A financial audit is a sort of target assessment of an organization’s monetary reports regulators, investors, chiefs and the directors that the financial statements are finished and exact. This auditing procedure gives assurance only, it is not an assurance. The procedure of financial audit in Dubai is as per the following:
Step 1: Planning:
The auditing process requires appropriate planning for the process. It will include the amount of audit required. This will depend on the size and the departments in an organization. The arranging procedure will also include the understanding of the association, the businesses identified with it and procedures performed in it. The auditor will design about the route in which the audit procedure will be finished, documentation process. The way toward getting to the danger of errors in the money related statement will also be arranged. Based on this planning, the auditor will distinguish as far as possible required for the completion of this procedure.
Step 2: Financial audit tests:
Whenever an auditor is going to begin the auditing process, he will get the comprehension about the association by applying different audit tests. He will also survey the invoices that are related to the all the expenses, to clear up that the costs are grouped effectively and the seller really exist. The kind of audit test which is to be connected to a particular association will be recognized in the planning process.
Step 3: Account analysis:
In the account analysis process, the auditor will check all the details of the account and its accordance with the data introduced in the documents. The auditor will record the explanations for the changes in the records since the last audit. The required research and data social event will also be finished by the auditor to justify those changes.
Step 4: Preparation of audit report:
After the testing and the analysis procedure, the auditor will set up a sentiment report. This report will contain all the information about the association, the tests that are being utilized and the points of interest of financial statements. It will also contain the weaknesses in any issues which still need elaboration. The report will be submitted to the higher specialists after completion.