How an External Audit Benefits your Business?

Audit is a crucial means to obtain management and financial information of a business. The main objective of the audit is to express an opinion on the fairness of a company’s financial statements.

Audit is a crucial means to obtain management and financial information of a business. The main objective of the audit is to express an opinion on the fairness of a company’s financial statements.

How does auditing help a business?

An external audit can help a business owner and a business in the following ways:

An audit provides credibility – Having an external auditor verify your financial statements will add credibility to the company to the wider market. If you’re an owner that’s looking to raise funds for growth or are beginning to plan your exit via a business sale, then having audited accounts will make it more likely that you will achieve your goals.

An audit improves internal systems and controls – When an auditor undertakes an audit of your business, then won’t just focus on your numbers and finances. An auditor will gain a good understanding of your business, and this makes them well placed to look at your business with a fresh pair of eyes. This enables them to look at systems & processes within the business and things like accounting systems and make recommendations for changes or improvements.

An audit can identify fraud – During the audit process, an auditor may be able to identify fraud within a business.

An audit can help identify weaknesses & risk in a business – An audit can flag weaknesses and risk in a business. This will help you to take preventative or corrective action and reduce the risk in your business. An auditor should have a commercial perspective and be able to identify issues in things such as contracts, over dependencies in the business or weaknesses in systems and processes.

An audit can provide a platform to make commercial decisions – Often an audit can be a conduit that helps business owners make decisions now and, in the future, whether that be around changes in processes, systems or controls, an audit can provide the business case for change.

An audit can help to increase the value of your business – There are many things that contribute to overall business value. Things like systems and control are vital to a successful and growing company. Minimising risk in a business will also add to it’s value.

An audit can give shareholders confidence – If you’re one of multiple directors in a business, then an external audit that provides an independent review of financial statements, can give all shareholders in the business peace of mind and confidence that the company is being run well and there are no issues such as fraud occurring. Often some shareholders may not be involved in the day to day running of the company and therefore this kind of reassurance can be crucial.

Why Should You Choose Mideast for External Auditing:

At Mideast Outsourcing, we’re the first and best place to turn for auditing and accounting outsourcing Dubai can be proud to offer to the world. For the very best chartered accountants Dubai has to offer and so much more, turn with complete confidence to Mideast Outsourcing.

Because we provide accounting outsourcing services Dubai companies can trust and because our company is run by chartered accountants Dubai can be pleased to call its own, we’ve become a premier company in our field. Our accounting and business consulting firm is managed by professionals with decades of experience serving Big 4 and multinational companies, and we look forward to serving you too.

Let us allow to assist you by doing what we do best so that you can return to doing what you enjoy and focusing on growing your business. Please contact our team to see how we can assist you.

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Yoga Yoheshwaran

Yoga is a qualified Chartered Accountant and partner of Mideast Outsourcing. He also hosts a bi weekly event "Dubai Business Breakfast" which has crossed over 200 episodes.

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