3 Different Types of Auditors2 min read
An auditor in Abu Dhabi is a professional who conducts an audit to ensure that a company’s financial data is accurate and complete. They must have a broad knowledge of accounting standards and tax laws and extensive experience. Public accountants are typically certified by a government body and perform the usual statutory audit of a company’s finances. Chartered accountants, on the other hand, specialize in auditing public companies.
Forensic audits help to protect companies from fraud. Using their expertise in accounting and criminology, they can suggest how to prevent future fraud and improve processes. A forensic auditor can help a company improve its processes and financial position by eliminating fraud. Typically, forensic audits cost between AED 50,000 and AED 80,000. A company can benefit by following the recommendations of a forensic auditor and hiring an operational or accounting professional to come up with new procedures to avoid fraud.
Forensic audits investigate financial records to discover whether a company has committed fraud. Certified forensic auditors conduct the audits and present their findings to the court. Forensic audits are quite different from internal audits, which aim to assess the financial status of a company and present records to its owners or governing board. In addition to auditing financial statements, forensic accountants have specialized knowledge about the legal framework that governs business transactions.
Investigations can be done by government agencies or private companies, depending on the company’s nature. These investigations may involve investigating illegal drug activity, financial accounts, charitable trusts, or medical practitioners. They often lead other auditors or act as their supervisors. Investigative audits can be highly complex, controversial, and require high technical expertise. The job is not suitable for everyone, however. For example, an investigation involving a large bank or financial institution may require high investigative skills.
Internal audits are a systematic process of review of the systems, processes, and procedures. These independent reviews provide objective information to senior management and governing bodies concerning the effectiveness of the control environment, the organization’s operational efficiency, and its compliance with applicable laws. Internal audits are an essential part of an organization’s governance. The purpose of internal audits is to promote organizational integrity and ensure that all processes and procedures are being implemented correctly.