0
0
In 1971, formerly called the Trucial States, liberated from the British Empire to form the United Arab Emirates. The United Arab Emirates, as depicted by its name, was formed when seven small states joined as a single nation called The United Arab Emirates or more commonly as the UAE. Dubai has always been a symbol of advancements, excellence, and trade in the current period but also was a busy fishing port back under the British Crown.
Dubai, as of today, is one of the world’s biggest tourist attractions, a business hub, and one of the busiest ports in the world. Dubai is a perfect example of achieving unimaginable in the shortest period, be it the construction industry, tourist industry, transport infrastructure, technology, healthcare, trade, or industry; Dubai has excelled in all aspects and continues to lead by example. Being accepted as the commercial hub globally, Dubai holds offices and manufacturing facilities of almost all the top-notch global enterprises. The giants and businesses of all sizes and nature operate from Dubai. Having numerous businesses operating in Dubai, it is no wonder that related support services are easy to access for these businesses.
The audit is a mandatory requirement, not only legally but is also crucial for gauging the health of any business. Many Audit firms are operating in Dubai to choose from, but how to Pick the Best Audit Firm in Dubai?
Every audit firm operating in Dubai must fulfill certain mandatory requirements to operate. Several factors need to be analyzed while choosing the “Best” among many available. It is a necessity for every business to present itself for audit by a third party at least once every year; certain companies conduct quarterly, biannual, and yearly audits as deemed necessary depending on their size. When picking the best audit firm, certain points should be considered before deciding.
Experience
Among many traits, while choosing the best audit firm in UAE, the firm’s “experience “should be given the highest weightage. The audit firm should present concrete references for other similar organizations. The finance and accounting world is ever-evolving; the same is true with audit firms. Experiences approved auditors in DMCC , JAFZA, DAFZA, not only have hands-on experience with the common accounting practices but are also up to date with the new trends being followed and introduced.
Communication
Effective and good at communicating is among the top traits of a good audit firm and its auditors; while choosing the best audit firm, communication quality on the audit firm should be one of the factors while making a choice. Good communication is limited to verbal communication and via the reports that the audit firm must present during the audit and the formal Audit Report presented in the closing meeting by the audit firm to its clients.
Reputation
When choosing the best audit firm, the audit firm’s reputation plays a vital role in its being selected. Reputation is not only important in Dubai but is also a key concern globally; a firm or business seeking audit should feel free to ask the audit firm for references. Looking for awards for the audit firm’s reports, awards issued to the firm from the government bodies, or the general market reputation of the audit firm should be considered while shaping the decision for selection of an audit firm.
Fee charged by the Audit Firm
Although Fee is not of vital importance if the pursuit is for the “Best” audit firm but can be considered while deciding. To eliminate concerns regarding the fee charged by the audit firm, a few more bids should be taken from the audit firms in Dubai to ease the decision-making process of choosing an audit firm.
Conclusion
How to Pick the Best Audit Firm? It is an open-ended question with a variety of answers to it. Decisions of selection should be based on the size of the business, scope of the audit, areas that need an audit, and above all, the frequency of audit that a firm or business is seeking.
