Know the main types of independent auditing, and see which one is the best solution for your company.
The Independent Audit's main objective is to ensure the fidelity of an organization's information used or provided by its management or body of investors.
The independent character is related to the fact that the audit must have total independence in the execution of its work, and must not have any dependency relationship with the company under analysis. It is for this characteristic, that it also receives the name of External Auditors in Dubai, for requiring an external look and totally independent of the benefits or burdens that the company can generate for the society.
From this perspective, we can list the main types of independent auditing and how each of them can assist in the management and growth of the business:
Accounting Audit- it is a specialization technique in the accounting sciences, which gathers a set of methodological and regulated procedures used to examine an entity's accounting and financial records, through documentary analysis and collection of information regarding equity controls. It has the objective of obtaining sufficient supporting evidence to allow an opinion on whether the accounting records were made in accordance with accounting practices adopted in United Arab Emirates or internationally and whether the financial statements originated from them adequately reflect the economic and financial situation of the equity, the result of its operations, the changes in its equity and its cash flows corresponding to the administrative period examined. In United Arab Emirates, it is necessary to have a thorough knowledge of the Independent Auditing Standards issued by the Federal Accounting Council; the guidelines issued by the Institute of Independent Auditors of United Arab Emirates; the technical pronouncements issued by the Accounting Pronouncements Committee ; in addition to specific regulations of municipalities or certain class bodies.
Tax Audit - also called a tax audit or consultancy, has as main objective to analyze if all the tax obligations are being fulfilled correctly by a company according to the legislation, since the calculation, control and payment of a tax, until its formalization in an accessory obligation for the Municipal and State Tax Authorities and Federal. Thus, it assists the company's management in the elaboration of tax planning, control and smooth progress of legal procedures that involve the payment and recovery of taxes or any other specificity related to the fiscal part of an organization. It is necessary to have a thorough knowledge of all types of tax legislation, as well as their corresponding application in the different sectors and activities of the economy.
Operational and Systems Auditors in UAE: operates in the so-called operational cycles of an organization, responsible for control of activities necessary for business performance, such as: personnel department, purchases, sales, accounts payable, accounts receivable, costs, inventories, among others. The objective is to analyze whether the controls maintained in these areas and the information systems are subject to errors or fraud and whether they are integrated correctly, to generate accurate information to the organization's management.
