AUDITING & ASSURANCE SERVICES
Financial Audit & Assurance Service Dubai
A financial audit is conducting a thorough examination of the financial records of a company. This examination will bring in view several essential conclusions such as future business focus, resource management, etc. Helping in predictive maintenance and future decision making.
There are very subtle differences between Internal audits and External audits in the UAE. The differences primarily are within company categorizations in terms of conducting internal or external audits for reference.
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The periodic audits of a company does not jeopardize its time and resources, although it’s possible that the company may have to temporarily halt internal operations for a while. Still, the advantages of a financial audit far outweigh the often overlooked and unforeseen problems caused to a business due to it. Some of the benefits of a periodic Financial Audits are –
The importance of auditing services and its various benefits should be availed by everyone. There are multiple benefits of conducting audits for a company.
Financial Audit Services Dubai FAQs
The Middle East and the gulf is widely considered as a lucrative business hub. Setting up a company can aid in acquiring new clients helping in expansion into newer markets. The Gulf Cooperation council governments have timely understood the importance of Foreign Direct Investments (FDIs) and have taken many legal steps to welcome foreign businesses in the country.
Every company in the United Arab Emirates must prepare an audit report. Although many jurisdictions in the country do not have a requirement of submitting such reports to the concerned authority, but nevertheless it is highly recommended that every business should prepare an audit report of the business.
An Audit helps in maintaining legal compliance and detecting fraudulent activity in the internal affairs of a company.
A periodic audit helps in the preparation of the annual audit report, which in turn, assists in filing for VAT, Insurance purposes, etc.
An audit also helps determine the company’s present financial status report helping to impact stakeholders and shareholder decisions that will affect the company’s future.
A timely audit helps the company to gain more credit by enhancing the goodwill, build social trust and gain confidence of the investors.
A financial audit not only assists the company in its survival and maintenance but also helps greatly during the liquidation of a company.
With the increasing incoming businesses growing every year in the UAE especially in Abu Dhabi and Dubai, the need for financial auditing services is also getting increasingly necessary. It is always advisable that a company should take the assistance of a professional top audit firm in Dubai that can assure and provide the entire gamut of financial and auditing services to be legally recognized, conduct its businesses unhindered & stay on top of the game.
Small scale businesses often think they do not require a financial audit as an audit is an overhead cost burden with an added time and money investment. This is a vast misconception across businesses and the management should take care that periodic financial audits of a company are being conducted at regular intervals. Since its benefits outweigh the doubts. Audits should be periodically conducted via registered or approved auditors.
There are mainly four basic types of Audit in the UAE .They are:
- Internal Audit
- External Audit
- Statutory Audit &
- VAT Audit
More about Financial Audit & Assurance Service Dubai
Audit & Assurance services in Dubai go way beyond the conventional game of figures and verifications. It involves a complex inspection and a thorough review of the client’s accounts and controls. Preferably conducted by an external vendor or service provider, preferably outside the company peripherals for an unbiased reporting of the organization’s financial position and internal state of affairs.
It’s practically impossible for business owners and investors to take time off from their busy schedules packed with several core functional activities including client meetups, travels, administration and executional tasks. Making it practically imperative to hire an external auditing service provider to check in on the company’s overall performance, manage account controls and keep a tap on the internal affairs. Here’s why a trusted audit and assurance provider in Dubai plays a vital role in building goodwill and generating stakeholder trust.
The unbiased audit report provides an opinionated review of the company’s financial statements that is both acceptable and acknowledged for its authenticity worldwide in line with the international auditing criteria.
Regulations, history, and facts
The GCC or Gulf Cooperation council has timely understood the importance of Foreign Direct Investments (FDIs) and has taken historic legal steps in an erstwhile tax-free regime to welcome and authorize foreign businesses in the country.
Now every company in the United Arab Emirates must prepare an annual audit report. Although many jurisdictions defer compulsory submissions to the concerned authority, nevertheless it is recommended that every business should prepare an annual audit report of the business.
The team of professional auditors conducts periodic audits of a business. In a company incorporated in the Mainland, the management may choose any random individual auditor but in the free zones, only an approved auditor or audit firm can officially conduct an authorized financial audit.
Audit requirements for a company are different in different jurisdictions. According to the size and nature of the business, its management should well plan and conduct the business audit. Advisably companies should conduct audits via our dedicated professionals which will help you understand your business better.
According to Commercial Companies Law, all companies which have been established in the Mainland must maintain the financial records of the company for at least the past five (5) years and get the financial records of the company annually audited
For a Free Zone company, an annual audit may not be a mandatory requirement. It solely depends upon the regulations of the free zone in which the company has been established.