It is important to conduct an audit of your company, because the auditor gives an independent opinion about the company’s financial position and the trustworthiness of its financial statements. Tax firms undertake company audits to ensure proper compliance of accounting policies and procedures, effective management of organization, efficient control of company assets and so on. 

There are numerous audit firms in Dubai, providing audit and tax services. The audit firm you choose can perform both internal and external audit procedures for your company. The audit strategy prepared by the tax firms basically cover all terrains of the organization. The strategies used for large organizations may not be practical for small firms as they do not need to get as extensively audited as large companies.

Auditors of small companies face many challenges while undertaking the audit procedures. The tax firms firms in Dubai get significantly involved in the audit planning process before the audit gets started. Auditors perform several procedures like inspection, observation, inquiry, external confirmation and recalculations to obtain required audit evidence.

 The audit procedures carried out by VAT firms include the physical inspection of accounting records and the confirmation of their correctness with the relevant documents and vouchers available. The main purpose behind the inspection of accounting records includes the detection of omissions, errors or unusual entries in the financial statements. Minutes of the Board of Directors meeting is the documentation of decisions and motions undertaken during board meetings, annual meetings and committee meetings.  Audit procedures includes the inspection of the minutes of the year of audit as well as minutes for subsequent years. Fixed assets’ verification is another essential area where asset registers are inspected by the tax firms to ensure that accurate record of asset additions, disposals, depreciation are maintained on an annual basis.

TRC Pamco, a reputed and qualified auditing company in Dubai, specializes in providing reliable accounting and audit services, VAT consultancy, Bookkeeping, Business set up services and other professional services in UAE. The highly qualified and experienced accounting and audit team offers a wide range of professional services to the clients with a promise to keep up the highest standards of integrity and ethics.