What Is External Audit?

Posted May 3, 2022 by businesssolutionebsuae

If you don’t have much knowledge about external audit you have landed at the right place. Reading this article will help you gather some basic knowledge about external audit.
An external audit is a process. It helps an independent body to examine the financial statements prepared by any business. In most of the cases, an external audit will happen as a legal requirement. Let’s look into the matter closely.

The aims of an external audit
To put it simply, an external audit aims to determine the condition of a business and its operations for a particular period. It is done by a registered firm of accountants, and can occur as part of a standard annual review or during a specific review.

The auditor should have independence. This means they should not have any personal connection to your business, and cannot have played any role in preparing the accounting records being audited.

What to look for when choosing auditors
As well as being independent, the auditors responsible to carry out an external audit should have relevant professional knowledge and should be selected on the basis of their reputation, their experience of auditing similar businesses.

What an external audit involves
Any external audit has a limited time frame. This means that the auditors cannot examine all small details of the accounts they are looking over,rather they will focus on a carefully selected sample of results, figures, and transactions. Ideally, the audit should be considered a positive process made to highlight the strengths and weaknesses of the way your business is running, rather than as a test that is looking for some form of wrongdoing.

When it is about external audit ebs can be a reliable name. Here’s some reasons to choose ebs:
They have a strategy formulation for audit procedures
The actual implementation of the formulated procedures
Inspecting whether the organisation has any risk profile
Evaluate financial report of the organisation

An external audit shows a validation of the overview of all the business processes and it makes sure that all the records in the account books are updated and accurate.

For more details visit at https://www.ebs.ae/external-audit-services/
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Issued By EBS
Phone 971 (04) 241 2929
Country United Arab Emirates
Categories Accounting , Business
Tags external audit firms in dubai , external audit services in dubai
Last Updated May 3, 2022