Auditing and consulting are two segments that are confused in the business sphere. Although they work in a similar way, the audit service is different from the consulting service . Understand the difference below:
Audit
The audit analyzes the financial statements and checks whether the records made reflect the reality of the company. It is used by publicly traded companies to certify to shareholders the integrity of accounting entries.
The function of the audit is to assess procedures and transactions that impact the financial statements. Unlike consulting, auditing does not operate in the company’s operational areas, such as in an inventory or human resources area. It serves the areas only accounting.
When contracting the Auditors in UAE, the companies expect the auditors to analyze and validate the financial information, if the operations carried out comply with internal rules and policies and also ensure that the application of the resources was really beneficial for the company.
An audit work is built in stages, which mainly comprise mapping processes, identifying risks and existing internal controls to minimize these risks, testing internal controls and obtaining evidence, so that the auditor can then form his opinion and also make contributions for improvements.
Consultancy
The consultancy analyzes all areas of the company, according to the service contract agreed with the requesting company. With a more comprehensive view, different from the audit , it identifies possible distortions in practice and suggests corrections for better profitability and security in the operational scope.
Consulting services process and interpret data related to business management. Therefore, unlike auditing , they help companies with strategic solutions related to operations. In addition to collecting relevant information, the consultancy also makes a diagnosis of the company’s reality and suggests changes and strategies for improvement.
Like the audit , the consultancy can be internal or external, where the internal ones are performed by employees of the company and the external ones by specialized companies.
Despite these differences, both the audit and the consultancy have in their list of objectives the concern of providing a quality service that helps the company in solving its problems and provides suggestions for the best form of management.
Contact aaa-cas Auditors Independents for more information, at http://www.aaa-cas.com e-mail info@chauffeurdrive.info or by phone +90-543-480-8877 and learn more. Our company has professionals with extensive experience in the market and has certified methodologies for carrying out the activities.
Read also: ACCOUNTING SOFTWARE: TO AUTOMATE THE ELECTRONIC ACCOUNTING OF THE COMPANY
Auditors in UAE 