Conducting audits has become a very important part of all businesses these days. Not just in UAE but companies all over the world conduct audits no matter whether their company is small o huge. Everyone is playing their roles on their ends so that they may ensure the successful running of their businesses.

 Benefits of auditing in Dubai

The process of auditing has become very famous because people have now started realizing its importance. Although there are still some people who are still not aware of the importance of audit the number of ignorant is reducing to a huge extent. So, if you also have no or less idea about why the audit is important, have a look below;

 Compliance to rules

The auditors in Dubai like Farahat & Co find out if all the data is processed correctly or not. If they find any problem with the data, they report it right away. Note that they verify the results while keeping in consideration all the rules and regulations in UAE

Benefit in insurance

Whenever a company tries to claim its insurance, the first thing insurance company would want to check would be the financial data. If the company would not have it all set up, there would arrive a lot of problems regarding the insurance money

Profit/loss determination

The auditor reports help the companies in generating accurate reports for profit and loss. This helps the companies in determining the fact that which activities resulted in loss and which resulted in a profit.

For obtaining loan

Whenever the companies approached banks for a loan, they ask for the financial statements of the company. If there is any problem with the report, they might not help you with the loan

Helps during liquidation

Auditors help the companies in determining all the assets as well as liabilities of the company. Through this evaluation system, it becomes quite easy for the company to liquidate itself as per the laws in the UAE.

Total tax determination

The financial statements help companies know how much did they make during the whole year. This helps in determining how much of the tac the company is liable to pay to the government

Fraud detection

The auditors detect the problems in the financial statements which helps in detecting the fraud. An audit also helps companies in preventing frauds.

Future planning

The auditors generate a view based upon the financial statements of the companies. This helps companies in making better plans for their future.

For evidence

If the audit reports are accurate, the companies will not have to face any problem if they have to present all the data as evidence.

Detailed view

 By the audit reports, the companies to get to have all the small details of the company. This also helps the investors in deciding if they are willing to invest in the company. This is because the investors always check the financial statements of the companies.