marketing industry audit

MARKETING INDUSTRY AUDIT IN UAE

WHAT IS THE MARKETING INDUSTRY ABOUT?

First of all, we must know what is the marketing Industry before analyzing the marketing industry audit. Any organization that helps a company develop, implement, and sustain a marketing strategy is deemed a marketing firm. 

These specialized companies are consultants that companies of any size and in any sector can use to strengthen their marketing initiatives. These consultant companies are called marketing companies.

Marketing in all forms is growing given everything in UAE. Being a business center in the Middle East, the UAE has more than 150 marketing and advertising companies.

According to analysts, the burgeoning marketing industry has grown by an average of 22% over the last ten years, driven in large part by the UAE's economic development.

The success and growth of a business depend heavily on marketing. Hiring a team from a marketing company if you're having trouble coming up with a good marketing mix. It will be a rational business move to make the investment.

Despite having a sizable amount of online marketing activity already going on in this nation, which serves as a hub for trade and tourism in the region, there is still a sizable amount of untapped potential in other forms of marketing here.

Dubai has established itself as one of the major hubs for print, broadcast, and digital media in the Middle East over the past 15 years, broadening the horizons of marketing.

Comprehensive coherent marketing emphasizes the fact strategies to strengthen the effectiveness and success of your company's marketing activity and serves as a standard for monitoring future marketing activity.

An organization revising its business strategy frequently aids in audits. A marketing company’s audit can provide management with accurate data for decision making leading to indispensable consumer and market data that is essential for assisting them in setting practical business goals.

WHAT ARE THE ELEMENTS TO CONSIDER THROUGHOUT THE MARKETING INDUSTRY AUDIT?

• Evaluation of subsequent audits
• Acquire confirmation from the Office of Internal Audit Services
• An assessment of the auditing program
• Undertaking practical Fieldwork
• The creation of the report
• Management's statement
• Concluding Meeting
• Disbursement of the conclusive audit report

WHAT ARE ESSENTIAL AUDITING REQUIREMENTS TO BE MET BY A MARKETING FIRM?

Marketing organizations must properly organize their records in accordance with all the policies required for auditing procedures before the auditing operations begin.

Corollary, a marketing business in Dubai, must adhere to all inquiries made by the auditors during the yearly audit. Consequently, as a marketing company in Dubai, you must submit the following documents as part of the audit process:

• declarations of your company's borrowings
• copies of the legal paperwork you use for business
• Statement on payroll
• all boards' minutes
• Invoice General Ledger

However, carrying out an auditing process is not simple, particularly if you are not versed in the intricacies required to conduct the entire process efficiently.

And with the growing and evolving marketing industry, there is a need for outsourcing and thus businesses require consultants who can use this critical information in the audit process as precisely and successfully as possible.

Hiring such service providers will save you time and resources and give you an expert's opinion and tailored solutions for your enterprise.

The professionalism they work with has given higher accuracy, transparency, confidentiality, and orderly workflow.

WHY SHOULD A MARKETING COMPANY GO FOR AN AUDITING SERVICE PROVIDER IN UAE?

• Presents a true and fair picture of the organization
• Detects and prevents fraud
• Helps management in decision making
• Compliance with the law
• Attracts investors
• Increases goodwill
• Expertise and experience
• Saves time and resources
• Verification of internal control
• Reduction in cost

The team or individual who conducts a business audit is known as an Auditor. In a company established on the mainland, the management can choose any auditor as they please, but in the free zones, only an approved auditor can conduct an audit.