External Auditing of QSTP (Qatar Science and Technology Park) Companies
QSTP is located in Qatar’s Foundation Education City. It is a technology park established back in 2009 with a focus on giving technology firms a home in Qatar. It is a zone that offers many great incentives for enabling the various business entities to operate at their full potential. Some of the big names that operate in Qatar Technology Science Park include GE, Shell, and Microsoft.
Here are some of the activities that QSTP companies associate with.
- New developments in different technological fields
- Research and development
- Development of new business
- Training and Education
As the name suggests, QSTP is a Qatari-free zone that primarily focuses on technology and as an upcoming platform for supporting tech-driven businesses in Qatar.
Advantage of External Auditing Services for QSTP Registered Companies
Authentication of Your Company’s Accounting Information
An external auditing firm in Qatar provides an objective view to reflect on a company’s financial health and wellbeing. For instance, if there is a business run by a Qatari family, the prospective lenders would like to have a look its financial situation by hiring an external third-party auditing firm for the potential to get future investments.
Top company directors and executives can use the information provided by the external auditors to review financial accounts and accordingly confirm to shareholders if the business can achieve its set business objectives.
The inaccuracy of financial accounts can result in all types of compliance deficiencies. Businesses registered in QSTP (Qatar Science and Technology Park) need to correctly report their financial information to avoid potential penalties, legal problems, or even dissolution.
Business owners that run private companies in Qatar are responsible for the success of their commercial enterprise. They sometimes find it hard to review all the accounting information to give a periodic review.
External auditors can submit findings to let the owners know if there are any financial compliance issues that they need to fix. They need to identify the areas of improvement and external auditors can surely help give periodic reviews to ensure that they remain profitable and keep improving their commercial venture.
Test Efficacy of Internal Controls
An external audit service in Doha will look at the internal controls in place to ensure they are effective, including approvals and relevant authority checks.
One of the reasons that a lot of company ownerships prefer external auditors is because they are not part of your organization. Therefore, they do not have any conflict of interest and can provide an objective opinion. External auditors can also give you an idea of the efficiency with which your business is run, generation operations, and also ways to make further improvements.
Areas and processes that can help you better streamline, enabling you to reduce waste, eliminate inefficiencies and overcome existing business risks.
Prevent Fraudulent Activities
Wherever there is a business, it has got employees and chances of errors committed purposely. This may mean that you are unable to find leaking of profits because you cannot find someone impartial within your organization. External auditors analyze your company’s accounting processes to help you overcome such vulnerabilities as embezzlement or fraud.
A professional external auditor evaluates the risks of fraud to counter it with systematic procedures for its timely recognition that many business owners are unable to do. The hiring of external auditing services lets you introduce more anti-fraud mechanisms, helping you uncover material discrepancies.
External auditors focus primarily on improving your company’s business operations. Therefore, they are not looking at favoring someone by altering the facts derived from the auditing report. They can identify financial misstatements covering fraudulent activity.
Make Well-Informed Business Decisions
An external auditing expert can also provide operational reviews to help your organization with various best practices for improving the opportunities and competitive advantage. The gathering of performance data and gaps in services or programs assists your business in better preparing a strategic methodology that ensures better performance and more value for shareholders.
Operational reviews by external auditors can help Qatari business organizations highlight policies that need revision and improvement in processes no longer delivering bottom-line results. This approach helps identify and take timely corrective actions, further adding to operational efficiencies.
Without a doubt, some Qatari companies consider an external audit as an expense, still in a tightly competing marketplace like Qatar, it provides organizations a nice overview of their company’s financial health. The ability to see bottlenecks and overcome them helps an organization better assess and improve accounting processes, errors and provide solutions accordingly.
Let BookkeepingQatar.com conduct an external audit of your QSTP (Qatar Science and Technology Park) Registered to empower you to make informed decisions and improve your business operations. Even if you do have an internal accounting department, when you work with external auditors of BookkeepingQatar.com, you will surely be able to ensure compliance and can authenticate your company’s financial information.
Get in touch with BookkeepingQatar.com for more we can help by calling at +974 5090 5844 or drop us an email at info[at]bookkeepingqatar.com.