Roles, Responsibilities and Accountability of External Auditors
The role of an auditor, in general, is no walk in the park. Having been regarded as a certified professional, the auditor has placed on himself, responsibilities to various parties and the duties that go with it.
The auditor’s opinion basically makes or breaks the reliability of the financial statements and the information they provide. Audited financial statements have an extremely high degree of reliability and validity in comparison with unaudited statements.
In simple terms, an auditor is an individual who is appointed to inspect the books of accounts of a company, the validity and accuracy of the transactions contained therein. He also forms an opinion on the overall view of the financial statements, whether the statements depict a true and fair view of the entity’s financial position.
With the raise in corporate scandals and irregular financial practices, the need for an independent auditor to verify the financial records of a company is increasing all the time. The competence and reputation of the audit firm performing the external audit of a company is equally important as the users of the audited financial statement such as government authorities, free zones, banks. Investors and other stakeholders see the auditors work as significantly important in making their decisions.
Every company wishing to conduct business in the UAE is subject to an annual external audit of their financial records by a qualified auditing firm. The reasoning behind this is that it maintains transparency and assures compliance with official regulations. For this reason, it is essential to connect with an auditor in UAE to assure that you are in compliance.
The best firm like our firm, fulfill the independent professionals, providing assurance about the fairness and accuracy of the financial information of a company. That reliability requires that the auditor report all of the facts accurately.