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Auditing Firms in Dubai: A Brief Overview

A business’s accounting department has an important role to play while deciding the overall financial infrastructure of the organization. This is one of the most vital aspects of your business that contributes to its growth ultimately leading to success in the long run. Your accounting department might be excellent with numbers and might have helped you to garner a great financial turnover every year. But, there are certain situations that each and every business might have to face at any given point of time wherein your company’s accounting department might not be able to contribute too much.

In such situations, you require expert advice and this is where the importance of seeking help from professional audit firm Dubai comes in handy. It will help you with the smooth functioning of the company’s financial process such as:

  1. Financial structure of your business
  2. Auditing financial statements that comply with the company’s external or internal business requirements.

Also, you need to seek assistance from one of the expert accounting/ auditing firms in Dubai, especially when your business is in its budding stage and has either minimal or no experience when it comes to managing and handling the company’s in-house financial processes.

Legal Maxims is one of the popular auditing firms in Dubai providing assistance to a large number of businesses helping them with a large number of services related to the company’s accounting requirements.

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What are the benefits of hiring expert audit firms in Dubai?

You cannot just go out and hire someone out of the blue. No one wants their business to suffer any kinds of heavy financial losses. When you are struggling with hopes to keep everything fine tuned with regard to your dream venture, you will not settle for anything less and we know you will research a lot to find the best auditing firms in dubai.

At Legal Maxims, we have an expert team of chartered accountants and auditors and ours is amongst one of the leading chartered accountant firms in Dubai providing the following kinds of auditing services:

  1. Management Audit
  2. Business validations
  3. Fraud investigations
  4. Internal & External Audit
  5. Tax Accounting and more…

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Each of your businesses varies and your needs differ from one another. But all the businesses collide at a common point when it comes to financial services.

Why do you need to seek expert advice?

It is necessary that you seek expert advice with regard to your accounting needs to ensure continued growth and stability for your business. This kind of business enhancement is everlasting. So, why not seek advice from one of the expert audit firms in Dubai today?

Studies reveal that many of the small and medium-sized businesses back off when it comes to seeking expert advice when dealing with auditing and accounting sections of their organization. But, try it out today and we assure that it will be beneficial to you in the long run. As it helps you to handle and manage all kinds of financial functionalities and operations of your business with enhanced ease and speed.

This is another beneficial factor when we think across the monetary side of your business. You need someone who is experienced and expert at utilizing the monetary resources in a smart way ensuring that there is no wastage of money and time. Each single penny is effectively utilized for the benefit of your business.

We have already discussed in our previous blog posts why businesses are reaching out to Dubai for making smarter trade investments. The main point is government’s liberalized policies that help them with their business set up making it easy.

If you have your company formed in Dubai’s Free Zone, then you might be familiar with the processes and you already know that you have to submit your audited financials to the authorities responsible for issuing your license at the time of renewal. You know how hectic the process is and if you didn’t have an expert at your side you might have been bugged up. Another important factor that is taken into consideration while approving the license is whether the audit reports are genuine and have been drafted after it has been put through all the related auditing procedures that only an expert auditing firm in Dubai can help you with.

The same situation applies when you approach the financial institutions in Dubai for loans or other trade requirements. They confirm whether the audit reports that have been submitted by you have been verified by a reputed auditing firm and you are done if your reports appear to be ingenuine. Before hiring an auditing firm in Dubai, it is always necessary that you conduct a background check to ensure that your assets are in safe hands. Also, the auditing firm must be an expert when it comes to dealing with local laws.

It is mandatory for any business organization to maintain a record of its financial situations and notify the concerned authorities as and when required.

Why? Because…

Any information that is incomplete or inaccurate or in case if you have missed out any of the transaction records then there are all possibilities that your company might have to face some serious financial and legal consequences. You need to have a proper financial management system not only to save your neck from the legal consequences but also to ensure that all your company’s processes are moving across in a smooth manner without any hassles.

As your business expands, tracking down the financial status of each of the processes becomes quite a difficult task and only if you have an expert at your side the execution can be done smoothly.

What are the main components of financial management in any business?

1. Accounting/ bookkeeping
2. Back office transactions
3. Payroll handling

Without a proper team, the management of these processes becomes ineffective. Also, as your business moves to greater heights you do not have time to waste managing these or focusing on filtering inferior work.

There are a number of chartered accountant firms in Dubai that can help you with the management of these financial tasks of your company while helping to ensure a smooth flow of the business operations:

Who forms a CA team?

At Legal Maxims, being one of the leading chartered accountant firms in Dubai, we have a team of experienced professionals such as:

1. Chartered Accountants
2. Accountants
3. Auditors
4. Financial Specialists

All our staff are experienced at handling anything and everything related to a financial process regardless of the business type or the industry domain across which it is operating.

What are the services that come under auditing in Dubai?

At Legal Maxims, we flaunt a great deal of experience at handling a variety of auditing services that includes:

1. Audit
2. Reporting
3. Corporate Governance &
4. Risk Management Services

An experienced team of auditing and accounting professionals is capable of helping and assisting businesses with excellent solutions across long-term planning and decision-making apart from taking care of the entire functionalities and operations related to the finance section of the business.

Why do you need to seek expert advice when it comes to the internal audit of your business?

When choosing an auditing firm in Dubai ensure that they have ample of years of experience at handling and managing internal audit services for a number of firms in the past and they are clear with the existing trends and laws prevailing in the industry. Also, you need to ensure that it complies with the financial effectiveness and regulations while driving operational excellence and pro-actively helps to handle the risk factors.

The major focus is on:

1. Reviewing existing policies and procedures
2. Testing the effectiveness of regulatory compliance procedures
3. Verifying transactions
4. Auditing internal control systems

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Why seek assistance on your business financial audit?

It is one of the most powerful tools that will help to bring about a positive impact on your business procedures. Also, it helps to eliminate all kinds of financial inconsistencies while maintaining reliable financial information. The role of expert auditors is to provide necessary recommendations to improve the profitability of the auditing process. These days audit firms such as Legal Maxims are implementing state-of-the-art computerized audit techniques to compute and explore risk as well as helps you to focus across the other important sections of your business while your business’s financial requirements are tended off to very well.

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Why do you need assistance from an expert audit firm to help you with the review process?

Usually, when you need a lower degree of assurance you can get off with a review rather than performing the audit. It helps to explode any risk of internal fraud. Generally, the following techniques are employed during review analysis:

1. Ratio Analysis
2. Current Operating Statistics
3. Computing the differences in the current and previous operating statistics

In other words, hiring an expert audit firm in Dubai will ensure:

1. Safeguarding of resources
2. Aligning the business processes with the nation’s laws, contracts and regulations
3. Efficiency of operations
4. Reliability and integrity of the financial information.

Finally, the experienced audit team will help your organization to acquire your business goals through an effective financial strategy that has been tried and proven.

Do you own a business in Dubai? Have you invested in Dubai Mainland or FreeZone? How effectively do you get over with your company’s financial strategies? Have you ever thought of hiring an auditing firm to help you with your business’s financial processing? If so, share your thoughts and feedback with us.

Legal Maxims is one of the leading audit firms in Dubai providing auditing and accounting services to a large number of businesses in Dubai and all over the UAE. We are also a law and corporate firm tending to a wide range of legal services including HR services, trademark registration, and business formation services. For further information, contact us today!

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