When it comes to auditing services in Dubai, there are a wide array of auditing service providers that offer audits, review and attestation, risk management audits, and other specialized certifications. Attestation can also be referred as assurance, verification, or certification.
It is a method by which an auditor attains assurance that a procedure has been carried out properly and that controls and procedures have been successfully implemented to ensure compliance with applicable laws, regulations, and standards.
Auditing is a branch of accounting. The main function of auditing services is to examine the financial reporting and prepare reports from findings for use by management to make informed decisions. Most accountants perform audits in areas such as internal control, assurance, and auditing. Some accountants specialize in particular areas such as forensic accounting, international accounting, tax accounting, management accounting, and public accounting.
Auditors can be independent or part of a larger organization such as an accounting firm, an investment banking firm, or government agency. They can be employed by individual companies, government agencies, large and small businesses, accounting and finance associations, and more. Click here to know more about audit firms.
Internal controls refer to those arrangements in place at the highest levels of an organization to monitor and control the effectiveness of its activities. Generally, internal controls are designed to provide information needed to assess the risk of financial loss or damage to the business. Control measures are designed to reduce the likelihood of unauthorized transactions and negligent actions. Internal controls may include written and unwritten policies and procedures, physical controls, and access control.
The third type of audit is risk assessment audit, which analyzes the probability of a financial statement being exposed inaccurate or incomplete information, or fraud. The objective of risk assessment is to inform management and stakeholders about the risks to the company’s assets and confidence in the performance of its financial statements and practices. The types of auditing services provided in the field include forensic, market study, regulatory, and compliance.
The audit in the compliance field requires auditors to verify the accuracy, completeness, and quality of the documents and information submitted during the review. Auditors also have to verify the methods and procedures applied by management in handling their assets. In the market study audit, auditors make market evaluation and research on how the performance of the company as a whole is related to the performance of specific elements. The regulatory audit focuses on examining how the rules and regulations implemented by the government and the regulating bodies affect the functioning of the company.