An audit is an official document that documents a company’s financial status. Audit firms in Abu Dhabi are responsible for inspecting company assets and liabilities to determine their status. They also prepare tax and fiscal records. While auditors typically work in an office setting, they also may work from home or travel to different businesses to conduct audit reports. The workload of an auditor varies according to the time of the year, but it is usually more than forty hours per week.
Internal auditors:
There are various types of internal audits, and each has a different purpose and responsibilities. The financial and operational audits are focused on examining financial records and the management controls of an organization. The information technology audit focuses on information technology systems but may also be conducted as part of a larger audit. The purpose of internal audits is to improve the effectiveness of organizational controls. While the purpose of external audits is to express an opinion on the organization’s financial condition, this type of audit also includes assessing the risks that companies face.
Forensic auditors:
These professionals are specialized in specific areas of auditing, including fraud, accounting, and criminal law. Forensic audits are performed by certified fraud examiners who understand both criminology and accounting. The audits they conduct typically involve financial records, balance sheets, and the investigation of discrepancies. In some cases, a forensic auditor may bring in a financial investigator to assist in the investigation.
Tax auditors:
There are four main types of tax auditors: targeted, discretionary, and individual. Targeted auditors are most likely to focus on companies with a high volume of tax-exempt sales. Discretionary auditors are often less likely to target businesses, but they are also more likely to question businesses that routinely issue tax refunds and tax credits. During an individual audit, IRS auditors will look at financial records and interview the taxpayer. These audits can take anywhere from a day to a week, depending on the complexity of the account.
Compliance auditors:
When performing a compliance audit, it is crucial to understand the rules and regulations that your organization must follow. Compliance is essential to running a successful business. Auditors report on gaps and recommend solutions. One of the most effective ways to observe compliance in a complex system is by visualizing data.
