Benefits of having Registered Auditors: It is essential today to understand the financial numbers of the business. These financial numbers can be obtained by performing audits in a company. An audit helps to find out various loopholes of the company through a thorough inspection of the book of accounts.
A person or group of individuals performing inspection of a company or business and in the same time registered with the local authority of the location is a registered auditor. The term registered auditor will come across while you learn about the different free zones in the United Arab Emirates.
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A registered auditor complies to all the rules and regulations set forth by the management of the concerned free zone. This auditor will have to ensure all financial records are correct and are arranged according to the IFRS (International Financial Reporting Standards) or according to the reporting standards mentioned in accordance with the regulations of the free zone.
What are the Benefits of taking a Registered Auditor?
A registered auditor is also expected to perform various functions like,
- Only when the particular auditor is registered with the management of the free zone or with the relevant authority, the company can select the particular auditor to conduct an audit for the company.
- A registered auditor is responsible to mention all the sources of income in the financial report of the company. This report also cites the sources of income which are directed from other sources not covered under the license.
- The annual financial report must disclose all salary expenses of the business.
- All notes of the company should be explained accurately in the preparation of the annual financial account.
- The bank balance of the companies should be mentioned, which in turn is cross-checked by the relevant banks.
- Articles that help in cross-checking of the financial period and share capital of business are to be mentioned by the auditor.
Why is Auditing necessary for your company?
A company should undergo auditing both internally and externally. The reasons why such auditing needs to be conducted are,
A complete overview
Auditing provides a complete and comprehensive overview on the financial status of the company. This will allow the management to decide where to put in more resources and where to hold back the resources.
After auditing, all decisions of the management will be clear and in case of issues the management can be held accountable.
Boost your ratings
Auditing reports provide with the necessary information required for the management to develop strategies for the future. This helps to boost the credit ratings and creditworthiness of the business.
An audit report provides all information and hence a person can decide if one needs to invest in the company. Investors mostly select their options after going through the auditing report.
The benefits of hiring a service and conducting an audit in a company are numerous, most importantly, in the case of start-ups. In case you are looking up to any audit-related services in the United Arab Emirates, you can always contact us. We Beyond Numbers that is capable of taking care of any financial issues being faced by your businesses.
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