What is Auditing?
In layman’s terms, auditing is the process of examining a company’s books and records to ensure that all transactions are correctly recorded. Auditing is a tool for detecting errors in a company’s books of accounts. To make the whole examination unbiased, the auditing is often conducted by an independent person who is qualified according to UAE law for the auditing. It can be done by an internal employee, but it is always preferable to entrust it to a third party. Businesses conduct audits at regular intervals, but it is not required for all types of businesses.