During an audit, the Dubai auditors will request access to a lot of company information. Audit firms in Dubai ask for this information to know that their practices comply with proper regulations. Auditors in the UAE may require key information including employee data, payroll, and other financial statements, etc.
However, many businesses that need an audit keep their documents inefficiently. This makes the annual audit more twisted and stressful. It is time-consuming for both auditors and managers. Your firm might also face the risk of non-compliance if the documents are not organized or stored properly. Instead of sorting out the mess, you can process your documents properly.
Create A Document Management Plan
Businesses need to set standards for efficient document creation, processing, storage, and security. First, the management should train the employees about the document format and templates to follow to avoid the mess.
The management should choose the location to store the documents and how to protect these documents. For example, companies can restrict access, lock all file cabinets, and implement two-factor authentication to access document management systems. This will make it easier for you to retrieve and locate specific documents when auditors ask for those documents in Dubai.
Automate The Digital Audit Trail
Manual record-keeping is not the proper way of document processing which makes audits in Dubai risky and stressful. In manual mode, you are more likely to make mistakes, waste a lot of your precious time, and skip critical information.
This is the main reason that auditors suggest automation to manage documents hassle-free. Automation solutions can automatically convert documents to the needed format, store them, create audit logs, create real-time notifications and reports, etc.
Use A Document Rendering Software
Having a lot of data formats will create the risk of inaccurate audit trails and dark data. Dark data comes when critical information and insights are trapped inside documents and the retrieval becomes difficult. Dark data is tough to reference, search, analyze, report, export, and access on mobile devices.
Keeping all the information in the desired format is the best solution to reduce the risk of dark data during an audit. You can use some bets software to keep all the records in the same format. Rendering software improves document management and allows you to store all valuable documents automatically.
Convert Paper Documents To E-Records
Audit firms in Dubai recommend a quick switch to paperless documentation. Paperless documentation helps you to create an efficient digital audit trail. Processing all documents online is best for you as the automated software can track them. Moreover, it will be easy for you to retrieve and locate records at any time and use the evidence for auditing.
List Of Key Documents Required For External Audits In Dubai, UAE
Now, let us tell you some of the critical documents the auditors in Dubai might request during the annual audit:
- Trial balance
- Reports on payroll
- Important business contracts
- VAT return filings
- List of evidence of all the transactions
- List all bank accounts
- Records of anti-money laundering program
- General ledger
- Copies of leases, loans, and material contracts
- Board meeting minutes
ebs is one of the best accounting and bookkeeping firms in Dubai. We have approved auditors as well and have conducted audits in many companies. If you are looking for approved auditors in Dubai who can help you maintain your financial record and conduct an annual audit then consult us.
ebs likewise offer services, such as accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.