If you are the owner of an SME new to the UAE business landscape, you may be trying to prepare your audit. Some SME owners can find it difficult if the first audit of their company. Improper preparation will leave you tensed and frustrated when auditors in Dubai knock at your office door to start the audit process.
Audit firms in Dubai have found that clients who are prepared for the audit engagement experience less disruption compared to those who are disorganized. The entire audit process becomes less stressful for business owners with a properly established finance department. Such a well-working team of bookkeepers and accountants can help business owners prepare well for the audit. However, small business owners should ensure that the following things are done for a successful audit in Dubai, UAE.
Assist The Auditor During The Audit
When you hire the best audit firms in Dubai, you should keep in mind that the management and the auditors share the responsibility equally. Sometimes, the auditors will be facing a lot of pressure as you face. The audit professional may also be under pressure to complete the process within the deadline.
They are also expected to complete the audit within the decided budget and time. So, to make sure the weight is carried equally on both shoulders, you must assign your staff to assist the auditors during the procedure. Ask your employees to provide the auditors with the required documentation. In this way, the audit can be done without any delay.
Ensure To Provide Proper PCBs
Before an audit starts, most audit companies in Dubai will provide you with a timeline and ask for some essential documents that are crucial for the smooth conduct of the audit. This list of items is popularly known as PBC (Provided by the Client) in the audit language. When auditors in Dubai make such a request, you must ensure that the PBC is provided within the timeframe.
Cooperate With The Auditor
Choosing the right auditor is the first step. Finding an auditor who has audited Dubai’s SMEs is essential because not all auditors are created equal. You should also check the auditor’s credentials and inquire about references.
You will need to gather all of your financial records before the audit. Your tax returns, income statements, and balance sheets are all examples of this. Additionally, you should be familiar with your company’s operations and accounting procedures.
The following are some of the advantages of conducting an audit on your SME:
- Improvement in the reliability and accuracy of your financial statements.
- Internal control enhancements.
- Early identification of errors or fraud.
- A rise in compliance with the law.
- Improved credibility with investors and lenders.
An audit can be a useful tool for improving your business’s financial health if you own a small business in Dubai. You can make the audit process go more smoothly and get the most out of it if you follow the advice in this blog.
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