Abdul Rimaaz Business Consultant

Auditors in Dubai

5 tips to pass the first audit in your company

As company auditors and based on the experience accumulated in our more than 10 years in the auditor profession, I will explain 5 practical tips Auditors in Dubai .

  • Request three offers or three budget audits. The auditors do not have a mandatory standard rate, which must be applied in the budgets we make. There is an average hourly price obtained from an annual report on the declarations that we present to professional associations and that is between 60 and 70 Euros. Next you must compare the three budgets with the number of hours assigned by the auditors in the audit of your company that I suggest requesting by work areas. Be suspicious of both those auditors who suggest many hours of work and those who indicate less than 40 hours of work.
  • Request references about clients, companies or entities that said audit firm has been auditing over the years and request that they have some experience in auditing companies in your sector or similar sectors since you will save time explaining how your sector works. It is not a bad thing to select auditors to audit companies of your competition because all auditors comply with their duty of confidentiality, and auditing similar companies saves a lot of time for both the auditor and the client.
  • Choose an Auditors in Dubai from a local and independent company, if your company is medium-sized. I do not recommend the advisor’s friend, nor of course the auditor-advisor himself. The audit law itself does not allow it as the independence of the auditor is lost. Find an auditor according to the size of your company, I do not recommend multinational auditors for companies with invoices of less than 15 million Euros, not only because of the cost but also because of possible differences in work procedures. For large companies I recommend going to large multinational auditing firms.
  • Be transparent in the first interview. My advice is to explain all the particularities of your business to the auditors and above all the idiosyncrasy of your company before accepting the assignment. Since the auditor, at this time and not later, may not accept the assignment or do not want to do the audit work. Personally, it is the best advice that I can give you since if once the work has started, it is the auditor who detects an incident or voluntarily you expose it to him, it can become a problem and a possible limitation to the scope of the work equal to an exception in the audit report of your company’s annual accounts .
  • The auditor is not the advisor or the consultant and of course he is not a tax or social security inspector, nor does he work for the Mercantile Registry, so he must be treated with such. If fiscal, labor or corporate contingencies are detected, it will mention them in its report but it will not sanction you. Nor should you expect the auditor himself to recommend how to hide such contingencies.
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