Today, the services of auditors are required all around the world to run a safe business. Internal audits are a mandatory integral part of a business. Internal audits have to perform a self evaluation procedure as in how an organization works, its processes and the risk involved that may affect the business. Dubai based Chartered accountants who specialize in auditing have worked across various industries and have a vast knowledge of all the business functions. They possess a comprehensive and complete overview of the organization they work with.
Here are few basic functions that are performed by Chartered Accountants in Dubai
1. Dealing the Risk Factor
In every organization there is always a possibility for undesirable outcomes and situations. The Chartered Accountants are well aware of their responsibility to help organizations in becoming proactive and identify the risk. With their vast research capabilities and knowledge of the market and the company scenario they can understand and analyze the trends and find solutions for the risks. By using their extensive experience and ability to evaluate the situations they can predict the risks that may affect the business and opportunities that can benefit business easily. By hiring a chartered accountant in Dubai, you can be free of the difficulties you face in maintaining the records and accounts of your business and streamlining the auditing process for the authorities you are answerable to.
2. Reports and document Submissions
Accountants maintain records and reports that deal with the company operations. They help you make the best decisions in view of the company’s benefit, thereby ensuring a positive out come of any business venture. They prepare themselves with the complete knowledge about the company and its operations and dealings so that they are able to identify the limitations and focus on scope for improvement. They put to use their findings and the proven methods to make the business grow better.
3. Identifying malpractice and fraud
Being free of malpractice and fraud is very important for a business and especially for and offshore company. It is common practice for the companies to trust their employees completely. Professional accountants and related agencies can also investigate employee behavior and discover malpractices .So it is safe to seek the assistance of a chartered accountant in this regard. If an employee is disloyal, they can prove harmful for the company. Auditors make sure that such employees are detected and dismissed before they cause further damage to the business and reputation.
4. Risk Analysis and Crisis Planning
Additional to identifying the risks, Chartered accountants also help with planning for an emergency and solutions to resolve the situation. For instance they can suggest you a low cost process instead of a tedious and expensive one to overcome increasing costs in a manufacturing company. They can help you device the best possible ways to cut costs and increase production economically. They may also help you in marketing and maintaining the production – sales balance.
For business hubs such as Dubai, it is indeed a best option to seek the assistance of a professional Chartered Accountant to improve your business and flourish.
About the Author
Jumeira Consultants is able to offer clients assistance with all aspects of offshore company formation, business setup in dubai, business setup in uae free zones.