External Audit Services In Dubai

In order to comply with UAE laws, businesses need to maintain proper books of account and financial statements. The FTA and other relevant authorities need assurance that each entity participates in legal transactions. Audits are now a mandatory requirement to verify that your records and calculations are accurate. All businesses should take assistance for external audit services in Dubai and ensure compliance with the UAE government laws. Take a look at this guideline for the requirements and procedure for doing an external audit.

What Is Financial Audit?

The financial audit is the way of inspecting the accuracy of your financial records and operations. This analysis of business accounts is always done by an independent audit firm in UAE. The external auditors study your business and determine the current financial position.

Internal Auditors VS External Auditors

The key difference between external and internal auditors is their scope of work. The internal auditors assure the control system of the organization, risk management, and other non-financial matters. While external auditors are a group of independent bodies who are concerned to look over the accuracy of accounting records and financial statements.

Does A Business Need Financial Audit In UAE?

The financial audit is necessary for all companies registered in the United Arab Emirates. A financial audit report is significant in assuring the credibility of accounts as it is processed as per International Financial Reporting Standards (IFRS). Businesses need this financial document when they want to renew their license, to get a loan, or for any other reason. By doing a financial audit, investors and stakeholders can feel confident that financial statements are accurate and reliable. Additionally, by conducting an external audit of the business, the management can gain a better understanding of the business and its environment. That is the reason small or large companies always prefer to outsource certified financial audit services in Dubai, UAE.

Requirements For External Auditing

External Auditors in Dubai must collect the following documents and details in order to prepare a comprehensive and independent audit report: 

1- Verify Trial Balance & Ledger

To examine the debit and credit balances in an external audit, it is essential to examine the trial balance and general ledger on the priority.

2- Info About Fixed Assets

To prepare accurate financial documents, the record of accurate invoices and receipts of fixed assets purchased. It must be collected for an exact balance sheet.

3- Bank Accounts Details

While getting external audit services in Dubai, the auditors must ask for the details of the company’s official bank account.

4- Details Of Business Loans

The company’s loan documents are required for an audit report that must contain precise information regarding payments.

5- Information On Payroll Reports

The external auditors in Dubai must ask for the details of the payroll reports to verify the tax liabilities and expenses and cross-check the financial data of the company.

External Audit Procedure

To outsource your external audit services in Dubai, we recommend the following designed procedure:

• Appoint the independent auditor.
• Granting approval to the audit project.
• Overall planning & audit strategy.
• The collection of evidence.
• Compiling the Audit Report.

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Advantages Of Doing External Audits

Each small and large enterprise deals with accounting and financial matters on a daily basis. Their accuracy and authentication are needed in the case of license renewal or requesting a loan, and other such situations. Below we will discuss some amazing advantages of doing an external audit:

1- Insight Financial Stability

The accountant provides the business with regular financial reports that do not explain its current status. Moreover, when you hire financial auditors you get a complete insight into the company’s profit and loss statement and also what changes are required to boost its financial position. They also recognize faults in existing financial statements and recommend corrective solutions. Thus it’s best to get certified financial audit services in Dubai.

2- Assure Business Credibility

Professional external audit services help businesses to examine the reliability and validity of accounts. The auditors verify the financial transactions and books of record to ensure business credibility. If investors, partners, or stakeholders find errors in transactions it will definitely affect the profitability of your company. So, hire the top auditors in Dubai today to eliminate your worries in the future.

3- Providing An Unbiased Evaluation

As external auditors are the third party who work independently and provide a fair report of company financial records. They don’t have any direct relationship or ownership in the organization. That’s why they evaluate business accounts and make an unbiased audit report. This will also help government authorities to evaluate the financial condition of the company.

4- Compliance With State Regulations

The UAE’s government has strict laws governing the financial operations of small, medium, and large-scale businesses. If you are doing business in the UAE, you must appoint auditors for external audit services in Dubai, Sharjah, Abu Dhabi, and other Emirates. They will review the financial records of an organization and make sure that they are in compliance with government regulations. Also, they will ensure that the accountants of the company are aware of the rules and regulations of the government and the local authority.

Get Certified External Auditors In Dubai

BestaxCA is a team of qualified and certified chartered accountants in Dubai, United Arab Emirates. We are associated with the country’s top external auditors to help our domestic and international customers. We are tailored made to verify the company’s financial records in compliance with UAE audit laws. Our external auditor provides the best and most reliable accounting solutions for businesses. With the help of our auditors, you can maintain a better position in the market that will keep your business ahead of the competition. We are regarded as one of the top auditing firms in the UAE with many years of experience. You can rely upon us for any other type of auditing. You are welcome to contact us if you need help with an external audit service in Dubai.