Benefits of auditing the firm: One of the main reasons to conduct an audit for a firm is to catch up with statutory requirements and regulations of ADNOC. Getting the firm audited thoroughly provides a peace of mind for concerned stakeholders otherwise they should be prepared to deal with heavy fines, losing potential customers and the firm’s reputation being tarnished. Hiring of audit experts can do wonders for the firm by inspecting the firm’s internal systems and controls. By carrying out a thorough evaluation of the firm an auditor can identify certain loopholes in order which allows the firm to make better financial decisions.
ADNOC no tolerance for fraudulent firms: It is imperative that firms hire a team of reliable auditors otherwise they could end up battling it out with ADNOC in the courts. Having the firm thoroughly audited makes the firm legitimate in the sense that the financial statements of the firm represents the current situation. Not having the firm audited at the earliest leaves room for fraudulent activities within the workplace over a period of time. The fact that managers are not even aware of such activities taking place can land the firm in trouble when it comes to presenting their financial statements to ADNOC. An auditor does not just identify fraudulent activities but also identify opportunities where such activities can take place. Connecting with a legitimate entity: Firms need to be aware when it comes to fraudulent individuals representing the ADNOC. The fraudster could pose as representatives of ADNOC by offering opportunities to provide certain goods and services. Firms end up paying more than they should due to being unaware and ADNOC have made a clear stance on such fraudulent activities by ensuring they do not deal with third parties. The onus is on the firm to ensure they do not respond to unsolicited business proposal from a third part and not share personal information with a party or a website that seems odd. Firms can tackle third parties by paying attention on the way they are communicating, use of fake emails and lastly requesting for advance payments.