BLOGS

How to Manage Auditors When They Come for an Audit?

More often than not, companies rely on auditors to help them with correct financial information and decisions, with reconciling accounts, and writing financial statements. The relationship between accountants and auditors has evolved quite a bit with the management urging all to work closely with auditors.

 

The relationship between an auditor and company management is one that filled with a bit of friction, given their different roles – although both strive for the same result. Standard and regulatory authorities require the auditor to be independent which doesn’t always go down too well with the client/company creating a very different viewpoint of an auditor. While the management expects a fully independent report on the financial performance of the company, in compliance with accounting standards and tax laws, they seem to be disappointed with the auditor If that’s not the case.

 

With the introduction of VAT in the UAE, there has been a lot of debate on the matter regarding VAT consultancy firms in Dubai, and whether or not the companies operating here are tax compliant or not. Here is when the need arose to partner with audit firms in Dubai, to avoid any legal issues.

 

Tax Firms and Vat firms also like to avoid conflict as much as possible, but clients tend to miss out on this very important fact. In fact, the truth it, most auditors actually wish to avoid this confrontation, they just believe that their audit must have minimum issues and their judgements should be in sync with that of the management.

 

While working with auditors, it’s best to be transparent and provide them with all the support, as they will be the best ones to help you with the financial condition of your business and help you take all the right decisions in your business. Knowing what’s happening to the business is good, but having it on paper in all its glory helps you understand where exactly you stand.

 

While there are many accounting firms in Dubai, there is TRC Pamco, a boutique consultancy firm ready to assist you with any accounting and assurance services which can help you grow your business further, while keeping in compliance with all the tax laws.


May 19, 2019