How Small Businesses in Dubai Can Benefit From Internal Auditing?
External auditing is a statutory and regulatory requirement for every firm in Dubai. Large firms and corporations conduct external audits with the industry household auditing firms. Most of the large companies in Dubai also induct dedicated internal auditing departments that work with external auditors.
Dedicated internal auditors in Dubai remain a costly choice for small and medium companies. Tasking the job of auditors in Dubai to specialists is one option for you. Many small businesses in Dubai think of internal auditing as a hindrance to progress.
The notion of working without designated internal auditors in Dubai developed due to a lack of awareness of potential benefits. Expert auditors in Dubai bring much more to every size of company than compliance and regulatory adherence. The rewards of cost-saving, fraud detection, brand reputation, and risk management outweigh the costs of conducting regular audits.
Why have an Internal Audit in Dubai, Abu Dhabi, Sharjah, UAE at-all?
As a small business in Dubai, that’s the first question that would arise in your mind. You may think, all is fine with my business, why would I need an internal audit?
Here are a few common reasons to perform designated audit:
- To formulate your company vision and objectives
- To identify the business risks and formulate a strategy to mitigate the risks
- To identify the lapses in your business competitive model
- To prepare your business to take to the next level of statutory requirements with going public or expansion with franchising
Even if you didn’t plan a business expansion like franchising or going public, auditing can help you stay competitive in the market.
What Type of Audit in Dubai, Abu Dhabi, Sharjah, UAE should you perform?
Auditors in Dubai can serve you in several forms of performing audit trials for any size of company. Compliance and financial audits are the most widely performed auditing tasks. For small businesses in Dubai, the auditing needs would largely depend on the business nature. A product or service firm would require substantially different types of audit works.
A comprehensive internal audit will include every compliance, risk, and governance module of the company. Specifically, a business in Dubai can benefit from these auditing categories performed within the internal auditing or as a special investigation.
- Compliance Audit
- Financial Audit
- Tax Audit
- Operational Audits such as Inventory audits
- Investigative or special audits
- IT and management information system audits
Let us discuss some benefits that internal auditors in Dubai may bring to your small business.
Safeguard the business with Statutory and Regulatory Compliance in Dubai, Abu Dhabi, Sharjah, UAE:
That’s the foremost advantage that comes with auditors in Dubai. Non-compliance with some regulatory laws may result in your business closure. Often non-compliance results in heavy penalties and fines.
You wouldn’t want to risk your dream startup with business failure risk, would you?
Identify The Business Risks- Not Just The Financial Risks:
Financial statements and accounting records must be prepared in accordance with International accounting standards. Internal auditors in Dubai can uncover more than just financial discrepancies. Internal auditing can provide useful insights into financial management and risk prevention. As a small business in Dubai, you can save more by putting your money in a high-interest checking account than keeping the cash in the vault.
Internal audit may uncover financial and business fraud. Intellectual fraud or a complacent workforce may pose greater threats to your business than theft. Imagine an IT firm with an intellectual theft of critical software knowledge to the market.
Increased Business Efficiency:
Special audit tasks such as stock inspections and IT audit trails can increase productivity. Our experienced auditors in Dubai will provide you information on adequate resource allocation and efficient utilization of business assets. Once you formulate an internal control mechanism, auditing works to ensure the effective implementation of these controls.
Auditors in Dubai also provide valuable assistance in some unconventional aspects for small businesses. For example, key staff members and employees may lack adequate training on specific tasks they are hired for. An accounting team lacking the information or failing to implement the latest regulatory compliance is another example of such risks.
Tax Planning and Tax Savings:
Our Auditors in Dubai can work with your business to plan ahead of time for tax preparation. You can benefit greatly from tax planning with the experts. Effective tax planning can save you money with precise tax calculations and avoiding late fees and penalties.
Certain regulatory authorities provide tax provisions. Auditing can help your small business take advantage of tax benefits as well as avoid potential fines.
Take Your Business Worth to The New Level:
At some stage, you would want to take your successful small business in Dubai to go big. Often small companies need additional funding from equity financiers and investors. Franchising and partner programs are other business expansion options. With a designated audit you can build the investors’ trust in your business. If you plan to go public and list your company, auditing would become a regulatory requirement.
If you’re worried about the costs associated with auditing, outsourcing the auditing function provides the best option for small businesses. Outsourcing is less expensive both in terms of costs and time.
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