Responsibilities of auditors

When it comes to hiring audit firms, it is essential to understand the responsibilities of auditors. Many people think that the audit companies in Dubai provide financial services to their customers, including bookkeeping, profit & loss account, and financial statements. However, this is the main responsibility of auditors but they also provide other services to their clients. Here, in this article, we are going to talk about the responsibilities of auditors.

Responsible for risk assessment in the business: 

One of the vital responsibilities of auditors is to assess the risks that are involved in the business. They identify the errors and frauds in business transactions and provide solutions to overcome these errors. Moreover, they are also responsible to make sure that they are performing audit tasks accurately.

Internal control: 

Another responsibility of auditors is to control financial records internally. They look after the entire procedure in an effective manner, such as preparing reports, examining records, documentation, verifying the assets and liabilities of the firm. They also manage the internal control system with the help of current policies and procedures.

Accounting estimation:

One of the biggest responsibilities of auditors is to provide accurate accounting estimation to their clients. They are aware of current accounting laws and procedures, which help them making the right estimation.

Prepare financial statements:

Most business owners hire audit firms to maintain their financial records and provide accurate profit and loss account statements at the end of the year. Financial statements show the yearly performance of the business.

They prepare an annual financial report, which comes from collecting, analyzing, and summarizing accounting transactions.

Provide expert opinion:

Auditors have professional skills and expertise in the accountancy field. They are responsible to give expert opinions to their clients, which helps them improving efficiency and overall productivity. They also show them ways to protect them from paying extra tax on annual profit. Auditors teach their clients how to maintain financial records and make the right business transactions to reduce frauds and errors.

Responsibility to the profession: 

Another responsibility of auditors is to learn accounting standards as per law and implement them in their work. There is a proper code of conduct, rules, and regulation that auditors must follow to obtain the license. They have to be sincere with their profession and perform according to t particular laws.

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