Four Best Factors in Choosing an Audit Firm for Your Business

Deciding which audit firm to hire is likely to be quite challenging since the relationship between your company and the auditing professional should be long-lasting and must be valuable for both parts. Many times, while choosing the auditor, you may feel that it’s similar to choosing your life partner.

If you can choose a matching partner, your relationship will last for the lifetime, otherwise long-lasting if your choice is wrong, the result should potentially be disastrous and fire you back with lots of complications, including financial ramifications. So, consider the issue seriously and choose the most suitable audit firm in Dubai as a trusted auditor of your company based on four major factors we have shared here for your convenience, understanding, and execution.

Professionalism

When it comes to finding a professional audit firm in Dubai, certain characteristics like the highest ethical standards, professional spirit, and loyalty to industry regulations are most expected. Once appointed as a trusted auditor, businesses hand them over their highly sensitive fiscal information, which must not be exposed or shared with any third party under any circumstances. The team should be consisting of top talented audit professionals such as CAs, CPAs, CIAs, or ACCAs, and the firm should be equipped with certifications like ISO, as well as great testimonials.

Well-structured pre-planned audit services are all that expected from a professional group of auditors. Basically, they make you prepared to avoid high penalty and not to make it as doomsday for your enterprise, as and when a public audit squad reaches your office and your books of accounts are investigated, company assets are monitored and you’ re inquired with a number of questions to find the missing areas. The essence of hiring a professional audit firm in Dubai appears handy since they’re well-versed about all public compliances and make needed arrangements well in advance to make sure you and your officials adhere to them.

Transparent Communication

The key to having a lasting association among an enterprise and its auditor is built on trust. The audit firm in Dubai is expected to be transparent enough throughout the process and should recommend superior control procedures in consideration of the existing loopholes. Audit firms that work with due openness are ideally the best, as companies audited can expect that even a least inconsistency identified during the audit will be communicated instantly before it becomes a major issue. Moreover, a professionally managed audit agency should make sure that the officials of the business house understand the whole process of auditing and answer all their queries freely and without in advance.

Industry Experience

The auditors should have long industry experience in the domain while working with a similar field or industry is very much desirable. You should undergo comprehensive research about the company as you can go through the corporate website of the audit firm in Dubai that enables you to know the details of their background, services offered, about the team, valued testimonials, and certifications of recognition that they have received so far.  Also, get through the review pages and check their presence on social sites. Note down some business groups that have chosen them as their auditors from the testimonials and get information at least from five clients the have served earlier to know what they feel about the services of the audit group.

In the negotiation table with your potential audit firm, try to speak to the top-level partners or management as you get to know the details of the company. ,  and you will be introduced to the key members and especially the professionals who’ll be handling auditing of your financial accounting system. You need to ensure the team makes you feel comfortable to work with, not only in the short but also in the long term. If they’re not friendly, helpful, and responsive simply skip the audit firm and find some other. Similarly, never join an audit team which is not having time so speak to you, or they’re not available when you need them.

A Space for Negotiation

A finalizing the audit firm in Dubai, it’s essential for you to get the details of their professional fees, with terms and conditions, which should include the clause of payment mode and its time. They should produce an offer in writing explaining what kind of services they will deliver during the audit period and also, the type of supports they expect from you and your team members. If you feel the firm is absolutely okay for you, but the price is a bit higher, ask for a next sitting and feel free to clarify what is your maximum budget. If there’s the negligible difference, hopefully, the company will accept your proposal with a smiling face.

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