Myths about Auditing in Dubai

Every business owner must realize the requirement for an audit in the company. Carrying out an audit has numerous advantages for the company, however, many misconceptions and whispers are going around concerning the auditing of a company. They are a few of the misconceptions that prevent us from performing an audit which eventually hampers the organization.

In this blog, let’s set up these myths as scams and be mindful while performing an audit in the coming time.

Myth Number 1: Auditing is a Dull Occupation

It is almost always decided by everybody that occupations like auditing and accounting are very droll and very boring. Once we say auditors an image of a scrawny person with thick eyeglasses near a colossal ledger seems in our mind. This picture is just a figment of our creativity. The truth is, the auditing and accounting professions have experienced a considerable troublesome alternation in the job.

The days are gone when auditors sat before large books. These days, things are done online or via a computer. There are numerous soft wares that really help in reducing the duration of a procedure which may take days to do by hand to mere hours. An accountant or a bookkeeping service can also be privy to information that isn’t provided to common people or to the workers of the company for instance.

Myth # 2: Fewer the Audis, Better the Organization

While audit, the management of the organization needs to supply various information of private nature to a 3rd party. As a result the management believes that there is a danger to the future of the organization. For this reason a lot of companies do not conduct an audit of the company.

Also, the management feels that conducting an audit of a company, again and again, will lessen the goodwill of the company and will decrease the share value. In reality, conducting the audit, again and again, will help in catching hold of any mistakes in the process or any illegal activity. An audit report may also provide openness to the financial information of a company and will allow it to be simple to share it with the traders.

Myth Number Three: Auditors Always Try to look for Problems in the Financial Books

In accordance with a rumour, the auditors always try to look for faults in the finances of the company. This nit-picking distracts the treating of the company from running the organization properly.

This myth is wrong. To begin with, it is the work of the auditor to locate any error or deviation in the finances of the company. The auditor will study perhaps the minutes of process and then report about this to the management. Additionally, the auditor helps you to run the company properly by informing the control over any feasible mistakes in the finances of the company.

Myth Number Four: Shortly there will be no Need of Humans for any Audit

It will be easier that soon the contribution of technology in this field will be a much greater hat in the present, but in nevertheless or scenario, it’s not feasible for a company to rely 100% on any accounting software or any robot for auditing.

Comprehending the complete finances of a company will need human aspects and emotions that are tough to replicate in a machine. 

Myths about Auditing in Dubai

 

Every business owner must realize the requirement for an audit in the company. Carrying out an audit has numerous advantages for the company, however, many misconceptions and whispers are going around concerning the auditing of a company. They are a few of the misconceptions that prevent us from performing an audit which eventually hampers the organization.

 

In this blog, let’s set up these myths as scams and be mindful while performing an audit in the coming time.

 

Myth Number 1: Auditing is a Dull Occupation

It is almost always decided by everybody that occupations like auditing and accounting are very droll and very boring. Once we say auditors an image of a scrawny person with thick eyeglasses near a colossal ledger seems in our mind. This picture is just a figment of our creativity. The truth is, the auditing and accounting professions have experienced a considerable troublesome alternation in the job.

 

The days are gone when auditors sat before large books. These days, things are done online or via a computer. There are numerous soft wares that really help in reducing the duration of a procedure which may take days to do by hand to mere hours. An accountant or a bookkeeping service can also be privy to information that isn’t provided to common people or to the workers of the company for instance.

 

Myth # 2: Fewer the Audis, Better the Organization

While audit, the management of the organization needs to supply various information of private nature to a 3rd party. As a result the management believes that there is a danger to the future of the organization. For this reason a lot of companies do not conduct an audit of the company.

 

Also, the management feels that conducting an audit of a company, again and again, will lessen the goodwill of the company and will decrease the share value. In reality, conducting the audit, again and again, will help in catching hold of any mistakes in the process or any illegal activity. An audit report may also provide openness to the financial information of a company and will allow it to be simple to share it with the traders.

 

Myth Number Three: Auditors Always Try to look for Problems in the Financial Books

In accordance with a rumour, the auditors always try to look for faults in the finances of the company. This nit-picking distracts the treating of the company from running the organization properly.

 

This myth is wrong. To begin with, it is the work of the auditor to locate any error or deviation in the finances of the company. The auditor will study perhaps the minutes of process and then report about this to the management. Additionally, the auditor helps you to run the company properly by informing the control over any feasible mistakes in the finances of the company.

 

Myth Number Four: Shortly there will be no Need of Humans for any Audit

It will be easier that soon the contribution of technology in this field will be a much greater hat in the present, but in nevertheless or scenario, it’s not feasible for a company to rely 100% on any accounting software or any robot for auditing.

 

Comprehending the complete finances of a company will need human aspects and emotions that are tough to replicate in a machine. 

 

 

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