Guide for a Hassle-Free Audit in Dubai

Dubai has been one of the most important business cities in the world, encouraging entrepreneurs, professionals, industrialists & foreign investors to set up companies. As more businesses establish themselves, the demand for audit firms in Dubai has grown in tandem. These services are necessary for all businesses, regardless of their size or type.

The entire audit process becomes less stressful for business owners with a properly established finance department. Such a well-functioning team of accountants and bookkeepers can help the business owners prepare well for the audit. However, small business owners must ensure that the following things are done for a successful audit.

Corporate with the auditors

There may arise a situation where the auditors find some discrepancies or errors while checking the records. It may happen due to incomplete documents provided by your company or the absence of requested records. In such a situation you must listen to the auditors and understand what they require and provide the requested documents. If you are unable to provide any records, tell the auditors without any inhibition. This will help the audit firms in Dubai to assess the situation and find alternatives to evaluate data.

It’s usually advisable to undertake document reconciliations monthly or quarterly, this allows your business to discover, investigate & resolve reconciled items regularly, otherwise, the firm may not have enough time to handle issues before the end-of-year audit. Close & reconcile all accounts, including cash, and expenditures before the audit, and also ensure that any changes are properly recorded.

Remember that the management & the auditors are both equally liable when choosing the best auditors in Dubai. The auditors may be under the same pressure as you, they may be under pressure to complete the procedure by the deadline & within the previously agreed-upon budget. Hence you must enlist the support of your employees to assist the auditors during the process. Also, make sure they supply the documents to ensure that the weight is distributed evenly among all & to expedite the process.

Step back from it all & glance at your cash flows & finance once you’ve completed your year-end entries & closed your books. Is everything in order? Is there anything or somewhere that doesn’t feel right? Learn how to defend or clarify your statements as well as how to comprehend the details underlying line items. Prepare to discuss how actual data relates to projected budgets. While you’re at, make it certain all the required disclosures are in place & ready to go.