Audit

What is an Audit, its purpose and how it helps the users

An audit is defined as:

“An Independent examination of financial statements of an entity whether profit oriented or not irrespective of its size or legal form where such an examination is carried out with a view of expressing an opinion thereon.”

Again, as already explained, the way in which an audit helps the users is by providing them with reasonable assurance as to the fairness of the information on which they are to base their decisions. (In the UAE the main outside users are restricted to banks who utilize this information in determining the extent to which any facility is to be provided.)

Basic Facts and Some Useful Tips

The Profession as perceived by the outside world.

The general view of the accounting profession seems to be that of a dry, boring and unrewarding field lacking creativity. A support function whose only job is to translate transactions into a numerical form, the participants of which are required to be drowned day after day in heaps of paper and are continuously boggled by the never ending dilemma of un-reconciled balances.

How it Really Is

This profession is not about number crunching. It is for the managers of the business world who interpret financial data and predict performance and future trends and in-turn form a fundamental part of every decision.