Importance of the Opinion of Independent External Auditor

In the audit of the financial statements, the opinion of an independent external auditor has always been extremely important in the audit of money laundering prevention due to the independence that the auditor should have in relation to the company in question.

Remember that the purpose of the audit on money laundering prevention is precisely to discover the improvements, the areas of opportunities, to evaluate whether or not the specifications of the national and international provisions are met in full, to identify the risks and their levels and to detect the products and services that have not been seen, and thus to be able to issue the recommendations to improve the processes in the company.

While it is true that the internal audit is less costly for the companies for the reason that they can count on the internal staff as well, who have the experience and know the operations of the company very well. Since they are involved in the system, they even know of the weaknesses as well as the needs, which help in rendering a precise report with all the areas of opportunities that requires improvement and the follow-up.

But it may not be always like this for the reason that the eye of the internal auditor, being always focused on the company, does not allow him to go deep in his revisions and that is where the external auditor assumes the total importance for his total independence, since his opinion to be issued will be much more objective.

Once the audit process is completed, this opinion will allow the companies to carry out a remediation plan based on the critical and independent observations of the auditors for the reason that this review process not only identifies the weaknesses but it also aims to bring about the improvements, remedial measures for deficiencies in the prevention processes.

Finally, it is important to note that the opinion issued by the external or internal auditors must comply with each and every one of the substantive requirements that the provisions indicate. In case of the failure to send the opinion, it is subject to sanction by the national banking and securities commission, coupled with the fact that not every auditor can issue such an opinion, so it must be duly certified.

To get more information and to meet the professionals of the supreme auditing firms in Dubai, pay a visit to rethink-hq.com so that you engage the best auditors in Dubai.

Leave a Reply

Your email address will not be published. Required fields are marked *