7 Significant Advantages of Financial Audit to Your Small Business

 An audit is carried out to understand whether the financial statements provided by an organization present a true and fair value of the company, and if they are in sync with the generally accepted accounting policies. An Audit is crucial to every company since it gives the correct insight into a company’s business as on the date it is verified.

What are the various advantages to conducting a financial audit? Read on to find out!

1. It benefits Internal Control procedures since an auditor always assesses the effectiveness of internal controls within an organization. These controls need to be verified since they prevent asset thefts. An audit helps identify gaps in internal processes.

2. An audit determines the proper application of taxes, which again is crucial for any business. It helps assess your liability as well as prepare tax strategies to gain maximum benefit.

3. An audit also helps you identify errors in financial statements and rectify it.

4. An audit provides detailed information about the company’s earnings, which proves to be helpful to the management in decision making. This helps the company strengthen and grow further.

5. Another advantage of conducting an audit is that it becomes easier to obtain a loan. The banks and other financial institutions see the credibility in an audited business and provide financial help when required.

6. With financial audit services, comes expert knowledge and experience. The auditors help you streamline your processes, along with helping you make cost-savings within your supply chain.

7. Last but not the least, an audit helps you make future projections, based on the quarterly or annual reports. Since the audited statements are said to provide the correct picture, they give the management team leverage to work out plans and ensure growth.

Are you looking for Internal Financial Audits? Well, TRC Pamco might have the right experience and expertise to help you out! With a team of professionals, they provide financial audit services to help your company expand and grow the right way. Get in touch with them today!

Forensic Audit - Everything You Need to Know

 A forensic audit is the examination and evaluation of a firm’s or an individual’s financial information to be used as evidence in the court of law. The main objective of a forensic audit is to assess financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, private equity firms, government agencies, municipalities and more.

Why is a Forensic Audit required?

It helps expose, or confirm the various kinds of illegal activities, and gives a clear picture in the court of law. If there is something fishy going on within a business, instead of a normal audit – a forensic audit is called upon, to produce the evidence in the court of law.

What do Forensic Auditors do?

There are various audit firms in the UAE, who have an experienced team of forensic auditors to examine data and find the sources of missing information. Given their role in financial security and safety, the role of a forensic auditor is very crucial. They analyze, interpret, and summarize complex business and financial issues.

What are the benefits of Forensic Auditing?

• Avoid legal problems: A forensic audit helps you identify problems right at the tip of the bud, thus saving you of costly legal affairs at a later point. A forensic audit opens your eyes to fraudulent activities right at the beginning.

• Minimal losses: Top Audit Firms in Dubai conduct forensic accounting procedures to minimize and prevent unnecessary losses. They identify financial discrepancies and fraudulent activity right at the start, thus helping you mitigate risks in the business.

• Reduced Exploitation: If you have a forensic audit team in your organization, there are no real gaps in your financial operational standards, thus leaving little to exploit.

• Greater efficiency: By examining and investigating into your current financial processes, you can continuously adapt to more effective solutions, thus benefiting the business in the long run.

If you’re a brand looking for forensic audits, to save yourself the manipulation and fraud, reach out to the team at TRC Pamco. They have a team of well-trained and qualified subject matter experts to handle forensic issues with great proficiency.