Auditing is for all business organization. Audits can be both internal and external. Auditing is done for making sure the employee within an organization are following rules, regulations policies. It also ensures that– assets owned by the organization are obtained through ethical and legal ways.
In Qatar, there are many auditing firms which consists of experienced professional. All the auditors are responsible to perform task that is related to accounts and finance. The auditing firms in Qatar are consider as an important business structure for all sort of business. The government of Qatar provides high priority to all the auditing firms and auditor because they are responsible for monitoring the fairness of financial statements.
All the activities that are performed by auditing firms in Qatar are described below-
Audit Services Provided by Audit Firms in Qatar
There are several activities performed by auditing firms in Qatar. All the activities are mentioned below–
- Company Statutory Audit
- Taxation Audit
- Internal Company Audit
- Cost Efficiency Audit
- Company Financial Statement Audits
- Internal Audit and many more.
All auditing firms in Qatar consist of highly qualified auditors. They have all the necessary skills to perform any kind of audit related tasks. However, the auditors in Qatar can also perform audits maintaining International Financial Reporting Standards.
The auditing firm is responsible to prepare audits reports. The report will explain the financial status or condition of a business. It is very important for all the business to perform an internal audit, this will help them to track all the financial activities with a business. The internal auditing also helps to reduce fraud prevention.
To conduct the audits on corporate governance the auditors must develop an audit plan. They also need to research and collect the background information of the company. However, the corporate governance is mainly based on monitoring facts that is related to-
- Company shareholders
- Management employees
- Direct and indirect customers
- Company financiers
- Government and the community
Risk Management Services
The auditing firms in Qatar also performs certain risk management task. The internal audit is performed for evaluating the risk associated with an organization. An organization may consist of many risk factors. such as health and safety risks, financial risk, risk associated with market failure and many more. An organization can only success if they could identify and manage those risks. Let us now look around some core auditing services being performed by all the auditing firms in Qatar.
Core Audit Services by Auditing Firms in Qatar
Let us now look into some specific core audit services performed by the auditing firms in Qatar–
- Company Financial Statement Audits
- IT controls
- Company Projects
- Compliance Audit – Example: Service Tax Audit, TDS Audit etc.
- Infrastructural controls and security Audit
- Due Diligence Audit
- Company Management Audit
- Efficiency Audit
- Organizational structure Audit – Example: Hierarchy Audit
- Corporate governance Audit & Internal audits.
Besides all these Core Audit Services mentioned above, some other services are also performed by the accounting firm in Qatar such as: –
- Documentation filling
- Data quality and controls – Assessments
- Assisting in implementing, designing and testing of controls
- Business processing controls – advisory
- ERP controls – Assessments, Implementation and Evaluations reviews
- Gap Identification & Analysis
Core Auditing Process Ran by Auditing Firms in Qatar
- Evaluation of efficiency of business operations and processing.
- Verify that the business operation process chain provides appropriate protection for company assets.
- Ensuring your company information and data is kept secured and reliable.
- Evaluate processes for assuring reliability of these processes.
- Checking out incorrect procedures or formulation during processes.
- Report detected failures and other related non-conformities.
- Provide recommendations or direct solutions for appropriate corrections.
Some of The Top Listed Auditing Firms in Qatar (Doha)
- S & F Consulting Firm Limited
- Abbasi Ibrahim & Co
- Adib Alchaa & Co
- Ahmed Tawfik & Co
- Al Fadala Accounting, Auditing and Financial Consulting
- Al Hashimi Accounting & Auditing
- Al Hedfa Auditing & Accounting
- Bdo Jawad Habib Qatar (Public Accountants & Management CONSULTANTS)
- Al Khaleej Auditing and Accounting
- Sp & Partner, Chartered Accountants
Auditing is essential to make sure that all the financial activities with a business are done in a fair manner. Sometimes small business owner thought auditing is just formalities, but now most of them understand the benefits of this service. The financial Auditing help both small and large business to understand the area of success and most importantly it helps to prevent fraud within the business.
There are many auditing firms in Qatar, among them, S & F Consulting Firm Limited is one of the best. S & F consists of an experienced professional who will professionally audit your company. So, what are you waiting for? Contact us for auditing for your business or company. Also, you can check the Qatar currency.