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External/ Statutory Audit Services in the UAE
The significance of auditing in business is widely acknowledged. However, despite its benefits, many small businesses may neglect auditing, believing their company isn’t large enough to warrant the time and resources. Yet, to gain a better understanding of their business and identify current challenges, conducting an audit is essential. A company can opt for either internal or external audits, each with its own advantages and drawbacks.
Ensure Financial Transparency
Understanding External Auditing
External auditing involves the regular examination of a company’s financial records by a qualified professional. It is an independent assessment of financial records carried out periodically to ensure accuracy and transparency. External audits, conducted by third-party auditors, aim to provide an unbiased opinion on whether the financial statements represent a true and fair view.
External auditors have the responsibility of offering an impartial review of the company. Their audit reports provide a comprehensive overview of the business for investors, allowing them to make informed decisions. Moreover, external auditors ensure there is no fraudulent or unlawful activity within the company. Since external auditors are independent entities with no financial interest in the company, their findings and decisions remain impartial.
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