To improve the efficiency of audit of your business in Dubai, it is important to take care of details that question the efficiency of the corporate. Here we will talk about a few important tips regarding the audits of a firm in Dubai.
Do not lose sight of the essentials i.e. the issuance of financial information and the risk of internal control. The relevance of an audit committee makes question, criticisms and requests for clarification on aspects that are of value to the business or are considered a risk. It will be important to develop specific and flexible agendas and spend less time on small-scale activities.
Understand how the set of accounting changes in the immediate future and how it will affect the company. Regarding the reporting of financial information, changes are being made, including how these projects will affect local and international reporting, including implementation of resources and requirements, and monitor the progress of projects and deadlines.
Review the whistleblower processes and the company’s compliance program. Complaint programs have become relevant as they are an important source for observing potential frauds and deviations. It is appropriate to conduct a review of anti-fraud and compliance programs, think about the potential impact of these events and you will see the concept from another perspective.
Understand the tax risks of the company. Fiscal authorities around the world are increasing their enforcement efforts and sharing information more strongly to increase the effectiveness of their audits to multinational corporations. Understand the management process to determine the company’s fiscal risk.
Continue to keep an eye on fair value estimations, damages and management expectations of fundamental and critical accounting estimations. These issues should continue to be an area of special attention for the audit committee, recognizing that the company’s largest risks in terms of issuing financial information are generally held where there is a range of possible outcomes, and where management Invites you to make judgments and estimates.
Ponder about company’s financial reports and disclosures give investors a clear understanding of the business situation.
Value the quality of business controls around operational risks and considers possible lessons learned from the company crises of other businesses and overall market in the past. You must understand the company’s key operating risks, including low probability but high impact risks and evaluate the adequacy of the business controls that management has implemented.
Set expectations for auditors and have sensitive pressures on the Director of Finance. Encourage and expect frequent and informal communications with the partner in charge of the auditing. Evaluate whether internal audit has resources and is focused on the key operational risks and their controls. Make sure the Chief Financial Officer has what it takes to be successful, given the demands of the economic environment such as resource constraints and the pressure to meet expectations.
Seek an integral risk management vision. The world has a dynamic and extraordinary level of interrelation. In terms of risks, it has to be open to concepts such as strategy, environmental, social aspects and relationships with stakeholders, among others. Consider any point or issue that may be an obstacle to the achievement of the objectives of the organization.
Business auditing is a sensitive issue, thus, you should take service.