Many organizations are feeling fear of auditing in Dubai. It is a process in which all the procedures used in an organization are being evaluated. Aside from the normal and usual process that is executed by Audit firms in Dubai, there are certain myths that are spreading and are growing stronger.
These myths tell you about the things we are concerned about. People believe that the world works this way according to these myths.
Few Audits are good for the organization.
Audits are somehow lengthy processes that many try to avoid because they thought it is better to do fewer business audits. So, different studies have been carried out to get the answer to this so-called myth, which reveals that frequently auditing the business will have a good positive impact on its progress.
The Internal Audits are all about spending too much time on bigger Risks.
Some people believe that internal audits done within the company are too much focused on just major risks.
This myth needs to be burst. There is no doubt that internal audits mainly focus on bigger risks that a company is facing. But more than 80 percent of the internal audit focuses on examining all the compliance procedures rather than just focusing on the major or bigger risks.
Internal Auditors are the Accountants
Many people believe that the auditors who are working within an organization can also work as a trained accountant. Because they are the ones who are officially trained to tackle the financial records of an organization, this is just a myth.
Though a professional internal auditor’s work involves many financial issues, and their training in accountancy also helps in various ways to an organization. But the main focus of an internal auditor’s work is the detection of fraud and other compliance-related issues that are going on in an organization.
Audits should not be provided with the information they don’t ask for.
Many audit firms in Dubai are offering auditing services to all types of organizations. However, the audit process is somehow fearful. That is why some of the companies try to avoid it.
Many people also believe that they will only have to provide the information to the auditor that they only need and not about anything else. But this myth should be burst as it is not true.
An internal auditor is a person that will check all the workings and procedures that are being followed in an organization. So, provide all the necessary information to the auditor. It will be very good for your organization, and your company will work more effectively.
Auditors follow a specific checklist to audit every process in the same way, every time.
Some people believe that the auditors in Dubai work only by following a proper checklist, but this is not true, so you need to bust this myth and get rid of it. However, audit firms use different methods or different checklists every time for evaluation purposes.
This auditing in Dubai process will be carried out in order to ensure that there are no issues and flaws in the procedures that an organization is using. There is a proper need to make standards with which the current situation of the organization must match.
Auditors Always Try to Find Faults in the Financial Books
According to a myth, many people believe that auditors always find flaws and detections of frauds in an organization’s finances and accounts. And these nit-pickings will distract the company management and keep the company from running properly.
This myth is not correct. First of all, the auditor’s job is to find out deviation and mistakes in the finances and accounts of the company. The auditors of the auditing services firms will even check the minutes of the process and then inform the company’s management.
Moreover, the auditor also helps run the organization properly by notifying the company management if there is any possible error or issue in the company’s finances and accounts. These were the important myths about the auditing in Dubai that should be burst.