Every business, no matter how small or big, requires people who look after the financial aspect of the business and checks the accuracy of the business records. The person who has the official job of looking after these records is called an auditor.
They usually help in assessing financial operations and thereby ensure that the organization runs smoothly. Auditors can be internal auditors, external auditors, public auditors, private auditors or government auditors depending upon the type of organization they are working for.
Internal auditors usually work with government departments or private businesses. They are handed the responsibility of looking out for mismanagement of funds and finding ways to eliminate waste and fraud.
They help in reducing accounts receivable, improving payroll processes, and setting up more frequent sweeps of funds into interest-bearing accounts. In order to be a certified internal auditor one has to be handed the CIA certification is granted by the Institution of Internal Auditors. External auditors usually work independently and are handed the responsibility of checking the authenticity of an organization’s financial statement, making sure that the financial statements are free of material misstatement, providing tax and consulting services and more.
Public auditors are given the task of performing accounting, tax and consulting work for corporations, governments and individuals. Some work for public accounting firms or own their own businesses.
The work of a private auditor usually comprises of recording and analysing financial information of any organization, budgeting and performance evaluation and finally assisting in selection of financial investments for the companies. Government auditors usually stick to maintaining and examining records of government agencies and are employed through the government.
There are plenty of auditors in Dubai who look after the finances of the millions of the companies in the city. Chartered accountants are usually professionals who have the qualification to file the tax return for a business, carry out auditing of financial statements and business practices as well as advisory services to clients. If you are looking for chartered accountant Dubai then look further than Xcel accounting who are a firm of experienced Chartered Accountants established in Dubai.