08 JUL Financial Audit Procedure For a Small Organization | Audit Firms in Dubai
Audit Procedures Needed For Small Organization
Smaller organisations have always played a pivotal role in the financial stability and economic well-being of any nation and United Arab Emirates is one such country that encourages the growth of smaller to medium organisations.
So if there is an entrepreneur in you and you are about to start your startup in Dubai ,there is one thing that you should not neglect ever ; and it’s financial audit.
It’s very necessary to do financial audit in a careful way and we are here with information about the factors You should take care.
1.Validating your Company Documents
Every financial auditor scrutinise in to the in-depth details of the company documents.The income and outcome of the company will be evaluated including each minute cost that has been spent. Every financial record will be checked and as the auditor analyses the accuracy of the company documents through this process it indeed gives him/her an idea of the company status.
2.Computation of company Assets
The auditor audits the assets and possessions owned by the organisation and it’s mandatory that each company prepare an inventory list mentioning their available assets.Its the duty of the auditor to compare the list to the actual physical possessions that the company owns and it should be noted that the price and age of the assets has to be mentioned in the list.
3.Reviewing Minutes of Meetings
In order to get a precise idea of the business the auditor cross checks and reviews every meeting that has been conducted by the company.And for this ,it is very important that the company keeps the records of the time in minutes spent on each meeting.
4.Precise Accounting Records
Financial audit process occurs through the careful examination of the accounts books data.Each transaction will be checked by the auditor and it’s mandatory that the business owner record the income and expenses data clearly and maintain an error free and systematic accounts book.
5.Observation of employees
The auditor gets an idea of the organisation by closely checking the activities accomplished by its employees.for a better and smooth audit process the business owner should check if the company staffs are working according to their capacities or not. This also helps for the economic growth of the business.
So if you ever need any help related to financial auditing reach out to us as we are one of the best audit firms in Dubai.
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Also Read: Is Your Business Vulnerable To Risks? You Require Forensic Auditing. Learn Why