Businesses are using accounting for keeping track of their financial transactions. It’s needed for reporting the financial statements of the business entity in a language that the company understands.
On the other hand, auditing is the process of examining and verifying a company’s financial statements. Its goal is to find out the accuracy of the company\'s financial records.
Thus, it determines the dependability of the accounting data. Giving relevant information, particularly of a financial nature, is the primary purpose of accounting.
Importance Of Accounting Services in UAE:
The accounting services UAE include:
- Tax accounting,
- Cost accounting,
- Financial accounting,
- Management accounting,
- Human resource accounting,
- Social responsibility accounting.
The following are the main goals of availing accounting services in UAE:
- Maintaining accurate records using a journal, subsidiary books, ledger, and trial balance
- Calculating the profitability position based on the trading and profit & loss account records
- Supplying the interested parties with the essential information on solvency & liquidity position
Vouchers, receipts, account books, and other associated documents are all carefully examined and checked during an audit to determine the accuracy and dependability of the financial statement.
Plus, the auditor will check if taxes have been duly paid or not. If the financial information is accurate and if there’s conformity with the accounting standards. He’ll provide an opinion in the form of a report following an extensive examination of the accounting books and financial records.
Types of Audit Reports:
There are 2 types of audit reports:
1. Unmodified
2. Modified
a. Adverse
b. Qualified
c. Disclaimer
The management appoints an internal auditor for carrying out the internal audit. The company\'s shareholders appoint the external auditor.
Both internal & external audits can be performed for improving the organization\'s control & accounting systems.
Conclusion:
If you are running a business in UAE, your company must have strong financials. Strong financials will help you achieve profitability and sustainability. So don’t neglect to get your business’s accounting and auditing.
Check out Jaxa Chartered Accountants for booking a free consultation call. In this call, our experts will answer all your queries and arm you with the professional guidance known to less than 10% of 
business owners in UAE.