Before the scheduled external audit takes place, the third-party Auditing Firms in Dubai
Providing the auditor will request various necessary documents from the company. These may include a copy of the previous audit report, financial statements, ledgers, bank statements, receipts, and other relevant papers. Additional documents such as copies of board committee meeting minutes and company regulations may also be required by the auditor.
On the day of the audit, the entire company typically experiences a tense atmosphere as everyone strives to be at their best. Employees who are required to be interviewed for audit purposes should provide clear answers and possess comprehensive knowledge in their respective fields.
The duration of an audit usually spans one to four days typically, depending on the auditor’s plan and scope of the audit. The auditor may also request additional information during this stage to ensure a comprehensive understanding of the organization’s financial practices and controls, thus allowing for a thorough and accurate audit. Once completed, the auditor prepares a detailed report outlining their findings and recommends the best solutions for addressing any identified errors or discrepancies.
The audit process involves checking the company’s adherence to internal controls, as well as compliance with company policies, jurisdiction regulations, and country policies. This evaluation extends to financial statements and even the software applications utilized by the accounting department.
At the conclusion of the audit, a meeting takes place between the auditor and the company’s management. During this meeting, the auditor and management discuss the audit’s findings and the proposed solutions put forward by the auditor.
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