Some two decades ago, businesses had the leverage to avail bank facilities without having their accounting books audited. However, things started to change after 1990 when several investors started to liquidate and left the UAE, leaving all the markets and banks in a very vulnerable position. This is when the Ministry of Economy brought Auditors Regulations in 1995 and made it compulsory for all auditing firms to have qualified professionals like Chartered Accountants in UAE, CPAs, and ACCAs with experience to register their names in the auditor’s register. This is when all the banks in the UAE have started getting in touch with all renowned audit companies on the basis of their experience, qualified professionals, number of offices, staff strength, clientele, international affiliations, and training standards.
That being said, companies and corporations should be very careful while choosing the right audit firm in Dubai by performing thorough background checks. It must be noted that several audit firms marketing themselves in the UAE are neither listed with the banks nor do they have a good reputation with banks, which is why the banks have blacklisted them. Getting connected with the wrong audit firm can land the company in hot waters as they would be denied bank facilities, and will create doubts for all the lenders and stakeholders, especially for public listed companies.
In most cases, financial decisions made by the company depend on recommendations made by the audit company and therefore it is critical to have the best audit partner for business stability.
Here we have compiled some important factors that must be considered before you finalize the right audit firm in UAE.
- Staff Strength
It is highly important for businesses to make sure that the audit firm they’re working with has the best team members that fit the company’s goals and objectives. This audit firm must have an adequate number of staff members who can manage difficult situations, especially if an employee leaves after a conflict with the client. The staff members assigned by the audit firm should be good communicators, problem solvers, and have great ethics. Also, any good audit firm will provide a profusion of opportunities for their staff members to continuously work and improve their profile.
- Strong Reputation
When looking for the right audit firm, one of the most important things is to look for audit firms that enjoy a strong presence in the UAE market and have no black marks.
You will probably come across a plethora of accounting firms in the UAE while searching online, but you should only trust companies that have a great number of satisfied clients to deal with your financial statements. Moreover, while hiring choosing an audit company, the company representatives must ensure that the firm has defined systems and procedures in place. Ideally, you should look for companies that are ISO certified.
- Client Base Reputation
Any reputable audit firm would know that their brand name will be impacted by the reputation of their clients. This is why audit firms also perform a very critical evaluation of their clients. Businesses must find out if the audit firm they’re getting in touch with has client acceptance and continuance policies. High-quality audit companies will have rigorous acceptance guidelines and will also have annual reviews.
- Industry Experience
Dubai is filled with businesses that engage in activities related to several industries. While looking for an audit firm, the business should ensure if the audit company has experience in dealing with clients from industries that work in the same industry. The audit process can still be done, but if you choose to work with a firm having experience in the same industry, the audit process will be smooth and easy. Companies can log on to audit firm’s websites or check review platforms to examine their experience.
- Transparency and How Well They Communicate
The auditors must have smooth communication with the company they’re working with. Furthermore, it is highly significant for the company to ensure that the audit firm is transparent in all their dealings with the client. The business must be very clear about the procedures and quality controls given to the audit firms.
- Customer Service
Similar to any other service a business avails, the audit company they get in touch with should also offer efficient client support. To learn about the auditor’s customer support, you can talk to other clients of the audit company about their experience. Make sure you get to know that the auditor prioritizes their clients’ time and is always offering support. We also recommend that you get to know the staff members who will be working on your company’s requirements.
It’s important to put in efforts while choosing the audit firm for your company. Get in touch with BSA Auditing & Consultancy in UAE and relieve yourself from all the hassle as our experts will fulfill all the work requirements without putting an ounce of stress on you. Our experts will also keep you updated at every step.
