Qatar is one of the leading countries in the world when it comes to the field of Finance. QFC has created a free zone for the country with its primary focus on finance. QFC, operating since 2005 is based out of Doha and offers the legal and business infrastructure to deliver world-class financial services.
QFC offers a legal framework that proficiently services the needs of emerging markets for money management. QFC’s free zone has a bigger scope when it comes to the inclusion of non-regulated activities.
Some of the activities that QFC offers support for include
- Advice on Investment
- Islamic Finance
- Insurance and Re-Insurance
- Asset Management
QFC surely opens more avenues for the foreign companies looking to operate and work in different industries, within specialized domains. Businesses entities can seek more growth and get a global market exposure as well as presence.
The above-mentioned industries can surely be considered getting registered in QFC (Qatar Financial Centre). Once you know that you need to establish your business in QFC, you can check out the different benefits of incorporating your business enterprise in Qatar.
BookkeepingQatar.com offers external auditing services for companies registered in QFC.
Benefits of External Auditing for QFC (Qatar Financial Centre) Registered Companies
When you have an external audit of your QFC registered company in Qatar, it helps you get an overview of the ongoing business processes. You can ascertain the correctness and accuracy of your Qatari business’s book of accounts. Auditors present to you an audit report that simplifies the entire process that enables the management to take remedial actions to improve slow processes and report on providing a better understanding of the different departments.
External auditing offers business owners a chance to work with an external auditing firm in Qatar to look for and improve existing accounting processes with a more critical approach.
A business to operate in Qatar needs to comply with the local laws set by the QFC (Qatar Financial Centre) for operating under its rules. A Qatar-based external auditor understands better how to maintain the books of accounts to comply with the rules and regulations as per authorities’ requirements.
A financial audit of a company held frequently keeps the accounts and finance department compliant with the relevant rules and regulations. An external auditor ensures that the company’s accountants remain updated on the need for compliance with any new regulations by the government or concerned authorities.
An Outsider or Neutral Perspective
An external auditor auditing a company in Qatar acts as a third party with no commercial interests tied to the business organization. Since external auditors do not have any conflict of interest, they can report their auditing findings based on the situation on the ground. An external auditor gives a neutral perspective which can be difficult for the owners of an organization to attain with their internal auditing team. Such an audit exercise also helps overcome areas of business that are contributing to waste, resultantly increasing profits.
Since an external Qatari auditor streamlines the processes, there are fewer chances of wastage, saving time and resources. A detailed report helps the management re-align its focus on departments that need improvement, with a clear line of action given. An efficient business operation further adds to the profits of the company, allowing it to spend more on adding more resources and creating more employment resources, further contributing to the economy of Qatar.
When you hire an external auditing firm in Qatar, you are able to offer a more accurate and detailed report of the past and present work that the company has done. This financial performance history of a company lets the investors easily decide if they want to invest in a business organization or not. Thus, potential investors interested in investing in businesses in Qatar can greatly benefit from an external auditing company.
Identifying and Overcoming Weaknesses
When you scrutinize an audit report, the company’s management is able to decide if the business processes need improvement or not. Such detail lets the management easily identify the weak areas and the management takes remedial measures accordingly.
These are some of the benefits of getting an external audit of a company in Qatar. There are many other benefits of getting an external audit, we only shared some of the most important ones. If you are looking to get an external audit of your company registered in QFC (Qatar Financial Centre), please get in touch with bookkeepingqatar.com at info[at]bookkeepingqatar.com or give us a call at +974 5090 5844.