External Audit
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What is an
External Audit
A statutory, independent review of various financial records in any organization is termed an external audit. It is basically a validation of the authenticity and accuracy of financial records maintained in an organization and reflects a fair account of the financial position of an organization. This audit also checks for the compliance of the financial records with established accounting standards and set laws governing accounting practices.
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Auditors are thus described as
‘Watchdogs’ Not ‘Bloodhound’
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Who are the
External Auditors?
Introductory information-gathering meetings with the staff
Financial report evaluation of the organization
Strategy formulation for audit procedures to be implemented
Final audit report preparation
The actual implementation of the formulated procedures
Briefing the top management of the client about audit report results with recommendations
Taking stock of the existing risk profile of the organization
Advantages of
External audit
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auditing firms in dubai
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FAQ's
An external audit is a process in which an independent body examines the financial statements prepared by any business. The external audit will be conducted as a legal requirement. The services include compliance, performance, financial, system security, and due diligence engagements.
The cost of an external or independent audit can vary by region and nonprofit region. Larger nonprofits can expect fees exceeding $20,000, and smaller nonprofits pay around $10,000 for external auditing.
The purpose of an external audit is to give an objective independent examination and to verify that the financial statements are accurate and fair. It is the responsibility of an auditor to verify the financial statements of the company to ensure no changings are made.
In UAE, businesses are required to use those accounting firms that have been approved by the legal authorities. An external audit can also be performed by individual auditors but an approved audit firm specializing in external audits performs the audit.
Companies hire external auditors to provide an objective opinion about their financial statements to make sure the company is free from misinformation. The overall review can provide a clear picture of the financial statements. It ensures that the company is being run in the best interests and that all the records are accurate.
Private companies and small businesses do not have a legal obligation to be conducted an annual external audit. Despite this, private companies can choose if they require an external audit to maintain their financial statement well.
The golden rule of auditing is to keep your ears open to hear all the important information that needs attention. For example, there can be misleading information that should be modified and excluded from the financial reports of the company.
An external audit is conducted by an independent accountant. This type of auditing results in the certification of the company’s financial statements. This certification of the financial statement is required by lenders or investors to make sure the company is doing well.
