An internal audit is an integral part of any organization’s financial records. It ensures that they are accurate and follow the guidelines. Internal audits are also used to identify and fix any problems or loopholes in existing processes. The audit can also improve the company’s image and establish trust with shareholders.
Qualified internal audit service Dubai teams are appointed by shareholders or the company board to conduct audits. Auditors are responsible to oversee the entire audit process and submit a detailed report following the audit. They also coordinate with company management to close any findings. Auditors are the primary stakeholders in audits. They plan, execute, and close audits together with other stakeholders according to requirements.
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General Ledger or Digital Ledger
The Accounting & Bookkeeping department maintains a very important document called a general ledger. This document contains information about all credit and debit transactions that a business has made within a certain time period. Most companies now use digital ledgers created by software like Fresh Books, QuickBooks, Zoho Accounts and others. It allows auditors to easily export data to the required format to allow them to back up their accounts. To plan and conduct an audit, the auditor needs the general ledger.
Trial Balance
Any business’s financial statements will always include numbers that are calculated from the trial balance. Accounting software can now provide a company’s “trial balance” in Excel format. Sometimes auditors will need the trial balance in Excel format to use during a financial audit.
All Transactions Evidence
During a Financial Audit, all debit and credit transactions are inspected as well as the entries in the ledgers. These transactions must be supported by invoices and bills that prove the purchase. These bills and invoices are essential to establish the company’s spending for a specific financial period. These bills will be tallied by the auditors during the audit. Companies are required to keep track of all receipts and transactions invoices that have been entered into company accounts.
Statements from Bank Accounts
Bank account details for companies include information such as bank name, account number and details of authorized signatories. This information is required by auditors during audit. An auditor will also need the bank balance sheets for transactions within a specific period. All documents listed above must be provided by businesses along with bank balance confirmations directly from banks.
Company Contracts
All contracts with distributors and suppliers should be disclosed by the company, including long-term buying or selling agreements. Other agreements, including employment contracts, office lease/ rental agreements and any other contracts with third parties. The contract documents must be accurate and valid. Internal audit companies in Dubai will verify that all disclosures in contracts are accurate and complete.
Company Loan Statements
Capital is essential for any business to achieve its revenue growth or expansion goals. One way to get the money you need to run your business is through loans. The audit team will need to see all details about loans and bad debts. Auditors verify all debts against the loan statements provided.
Minutes of Board Meeting
All minutes of the board meeting are recorded and sent to a certified internal audit in Dubai Particularly those that contain financial statements that require auditing. The new Economic Substance Regulations require that all companies performing essential activities provide the auditor with the board minutes. The companies must also submit a representation letter attesting that they have submitted minutes from the meeting to the auditor during the financial audit.
UAE VAT Returns
If eligible, all UAE companies must submit VAT returns to the FTA. During the audit of the company, the auditor must be notified by the company management. To match company revenues, the auditor will verify and confirm that the total tax has been adjusted against all transaction bills.
Hire Internal Audit Internal Firms in Dubai for Your Internal Audit Function
Internal audit firms in Dubai is one of the leading auditing firms in the UAE. Our clients include many branches of foreign and local companies operating in the UAE. We will make sure that your audit is smooth and that you receive your audit report on time. If you have any questions regarding company financial audit, please contact us. We are glad to here from you and to help you.
World-class Internal Audit Services in UAE
For more information about services, visit internal audit firms in Dubai website like Farahat and Co. We also have a blog where you can learn more about auditing in UAE and how you can remain internal audit compliant with our assistance.
