Audits are performed in an organization to counter-check the compliance of ongoing processes with the set standards and to analyze the contingencies for improvement. An audit can be censorious to the profitable progression of an organization. If an audit is not covering any problem or the process is going error-free there must be a detailed justification for that. The problem for auditing is that most organizations do not have specifically skilled persons for performing audits and other employees are least involved in doing that as this is not what they were appointed for. This is where the need for outsourcing auditing arises.
The choice to outsource auditing service has risen in popularity with the UAE as most businesses recognize the vast advantage of this alternative especially for handling audits. An expert in this area evaluates the state of company’s finances and ensures that the business is protected. Let us now find out the reasons why auditing services are required in Dubai.
Types of Auditing Services
The various types of auditing services are as follows.
- Internal Audit
- External Audit
- IRS Tax Audit
- Financial Audit
- Operational Audit
- Information System Audit
- Payroll Audit
- Pay Audit
Top 5 Reasons for Outsourcing Audit Services in Dubai
Audit is a powerful tool to improving processes within your organization. However, managing this process with your own team members can sometimes be problematic. Here are five reasons why your company should consider outsourcing audits after business setup in Dubai rather than handling the heavy lifting on your own:
1.Cost Efficiency
Outsourcing audits of the company will allow a team of experienced professionals to take a closer look at the company records. These third parties can pinpoint ineligible participants quickly and provide a more systematic dependent verification process. This will further result in saving of cost that might have been doubled if the internal team itself ensured the completion of audit services.
2.Unbiased Appraisal
An external party can better analyze the performance of the company, compared to employees within the firm. There are nil chances of conflict, ego, and competition, and the results are, novel ideas and proposals for enhanced performance and alleviation of risk and control.
3.Functional Diversity
A good team of outsourced auditors come with diverse skill sets. The team will have domain specialists in Finance, Operations, Human Resources, IT and even Strategy. Such a distinct portfolio of skills is usually rare to find in a relatively smaller internal team.
4.Better Knowledge
The outsourced auditors are certified consultants thus they have a better understanding of all the issues either on industrial level or in general and they can provide better solutions for those issues, which the in house auditors may not notice. Hence, the outsourced auditors help to improve the efficiency of the operations and minimize the risks and negative impression of the company.
5.Establishment of Benchmark
The outsourced auditor establishes some new reference points and standards for the organizations and its employees to follow and they are used as a pattern to measure the achievements of a process. Keeping in view the external circumstances these independent auditors may modify the existing standards and benchmarks for better performance.
Some other benefits of auditing services are as follows;
- Flexibility in staffing resources
- The perception that the independence of the auditor from management would be strengthened
- Depending upon the circumstances, it may provide greater value for money to outsource internal audit
- Some degree of outsourcing may help to revitalize a long - established audit function
It is also important to stress that the oversight and responsibility for the auditing service in Dubai can be availed easily. To conclude, the outsourcing of audit function to a professional firm gains advantage over in-housing audit and helps to protect the organization from present and arising risk. We at Business Setup Worldwide can help you in outsourcing auditing services. Contact us today- we’d be glad to help you.
