Whether you’re starting up your first business or simply want to make sure that everything’s in order at your current job, auditing services are a great way to go through all of your paperwork and make sure it’s as perfect as it can be. But if you’re about to start looking for an auditing firm, how do you know which one is the best fit? Here are five things to consider when looking for an auditing firm in UAE in 2023.
List of 5 Important Factors
1) Size
Large companies, such as those listed on major stock exchanges, might require several employees at your auditing firm. Smaller firms may be better suited for your auditing needs. You’ll have to decide whether you need a huge firm or a small one with more personal attention.
2) Type of Clients
One of the first things you should consider when choosing an auditing firm is the type of clients. Do you want a company that specializes in working with local businesses or multinational corporations? You may find that one company is better suited for your needs depending on their experience. An expert in helping start-ups get off on the right foot might not be as knowledgeable when it comes to handling foreign companies with offices abroad, for example.
3) Location
Here in Dubai, you have a choice between local firms and big names like PricewaterhouseCoopers (PwC), Deloitte, and Reflechir. While all of them offer solid auditing services, there are some important considerations when deciding who to hire. Do your homework before hiring a firm—they’re not all equal!
4) Experience
Do they have auditing experience? Some people mistakenly believe that any business consulting firm can perform audits. It’s important to look for a company with some audit work under its belt, as these companies will be more familiar with basic auditing procedures. Read through their website to see if they mention any specific audits or industry certifications. Ask about their previous clients and how many years they’ve been in business.
5) Turnover Rate
The turnover rate for auditors—the rate at which auditors change firms—has grown by about 50 percent over the past decade. While high turnover isn’t necessarily a bad thing, it does mean that you have more options when it comes time to hire an auditor. Be sure you choose someone who is experienced and will be with your company for years to come. An auditor’s ability to adapt and grow with your business matters more than anything else in determining if they are a good fit.
