Proceeding with an audit can be a very tough and time taking process and that is why many companies in Dubai wants to choose a professional auditing company. It is a mandatory requirement for every companies to conduct an audit at regular intervals.
What is Audit?
This is a question often asked by numerous entities as they commence their operations. In order to control costs as well as due to the inability to find the right candidate, a large number of business entities choose to outsource their book-keeping requirements. This is where AGX comes into the picture.
Being quite versed with the book-keeping requirements in U.A.E as well as having handled numerous accounting softwares, we are able to provide a one stop solution to all your accounting related headaches. Even with an in house accountant, it is still recommended to have an external check to ensure that the book-keeping is done in line with the regulations in U.A.E as well as relevant international standards.
Once we familiarize ourselves with your books of accounts, accounting procedures and policies, we can handle all your routine day-to-day tasks such as:
- Book keeping
- Payroll
- Accounts Receivable (AR)
- Accounts Payable (AP)
- Bank & Credit Card Reconciliation (BRS)
- Inventory verification
- Maintenance of Fixed Assets and it’s physical verification
- Updating General Ledger
Documents Required for Audit of a Company
Let’s have a look at the documents required during an audit:
1. Payroll Reports
A payroll report is a document that includes specific financial and tax information, including pay rates, hours worked, federal and state income taxes withheld, vacation or sick days used, overtime incurred, tax withholdings, and benefit costs. Payroll reports are an essential part of controlling labor costs.
2. Bank Accounts details
There are many types of audits including financial audit, operational audit, Forensic Audit, Legal Audit, Statutory Audit, Revenue Audit, Credit Audit, Compliance audit, Stock audit, and so on.
3. List of Transaction details
The company undergoing for the auditing process must submit all the transaction conducted before auditing procedures. The auditor will ask for the invoices and bills for the period of time.
4. Ledger
The General Ledger Audit Report provides a list of gifts posted to General Ledger then deleted. The report includes the name of the constituent, gift type, gift date, and fund name. Audit information also includes current and future pledge amounts and stock gains or losses.
5. Trial Balance of the Company
A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into debit and credit account column totals that are equal. A company prepares a trial balance periodically, usually at the end of every reporting period.
6. Loan Details
The auditors have to report whether the company is regular in depositing undisputed statutory dues including provident fund and all taxes. Auditors will now have to provide specific details about loan defaults by a company including lender-wise break up in their reports, as the government strengthens efforts to curb corporate misdoings.
AGX can also assist in the same, by generating required MIS reports catered to the business and also advice the Management in key areas for improvement. Accounting is not looked upon merely as debits and credits here, and we try to add inputs which gives clarity to the Management on how the business is performing.
Accountancy is defined as an art and here in AGX we consider ourselves quite the artists in this realm.