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Audit Firm in Dubai – Things to Consider Before Appointing the Experts

With the adoption of VAT in Dubai, corporate enterprises to small and medium businesses have been more serious in maintaining their accounting systems with professionals which is obviously a good sign. However, you need to understand that accounting system and audit move the hand to hand and without having audit services at the end of every financial year, you become legally obligated.

In fact, the audit has been mandatory for all enterprises working in Dubai while having your financial systems audited by an expert audit firm in Dubai ( ethicsplusuae.com/audit-firm ) will be beneficial for your business in different ways. Having been audited not only makes your business identity trustworthy to your stakeholders, vendors, and investors but enables to get easy funds from financial institutes once you submit you balance sheet and financial statements duly audited to the bank. However, considering all audit firms are not of the same quality, you should be cautious and ensure that the firm you hire is dependable and approved by DMCC.

Homework

Don’t hurry. Take your time and research corporate websites of the audit firm in Dubai to get a comprehensive idea about the company’s background, years of experience in the field, team of audit professionals, set up, operational area and testimonials. If you are among the companies located in the free zones of Dubai, make sure that your audit firm is listed in DMCC’s approved list auditors for operating in DMCC, DAFZA, DIFC, and other free-zones because they are well familiar with the rules and regulations imposed by DMCC and ensure steady audit services that help retain your standard and enjoy benefits of working in free-zone.

Expertise and Experience

Verify the expertise level of the company which could be understood by ensuring whether or not the company is operating with specialized audit professionals like CPAs, CAs, ACCAs or CIAs, etc. Without these professionals, a company cannot undertake critical financial services like auditing. Also, confirm how long the company is serving as auditors in Free Zone and what are the standards of clients they have. Companies working for more than decades naturally display their ability in the domain and establish them one among the reputed audit firm in Dubai.

Range of Services

Even though you need audit services, however, there is no harm to ensure if the company is operating in other financial services like bookkeeping, maintenance of accounts on a cloud platform, compilation, VAT, MIS reporting and so on. While financial management is a gigantic area in business management and audit service appraises its uprightness with great tools and techniques, having package based service from a specialist company is always the best choice to make your financial system more efficient, less risky and happens to be a steady step to keep your financial statements foolproof from the beginning of the year.

Market Research

Get a list of the major clients of the audit firm in Dubai ( https://ethicsplusuae.com/ ) and make inquiries via email, over the phone or even by a person to know what they feel about the standard of the company’s services. Do they have the expertise to customize internal control systems of a company based on its unique infrastructure and business function or have mastery in risk management? How their suggestions and guidance appear handy in due course and so on. Knowing if customers are satisfied with their services should be your main motto.

Cost Matter

Finally, you should get the fees of their audit services and then evaluate the rate with the market standard. If it’s satisfactory then you can definitely go ahead. Or otherwise, have a negotiation wherever necessary.