Accounting and audit firms in Abu Dhabi and other parts of the world have become very important as they take a great part in day-to-day business activities to ensure the fairness and transparent accounting and financial statements. These accounting and auditing firms are classified in six different types to better understand their core responsibilities and frame of work.
1. External Large Service Providing Accounting Firms
These firms are highly specialized in all types of external accounting and auditing. They cover full organizational accounts keeping and recording detailed financial transactions. Every large service accounting firm contains a huge amount of qualified chartered accountants to provide any type of organizational surveys and audits without any lack of staffing or skills and capabilities.
2. Taxation Specialized Firms
These firms are basically specialized in taxation of corporate and individual sole proprietors. Taxation evaluation and finalization needs proper tax and income percentages to calculate accurate tax payments in both large and small businesses. These organizations work under taxation authorities to provide additional support and analysis for tax calculations.
3. External Audit Firms
These firms are authorized by government, central bank and/or accountability bourse to perform audits of profit sharing companies, business organizations, small entities, government entities and sole proprietors to identify real impression and business profitability. These firms usually perform their job annually after completion and closure of the financial statement. They categorize every organization into different auditing procedures and assign qualified auditors and accountants to evaluate every statement and transaction taken place in the whole financial year.
4. Risk Management Auditing Firms
The risk management and regulating departments are designed for monitoring and auditing their own company or business to ensure money transactions and systematic checks and balances of organizational dealings of lending, borrowings, purchasing and selling. Firms usually don’t want any aggressive decision makings which lead them towards financial losses so they design and develop internal department to minimize mistakes and inaccurate decision by enforcing some regulatory limits.
5. Outsourced Accounts and Finance Management Firms
Some organizations hire accounting companies to perform independent book keeping and recording financial transaction to efficiently utilize their resources on business profitability maximization.
6. Basic Small Business Bookkeeping Firms
These firms are hired by small businesses, and organizations that don’t afford independent accounts department for transaction recording and bookkeeping. These firms provide book keeping services to small businesses at affordable prices and ensure authentic and accurate record keeping.
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