Audit firms have come as a boon to businesses that are facing huge losses. These firms help the companies to find the flaws in their business model and suggest ways to overcome them, if possible. However, there are several types of firms available and one should choose a firm accordingly to reap maximum benefits. One needs to understand that every company is different and therefore every type of audit and every firm is also different from the others. Therefore, it is important to identify the main function or area of audit in your company.
The basic difference among audit firms is the scope of work they perform. A firm may be specialized in reviewing and analysing financial records of publicly held company. A public company is one that is generally listed with the Securities and Exchange Commission or SEC. An accounting firm or an auditing firm is a specialized service provider whose primary objective is to give members useful resources to help the customers round the globe and thereby reduce the risk by bringing more of resources together.
Most auditors specialize in reviewing financial statements of publicly held companies and prepare reports based on those financial statements. Auditors must always check the accuracy and completeness of financial statements before issuing a report. Some public companies require an auditor to prepare a more detailed report based on a more extensive set of accounting queries. The reports may be sent to management for further study and review before any statement is issued.
There are many kinds of audits performed by these firms. The most common type is the evaluation of accounting practices. There are several other types of audits like quality assurance, data analysis, reconciliation, internal control, risk management, fraud prevention, environmental issues etc. There are other specializations in this field like forensic accounting, audit of corporations, audit on public sector organization etc. audit firms also specialize in specific areas like audit on financial reporting, audit of large organizations etc. View it now to know more about audit firms.
Among listed audit firms in Dubai, there are many that are well known for their excellent performances in the industry. A large number of them have helped thousands of companies get rid of fraudulent transactions and cheated government organizations etc. These firms also help the public to understand the importance of maintaining their books of accounts and reviewing accounting documents. This aspect of auditing helps to maintain transparency in the financial market and holds the responsibility of stopping or reducing financial frauds.