Key Etiquettes Entrepreneurs Must Maintain during an Audit
Annual audits are not easy for entrepreneurs even if they have already records ready with them. Most business owners come under pressure when an auditor from one of the reputed audit firms in Dubai visits their office to check their financial statements and other records. Even if you have ticked all the boxes in the audit checklist, the audit process can still go south if your etiquette is not proper.
There were many instances where failure to communicate to the auditor properly or the failure to present the precise information requested by the auditor affected the company in a negative way. To avoid such unforeseen situations, we have prepared a list of etiquettes entrepreneurs must maintain during an external audit. Read ahead to face the audit confidently:
Alert Your Team Members about the Audit
You should show a sense of leadership while auditors in Dubai are visiting your office. You should remind all the employees and other leaders about the audit. Assign specific team members to handle the questions posed by the auditor. Do not let the auditor roam around the building and office. Ask the front desk staff to notify you as soon as the auditor arrives so that you can escort him or her to the proper area.
Be Courteous and Cooperative with the Auditor
Cooperating with the auditor should be on the top of your agenda to ensure the audit process winds up fast without any delay. You should stick to your manners right from your first email correspondence to the end of the audit. You should also instruct your staff to be positive and cooperative while the auditor is in your office.
Have a Robust Internal Audit Procedure
Auditing your own records internally may sound obvious to you since it is on every audit checklist. Conducting an internal audit before the commencement of an external audit will help you to identify non-conformances and deficiencies. You should know your processes and understand how you fit into them. You can do the internal audit with your in-house team or outsource it to the best audit firms in Dubai.
Establish the Audit Space
You must ensure that the room in your office where the auditor works have sufficient outlets and table space. If there are no space constraints, it is advisable to arrange a room away from the auditor’s area to prepare and review records before passing them on to the auditor. Make sure that the employees assigned to this room are well-versed in the procedures and processes.
Prepare and Anticipate
You should be well-prepared for the audit to ensure that the process is completed within the expected time. You must read the agenda you have prepared and assign resources accordingly. Using the agenda instruct your designed employees where you want them to be and when. You should also anticipate the requirements of the auditor and act accordingly. If it is a follow-up to last year’s audit, know where to find the corrective actions implemented.
Answer Only the Question Asked
Business owners should not mistake this for withholding information. You should stay focused and provide concise answers to the auditors in Dubai who are at your office for the audit. Avoid going off on a tangent or telling stories. Instead of volunteering information try to answer only what is asked.
Ask for Clarification
Auditors in the UAE may ask many questions during an external audit. Business owners or their assigned employees need not immediately answer a question if they do not have a complete understanding of what the auditor is asking. You can request the auditor to further clarify the question on anything that is ambiguous.
Stay with the Auditor
It is good etiquette not to allow the auditors to wander the floors alone while the audit process is going on. Assign a team member to be with the auditor at all times. In this way, an auditee will be able to answer any questions the auditor has and take notes of items reviewed.
Keep Track of Records Reviewed and Conversations Held
If resources permit, assign a team member to record all records viewed and comments made. Such information may come in handy when you respond to audit findings. Take care not to throw out anything during the audit process as the auditor may ask to see a record again.
Work with the Best Audit firms in Dubai, UAE
The tips described may help you survive and audit effectively. Working with the best audit firms in Dubai is also critical for the successful completion of an annual audit. When it comes to the best auditors in Dubai, look no further than Jitendra Chartered Accountants (JCA). JCA is one of the few audit firms in Dubai with more than 21 years of experience. We are registered with all the free zones in the UAE and listed by almost all the major banks. Avail of our audit services in Dubai for a seamless audit process that may add value to your business.