What Is The Role Of Business Auditing In Business?
Accounting is a vast field and consists of many specializations whining its framework. One of such specializations is business accounting. While accounting takes care of tracking and recording of financial transactions, auditing fulfills the role of verifying the accuracy of the accounts. Auditing in many ways determines the integrity of the whole accounting system of a company. Auditing adds credibility to your business and its transactions. Business auditing determines the accuracy of the business’s financial operations. It makes sure that your organization’s finances are in accordance with the general accounting principles and are especially beneficial in pointing out any kind of fraud or wrongdoings and also helps in uncovering them.
Business Auditing is an ally to all modern businesses to gain more efficiency and effectiveness in the organization’s value chain process. Business auditing is a way to ensure that the company goals are being achieved effectively. One can define business auditing as a formal and technical way to derive and assess whether the company is managing its business processes, keeping in mind its strategic objectives, suitable procedures, and specific goals. Business Auditing has become very important for large corporations to stay relevant in the market and supersede their competition.
The main objectives of any business audit are:
- The elimination of anomalies.
- To be following the goals and objectives set by senior management.
- The encouraging continuous improvement.
- Risk Control.
- The definition of contingency plans.
- Suggestions for improvements.
- Solidifying the “process culture” in the company.
- Best management practices.
- More data for decision-making by leaders.
- Enables the proper training of employees.
- IT resources assessment being used.
- Safer and more reliable information.
- Increased productivity.
- Adequacy of physical and structural resources for the tasks.
- More transparency.
We at Risians Auditing and bookkeeping services in Dubai provide our clients with a clear picture of their business including the risks and how those risks could be mitigated. Our audit services help our clients to make informed decisions.
As one of the leading audit firms in Dubai, we maintain records of our clients and act as a safeguard for them, building their stakeholder’s trust in the management. Our aim in the audit service is to reveal a distinct picture of the company’s finances and guide the management in taking important steps to improve the growth potential.
Be it a small business or a complex organization, we can handle all your finances and map all areas in which your business can make the most of its resources. With our services we reliably record every aspect of financial activities taking place, which is a crucial piece of information for the management of your company. We also keep updating you about your company’s performance and how to maximize the profits for your company. The information derived from accounting assist in the long-term project planning of the business as well.
We offer different kinds of audits depending on need of the organizations. In financial audits we find out whether the organizations financial statements correctly represent its financial operations. Whereas compliance audits check if the organization has functioned as per the laws and regulations that may have an impact on the financial statements.
We have certified technical teams with proven skills to provide you with guidance about the evolving global financial reporting framework. We also proactively monitor new accounting rules, and alert our clients to the dynamic requirements for addressing accounting and reporting challenges. We ensure a comprehensive evaluation of the internal controls, systems and processes in the organization and recommend areas of improvements for the same. We also do a risk-based audit that involves risk assessment of the entity’s business & its key business process. It helps the risk management function of the entity by providing assurance about the risk mitigation.
Our evaluations of you financial statements will help you decide how to approach a review of a particular function or subject area as they highlight the key objectives and risks.
Another major aim of our auditing is to meet the organizations financial goals. A company should always strive to keep the operating cost as low as possible, while not compromising productivity. In our audit we suggest how the company can make adjustments to its practices and policies to create results that align with those goals and objectives.
We at Risians strive for excellence in all our services. We handle our client’s business with utmost diligence and excellence. Our end goal is to bring a positive change to our clients’ business. We bring excellence and perfection in all our operations and make sure that they add value to their business.