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6 Essential Characteristics To Look For In Your Dubai Audit Firm
Choosing an audit firm is a defining moment for your company because you need to think of them as you would a long-term business partner. This firm is going to be working with you year after year and will play an integral role in the success of your firm. Therefore, it isn't a decision you want to take lightly. In fact, it is a decision that you want to spend much time thinking about.
To help you narrow down potential audit firms and ensure you are making the best selection when it comes to audit firms in Dubai, keep reading for six essential characteristics to look for in the audit firm you will hire.
No matter where you live, there is likely a wide variety of audit firms for you to choose from; however, keep in mind that the quality of work that they can offer you will vary greatly. This is due to the experience and quality of staff that they have on their team. Therefore, one of the most important things to consider is the experience level of staff.
When speaking with potential audit firms, make sure to ask them who will be working on your audit and what training and qualifications they have. You deserve to have a well-trained and experienced team working on your audit who are also attentive to what is important to you, as well as your needs and deadlines.
The reputation of an auditing firm goes a long way in demonstrating to you their reliability and effectiveness. When looking at potential audit firms in Dubai, make sure to consider what the firm's reputation is and the references they have available from previous clients. Moreover, it would be best if you also looked into the firm's most recent peer review results, which are essentially an audit of the auditing firm to guarantee they are following all legal standards and regulations.
Due to the subjective nature of this work, your auditing firm must have high ethical work standards in order to make the right decisions. An audit firm should be proud of their references and their peer reviews, so it should be no problem being able to have a look at them. It is undoubtedly a red flag if they are unwilling to share information.
One of the most overlooked yet essential characteristics of a good auditing firm is an extensive knowledge of different business needs. This means the auditing firm you choose to work with must be equipped to work with different setups of companies. After all, how are they going to be successful in their auditing if they aren't able to thoroughly comprehend what your company entails?
The staff of the auditing firm must be able to examine swiftly (and understand) your company set up and ascertain an effective strategy no matter the size of your organization or the niche in which you operate. They should also be able to assist you with a variety of tasks that are relevant to your business, as this will save your firm time, money, and effort that would otherwise have to be allocated to onboarding. Moreover, it will be extremely beneficial for you if they offer a VAT filing service in Dubai.
It takes a lot of time and energy to prepare for an audit; however, your ideal auditing firm must be determined to get the job done. They should go above and beyond to ensure that they can ascertain the evidence required for a compliance decision and that they don't resort to taking the easy way out.
Additionally, this is not a service that you want to be unreliable. They must be able to prepare and deliver reports on time and to the standard that you expect. Without this, you are going to get incredibly frustrated waiting on your reports to be issued, and the entire process will be much more drawn-out than necessary.
While cost is a critical factor when picking an auditing firm, it should certainly not be the only factor. While it may seem advantageous to go with the cheapest option, it is not a smart idea for your company. You see, although audit reports utilize a common language and similar formats, they are by no means all formulated equally.
If an auditing firm is offering you extraordinarily low fees, you should be concerned because it most likely means that they are inexperienced or that they are unable to complete all the necessary audit procedures. Additionally, make sure to inquire about any other expenses that are not covered in the original quote that may be added on, such as travel costs.
One of the best indicators of a good auditing firm is that they have excellent communication skills with their clients. This means they should be upfront with you about added expenses, as well as how they will administer any issues or predicaments that may arise. Similarly, they should be open with you about any new standards and accounting practices that they are incorporating into their work.
You want to ensure you are choosing a transparent auditing firm so that you can be assured that there will be open communication throughout the process. Don't consider communication skills to be a perk of an auditing firm; instead, it should be their company's standard.
Choosing an audit firm in Dubai is a significant decision for your firm as it is essential for maintaining clean and legitimate records. The audit firm you select is going to make a substantial difference in achieving your company's goals, so you want to ensure you are doing your research and finding a reputable, high-quality one.
While it may seem like a daunting task, if you keep these characteristics in mind, then you are on your way to finding the right auditing partner for you.
Does your company currently work with an auditing firm? What do you think are the most critical characteristics of an auditor? Let us know your thoughts and any relevant experiences in the comments below!
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