Evaluation of a company's financial process is what a financial audit is. This is a process where we need to assure the investors and regulators that these records are financially accurate. Through different procedures, the auditors will determine whether these are reported properly. If all the reports accurate they will conclude it as mistake-free. Let's see how the process of Auditing is done in Dubai.
Planning the process
Proper planning is required for the Auditing process. Auditing will be needed according to the size of the company. Before conducting the process it is important to understand the company and the procedures performed. How the process should be completed will be decided by the Auditor and also about the risk of mistakes in the process. According to this, the Auditor can also plan the time required for completing the process.
Before even starting the Auditing process the Auditor will conduct several Audit tests. This is to get an idea about the organisation. Reviewing the invoices associated with the expenses is also done by the Auditor. This is done to make sure that the proper classification of the expenses is done. In the planning process which type of Audit test is done to the specific organisation can be understood.
Analysis of the Account
During the account analysing process the Auditor will check for its details and compare it with the documents presented. Later the Auditor will check for any changes occurred in the accounts after the last audit. He/she should do the justification for such changes so the auditor will also collect the required research and information.
Audit report preparation
After all the processes and procedures are completed the Auditor will submit an opinion report. All the details about the organisation, the tests conducted and about the audit & financial statements, all will be included in this report. The problems within the internal control process will also be included in this report.
After the completion of the process, the opinion report will be submitted to the higher authorities. The given Auditing report will be based on the various departments and nature of the department. Getting the signatures of the management will be the responsibility of top auditing firms after submission of the report.
A closing meeting
To conclude the process a closure meeting will be conducted. This meeting is between the company's management and the Auditor, where the discussion is based on the Audit. The Auditor will discuss on the findings and the solution needed for this.