The viability of an organization’s inward controls can be assessed by an audit. Audit on an annual basis plays a critical part in the organization’s operation and administration.
The annual audit of your organization’s is a device to check that your monetary orders are set up or not. To produce reliable reports on financial statements it is obligatory for an auditor to carefully analyze several key statistical claims. So, the selection of the auditor matters a lot. A good auditor must possess the skills required to do a great job and also work well with the financial team and company management. Through a successful audit you came to know about the pros and cons of your company and the outcomes offers you a golden chance for improvement in the functioning of the company’s operations, which will lead to more effective management in the future.
There are number of ways through we can conduct a successful audit, few of them are as follows:
Teamwork:
During the audit season auditors are preoccupied because they have full responsibility of several companies on the same day. If, this is your first time undergoing an audit than there can be some pressure during an audit. So, audit is indeed a team effort and its always preferable to split responsibilities within the team.
Keeping Crucial Documents:
The audit firms required a list of documents that has to be provided by the company with in a defined time frame. Keeping all the record of documents and information with reference to audit is an important aspect for successful annual audit. Commonly the list of important documents includes payroll records, bank accounts, transaction details etc.
Ask questions:
Upon receiving the list of documents from the auditor, it is necessary to carefully understand each and everything. If, there is any confusion than simply ask question to audit firm and sort out all the ambiguities prior to the audit.
Keep the significant reports prepared:
The audit firms required some documents and reports from your company like payroll records, a list of all bank accounts, legal documents such as Memorandum of Association (MOA), number of shares, Article of Association (AOA), trade license, tax registration number, and shares and incorporation certificates, partners or shareholder register, minutes of all meetings, list of all transactions, trial balance, general ledger, AML Program Manual, VAT Return Filings, Current Loan Statement, Copies of Leases, Loans, and Contracts etc. You need to keep record of all the above-mentioned documents and provide to audit firm as per their requirement.
Communication and Clarification:
There are chances that the data provided to the audit firm is not exactly what they were looking for or there may be some missing information or incomplete data. In situations like this, best solution is communication and clarification.
Planning Auditing in An Organized Manner:
In order to avoid mistakes proper planning is very essential. Before conducting audit make sure all the loop holes are answered clearly and you plan everything with your audit team which can be achieved through proper communication and clarification.
Why Choose Finnection Accounting Firm Audit Service?
The most important requirement now a days is to have an effective skilled auditor because auditing is an integral part of every business. Finnection is equipped with a team of experts who are always ready to provide you the best services as per your requirement. That’s why we are the best and most trusted accounting firm in UAE.
For taxation, contact finnection via email at info@finnection.ae or call us at our toll free number +971 800 0120070
Disclaimer: Above information is subject to change and represent the views of the author. It is shared for educational purposes only. Readers are advised to use their own judgement and seek specific professional advice before making any decision. Finnection is not liable for any actions taken by reader based on the information shared in this article. You may consult with us before using this information for any purpose.