External Audit Services In Dubai
To comply with UAE laws, companies must maintain proper accounting and financial reporting. The FTA and other relevant authorities need to be assured that each company is engaged in legitimate business transactions. Audits are now a mandatory requirement to make sure your records and calculations are accurate. All companies should take the help of external audit services in Dubai to ensure compliance with UAE government laws. Check out these guidelines outlining the requirements and procedure for conducting an external audit.
What Is Financial Audit?
A financial audit is a way of checking the accuracy of your financial records and operations. This analysis of business accounts is always carried out by an independent audit firm in the UAE. External auditors study your company and determine its current financial position.
Internal Auditors VS External Auditors
The main difference between external and internal auditors is the scope of their work. Internal auditors provide assurance on an organization’s system of controls, risk management, and other non-financial matters. External auditors, on the other hand, are a group of independent bodies whose task is to verify the accuracy of the accounting records and financial statements.
Does A Business Need a Financial Audit In UAE?
A financial audit is required for all companies incorporated in the UAE. The financial audit report is important to ensure the reliability of the accounts as they are prepared in accordance with International Financial Reporting Standards (IFRS). Companies need this financial document if they wish to renew a license, obtain a loan, or for other reasons. By carrying out a financial audit, investors and stakeholders can be assured that the financial statements are accurate and reliable. In addition, an external audit of the company can provide management with a better understanding of the company and its environment. For this reason, small or large companies always prefer outsourcing to certified financial audit services in Dubai, UAE.
Requirements For External Auditing
In order to prepare a comprehensive and independent audit report, the external auditors in Dubai are required to collect the following documents and information:
1- Review the opening balance sheet and general ledger
In order to verify the debit and credit balances in the external audit, it is important to check the trial balance and the general ledger on a priority basis.
2- Information on fixed assets
To prepare accurate financial documents, and keep accurate records of invoices and receipts for purchased fixed assets. This needs to be compiled to prepare an accurate balance sheet.
3- Information on bank accounts
When obtaining external audit services in Dubai, auditors should request information on the company’s official bank account.
4- Information on business loans
Business loan documents are required for the audit report, which must contain accurate information on payments.
5- Payroll information
External auditors in Dubai should request payroll information to verify tax liabilities and expenses and to cross-check the company’s financial records.
6- Other information and documentation
BESTAX CA is a reliable and most trusted audit firm that believes in rendering its services to give your suitable resolution.
We may require other or additional documents such as ownership, and shareholder documents as per International auditing standards and UAE local laws for a better assessment of the audit. The additional documents are required keeping in view the nature of the audit, and its structure, and varies from client to client.
External Audit Procedure
To outsource to an external service provider in Dubai, we recommend the following procedure:
- Appoint an independent auditor.
- Approval of the audit project.
- Overall planning and audit strategy.
- Collection of evidence.
- Preparation of the audit report.
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Benefits of external audits
Every small and large company deals with accounting and financial issues on a daily basis. Their accuracy and authenticity are necessary in case of license renewal or loan application and other similar situations. Below we will look at some of the surprising advantages of having an external audit:
1- Insight Financial Stability
The accountant regularly provides the company with financial statements that do not explain its current position. In addition, hiring financial auditors will give you a complete insight into the company’s profit and loss account and will also tell you what changes are needed to improve the company’s financial position. They also recognize errors in existing financial statements and recommend corrective solutions. Thus, it is best to get certified financial audit services in Dubai.
2- Ensuring the credibility of the company
Professional external audit services help companies verify the reliability and validity of their accounts. Auditors examine financial transactions and accounting documents to ensure the credibility of the company. If investors, partners or stakeholders discover errors in transactions, this will certainly affect your company’s profitability. So hire the best auditors in Dubai today to eliminate your concerns in the future.
3- Ensuring an objective assessment
As external auditors are a third party working independently, they provide an unbiased review of your company’s financial records. They have no direct relationship or ownership of the organization. They, therefore, evaluate the company’s accounts and prepare an objective audit report. This will also help the public authorities to assess the financial position of the company.
4- Compliance with national regulations
The UAE government has strict laws governing the financial operations of small, medium, and large companies. If you are doing business in the UAE, you must appoint auditors to provide external audit services in Dubai, Sharjah, Abu Dhabi, and other emirates. They will check your organization’s financial records and make sure they comply with government regulations. They will also ensure that the company’s accountants are aware of government and local authority rules and regulations.
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 best external auditors to help our local and international clients. Our services are tailored to review a company’s financial records in accordance 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, which will allow your company to stay ahead of the competition. We are considered one of the best audit firms in the UAE with many years of experience. You can also rely on us for other types of audits. If you need help with external audit services in Dubai, please contact us.