Your financial statements do the talking for you! They reveal a lot about your company’s financial condition including your borrowing capacity to the bank or vendors you are heading to for loans or business expansion. They sure need a third eye to cut an appealing figure in the market. Therefore, you can’t afford even a single error in those. You’ve got to be very mindful about who audits them.
Audit plays the first fiddle in any company when it comes to keeping track of its financial transactions. It helps you enhance communication along with internal control & operations, bring down cost of capital, elevate compliance and reporting, take crucial decisions and most importantly appeal to third parties. After registering a company in the UAE, it’s mandatory to file annual financial statements accompanied and attested with an auditor’s report as per the UAE Federal Law on Commercial Companies. Your professionally audited financial statements solve multiple purposes such as stakeholder reporting, financial statement analysis, statutory reporting, bank financing, and trade license renewals. You as a business owner have to make sure that they are available and comply with IFRS standards. Effective planning is all you need to achieve a quality audit. The process involves three phases – Planning & Risk Management, Internal Controls Testing and Substantive Testing. Engage an experienced external auditor, conform to document requests, supply financial statements generated as per the IFRS standards, and voilà! A quality audit done by an expert third-party professional specialising in the field multiplies the value and credibility of the financial statements produced by management, thus boosting user confidence in the financial statement.