The word “Audit” comes from the Latin word “Audire”, which translates to “to hear” in English. The known history of Audit can be traced back to the ancient Chinese, Egyptian, and Greek civilizations. Data regarding an audit from Greek history is quite similar to the modern audit practices applied nowadays. The very initial records regarding the auditors can be traced to the spies who worked for King Darius, ruler of Persia (522 to 486 B.C). In this article you ‘ll know a detail information about Approved Auditors in RAKEZ
Qualities of An Approved Auditor In RAKEZ
RAKEZ / Ras Al Khaimah Economic Zone houses several industries working in several domains. Every business needs to get it self-audited at least once a year to determine its financial health. To carry out the audit, firms usually hire Approved Auditor In RAKEZ. Approved Auditor in RAKEZ should have a certain set of qualities and qualifications to be eligible to conduct a financial audit
Required Qualification for Approved Auditor In RAKEZ
It is mandatory for the Approved Auditors in RAKEZ to hold a degree/diploma from CIMA (Chartered Institute of Management Accountants). In the UK, the degree offered is referred to as ACMA, whereas in India & Pakistan, they are commonly known as CA. ICAM Pakistan (Institute of Cost and Management Accountants Pakistan) is the accredited body to issue the C. The body issuing C is a degree to the audit professionals and ICAI India (Institute of Cost Accountants of India).A degree to professionals in India. Audit professionals should acquire a certificate or license to practice from the respective accountancy body by paying an annual fee.
Professional Qualities of Approved Auditor In RAKEZ
1. Complete knowledge of Accountancy practices
Approved Auditor in RAKEZ should be well-versed in the accountancy practices and all the related principles. Approved Auditors in RAKEZ should have a strong grip over different accounting standards and their related aspects; in addition to being well versed with the practices should also be familiar with all the branches that come under the umbrella of accounting. Approved Auditors in RAKEZ must also be aware of the latest trends and developments related to the accounting field.
2. Knowledge of Laws applicable to Businesses
Approved Auditors in RAKEZ should be well-versed with the variety of laws that govern the business, whether companies, Sole proprietorships, Partnerships, Public Listed Companies, Banking Industry, Insurance Industry, FOREX Stocks, Government or Third Sector organizations. Approved Auditors in RAKEZ should be aware of the laws governing the individual business depending on its nature. They should also have a keen eye on the changes introduced to the respective laws.
3. Knowledge of Auditing Techniques
Approved Auditors in RAKEZ should be experts in the auditing techniques that prevail in the audit sector; approved Auditors in RAKEZ should scrutinize records and documents such as profit & loss statements and balance sheets, store ledgers, accounts payable books, accounts receivable books, etc. Approved Auditors in RAKEZ should have the capability and will to physically verify the items depicted in the books of the client being audited.
Approved Auditors in RAKEZ should have keen observation and should be able to gauge the internal control measures that are followed in recording any instance in the books of accounts. This skill of keen observation enables the Approved Auditor in RAKEZ to effectively evaluate the effectiveness of the accounting system as well it helps in gauging the efficiency of the system being used.
4. Ability to gather and confirmation of Information
Approved Auditors in RAKEZ should have the interpersonal communication skills to gather information and get a confirmation regarding the information in hand. To gather the information Approved Auditor in RAKEZ should be open to discussion with the personnel working in the firm being audited; the approved Auditor in RAKEZ should also be discreet enough to confirm the authenticity of that information records available or the employee of the firm being audited.
5. Ability to make accurate calculations
Approved Auditor in RAKEZ should be a pro when it comes to computations; computations made should also be by the financial records. Special attention to detail is required when making such crucial computations since any error can result in a false audit report that can backfire, bringing a bad name not only to the auditor but to the auditing firm as well. Approved Auditor in RAKEZ, for example, should be able to calculate perfect error-free depreciation cost values by considering the cost of the asset, purchase date, depreciation rate applied and depreciation recorded. Approved Auditors in RAKEZ should also trace transactions from their origin to effectively evaluate the bookkeeping standards.
6. Analytical skills
Analyzing records helps the Approved Auditor in RAKEZ verify the uniformity in the financial record-keeping standards observed by business concerns under audit. Approved Auditor in RAKEZ should apply different analytical measures like Ratio Analysis, Variance Analysis, Marginal cost, Standard Costing, etc., to enable him to identify anomalies and help Approved Auditor in RAKEZ to lay solid recommendations to its clients for business process improvements. The Approved Auditor should alter the analysis techniques in RAKEZ depending on the client he is carrying out the audit for.
7. Report Compilation
Approved Auditor in RAKEZ, after thorough scrutiny and check, should compile a comprehensive audit report covering all the aspects of the audit as per the audit checklist. Substantial evidence to the findings should be included in the report, anomalies should be highlighted, and remedies to the observed anomalies should be suggested. The report made by the Approved Auditor in RAKEZ should state methods adopted, assumptions if any made, identification of errors, why the error occurred, how the errors can be avoided in the future, etc.
Approved Auditors in RAKEZ should ensure that the report is precise, to the point, and free of any ambiguities.
8. Closing Meeting
The approved Auditor in RAKEZ should be well-versed in the etiquettes of a formal closing meeting with the client. The approved Auditor in RAKEZ should effectively present his viewpoint to the auditing firm’s management and the client.
The approved Auditor in RAKEZ should also ensure that all the methods employed in an audit are by the approved code of conduct for the auditors laid down by the RAKEZ authorities and the land law.
Conclusion
We are a part of an ever-changing world. New technologies and techniques are being introduced round the clock in every field of life. These changes result in a dynamic global business environment. To match the pace of the ever-changing world, businesses strive to remain updated to compete in their respective domains. Being an Approved Auditor in RAKEZ, the auditor must have a keen eye on the ever-evolving business environment and the accounting standards adopted/altered by the international audit bodies and associations.
BS Auditing of Accounts has a team of expert auditors proficient at audits of all types and levels.
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• Office # 0641, Tamani Arts Offices, Business Bay, P.O. Box 111390, Dubai, UAE
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