Whether you've been in the corporate run for a long time, or it's been a few years before you finally decided to get an audit for your firm, there is a high chance you're pretty nervous! Its one thing to work hard to create a business from scratch, but it's another thing to get a third party company to observe your finances for you.
Contrary to common belief hiring third-party audit firms may prove to be beneficial for your Emirati business as the best audit firms tend to demarcate areas that need improvement and any gaps that exist in your company's finances.
The results can be used to improve the financial workflow and records to create a firm that's not only financially secure and up to date but also well aligned with the standards mentioned by the International Auditing and Assurance Standards Board for UAE. Opt for top audit firms in Dubai to help out with auditing and providing essential guidelines for improvement!
What To Do At Your First Audit
If you're a business that hasn't experienced an audit before, you're probably unaware of the way it goes. From studying standards to choosing the right subject matter experts (SMEs) to ensure that the experts provide comprehensive support for the team, there are numerous things to be considered in the case of the very first audit of a company. The article below highlights some of them:
Pay Attention To The Standard
Before starting it’s essential to be aware of the standard that the company will be studied against. In addition, the way the audit will be conducted and the methodology chosen by the external auditors, not only does researching about the process create an understanding, but it also prevents any unnecessary actions.
Don't Identify The Wrong SMEs Or Overwork Them
Audits rely significantly on a company's financial processes and methodologies. And there is no better way to handle these methodologies than choosing the right people to help out. The right experts are well aware of the financial aspects of the firm that the external auditors will be analyzing and the standards that will be used, so it's important to choose the right ones for the process.
In addition, conducting an external audit not only requires time but it also needs energy and constant attention till. Prepare your experts to be fully occupied during the audits, leaving behind their usual workload.
Fill The Gaps
By working with experts, review all internal controls and processes that the auditors will be analyzing. It's important to identify any gaps and spaces present where there are no processes to meet standards that will be used for auditing.
Don't Ignore The Documents
Documents remain an essential part of audits, which is why it's only logical to have comprehensive and detailed documents available for the experts. Financial statements, policy documents, and process artifacts are some of the essential documents that should be on hand during an external audit. Review records and identify any gaps or missing documents.
How To Deal With The Discoveries?
Audits can result in both discoveries and non-conformances. But it's important not to overreact and behave arrogantly when the results are disclosed. The whole purpose of conducting the audit is to keep the company functioning properly and improving the financial processes and to see where it belongs when compared with a standard scale.
Post-audit, it’s essential to focus on areas mentioned and to mitigate any risks mentioned. For a comprehensive solution. Discuss in detail, the results and how they can be improved, showing a sense of understanding and clarity on working for improvement.
Take Away
For startups and new businesses that haven't experienced audits before, there are high chance things will go wrong? However, use the points above to help you out and for a fair and unbiased assessment, opt for the services of Bens Auditors; one of the well reputed, top audit firms in Dubai to highlight issues with your financial processes and workflows. Experts in the field can help point out any discrepancies and fill gaps and spaces saving you from audit troubles in the future.