - at market value, in terms of sales, in terms of profit. Basically, the list is compiled on the basis of the data sent by the companies themselves. If the audit company has ignored the request for information, then it is simply not included in the rating. It means, that the potential customer does not see the full picture of the market. The main criterion for ranking companies is the annual total revenue of the company, it is clear that large companies will always top any audit service rating.

The most important criteria for selecting audit firms in Dubai are:

• Availability of an appropriate license.

• The number of staff and their experience.

• The largest customers of the company.

• The price level for services.

• Possible benefits provided.

• Degree of responsibility for audit quality.

• Duration of work in the market.

• The breadth of services provided.

• Turnaround time.

Since in the market conditions the price for services in different firms differs significantly, enterprises or companies have the opportunity to choose audit firms according to these parameters. The low price of audit services should be alarming regarding the quality of services.