Top Trends in Audit Services: Impact on Businesses in the UAE

Sumesh Krishna, Partner

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 50 749 0576
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

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    The future of auditing is a dynamic terrain, transforming due to the emergence of advanced technologies and shifts in business practices including the social responsibilities to the business and the auditors. Both investors and regulators anticipate auditors to possess technological proficiency, comprehending how technology can enhance the audit process. Concurrently, clients will demand an audit experience that can be delivered through technology-enabled audits.

    The evolving trends within the audit industry present opportunities and challenges. By keeping abreast of these trends, public accounting firms can adjust and thrive within the rapidly changing audit environment, ultimately delivering optimal services to their clients along with value additions.

    Read on to explore the top trends projected to revolutionize the audit landscape.

    1. Adoption of Data Analytics and AI in Auditing

      • Data analytics examines vast data sets, spotting patterns, anomalies, and fraud. At the same time, AI automates clerical tasks like data entry and reconciliation, empowering auditors to spend more time on higher-level responsibilities like risk assessment and analysis.
    2. Growing Emphasis on Cybersecurity in Auditing

      • As cyberattacks become more frequent, auditors evaluate their clients’ cybersecurity practices. It includes assessing risks related to safeguarding sensitive data, systems, and networks, as well as evaluating internal controls for vulnerabilities that cybercriminals could exploit.
      • To address this trend effectively, businesses need to stay updated on cybersecurity developments, emerging threats, and regulatory requirements like GDPR and CCPA. Collaborating with cybersecurity specialists and using specialized tools like penetration testing and vulnerability scanning can supplement the audit procedures.
    3. New Audit Standards: SASB & ESG Reporting

      • An emerging trend in auditing involves adopting new standards to meet evolving stakeholder demands driven by concerns regarding ESG (Environmental, Social, and Governance) issues and the need for increased corporate transparency and accountability.
      • Notable standards in this area include the Sustainability Accounting Standards Board (SASB) and ESG reporting requirements, which guide how companies report on their ESG performance, including carbon footprint, social impact, and governance practices.
    4. Cloud Technology Adoption

      • Businesses are rapidly adopting cloud-based solutions, which offer benefits like enhanced data security, real-time data access, and remote work capabilities. Cloud solutions facilitate efficient collaboration, streamlined audit processes, and improved audit quality through easy document sharing and real-time client communication.
    5. Rise of Audit Automation

      • Businesses increasingly turn to automation to enhance efficiency by automating repetitive tasks using AI, and robotic process automation. It reduces manual work, minimizes errors, and allows to focus on high-value tasks such as Risk analysis.
      • Audit automation can cover the entire audit process, from data collection to report generation, ultimately improving audit quality and reducing completion time.
    6. Blockchain for Audit Transparency

      • Blockchain technology is being explored to enhance audit transparency and accuracy, particularly in financial reporting. It creates an immutable audit trail for verifying financial data, simplifying fraud detection, and expediting audits.
      • Auditors gain access to a secure and transparent transaction history, reducing fraud risk and improving efficiency. Smart contracts in blockchain automate audit processes, reducing manual work.
    7. Agile Project Management

      • Agile project management, known for its flexibility and collaboration, is gaining traction in audit practices. Auditors break down tasks into smaller segments and work in short sprints, allowing quick issue identification and real-time plan adjustments.
      • Agile practices improve audit efficiency, effectiveness, and communication, reducing errors and enhancing client value. CAs can leverage agile methodologies to improve audit quality and efficiency.

    Bottom Line

    • Embracing data analytics and AI to enhance audit efficiency and accuracy.
    • Adapting to the expanding scope of ESG and non-financial reporting.
    • Necessitating investments in technology and training.
    • Fostering a culture of continuous learning.
    • Freeing up resources for strategic planning, client management, and business development.
    • Upskilling and reskilling of talents
    • Thriving in the evolving landscape through a proactive approach.

    HLB HAMT: Your Trustworthy Partner in Simplifying Audits

    At HLB HAMT, our team of experts meticulously assesses every facet of your business to ensure they meet their diverse audit requirements, encompassing statutory audits and corporate reporting.

    Call our experts at +971 4 327 7775 or email audit@hlbhamt.com for expert assistance regarding all your audit necessities.

     

     

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    Varun R Chandra
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    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
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    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
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    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
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    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
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    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
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    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
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    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
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    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
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    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
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    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
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    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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