Why Audit is so Important in DUBAI, United Arab Emirates?
WHY IS AUDITING SO IMPORTANT in UAE? While public companies and large proprietary companies are legally required to have their financial statements audited, the same doesn’t apply to smaller, private businesses. However, there are times when it is desirable, and sometimes mandatory, for a small or medium enterprise (SME) to undergo an audit. There are some benefits for an SME to get an audit, such as demonstrating consistency and objectivity in financial reporting and establishing a clearer view for planning future business activities. What is an audit An audit is an examination of the annual financial records of an organization. It is conducted by an independent person who must follow the standards established by the Auditing and Assurance Standards Board. It’s a detailed process that includes talking to management, testing internal controls, and examining a sample of financial transactions. The purpose of the audit is to form a view as to whether the financial report accurately...