If you want to elevate your business’s credibility and stay ahead in this competitive market, here are some of the top audit firms in Sharjah that can provide the expert services you need to reach the top.
In any business, maintaining accurate and transparent financial records is crucial for success. Auditing is vital in ensuring that companies meet regulatory standards and operate efficiently. Whether you’re a startup or an established company, finding a reliable audit firm can be a game-changer. We are here to take out that needle from the haystack, making it easier for you to find the perfect auditing partner for your business needs.
Types of Auditing Services in Sharjah
Here are some auditing services available in Sharjah:
External Auditing Services
An external auditor is a professional who independently examines an organization’s financial statements and records to ensure accuracy and compliance with accounting standards, laws, and regulations. External auditors are your trusted partners in your dream to staying on top of this competitive market in UAE.
Their expertise ensures your business meets the requirements set by the FTA and other regulatory bodies, boosting your credibility with investors, government agencies, and the public. To protect your business and to ensure it stays compliant contact experts for external audit services at Bestax.
Internal Auditing Services
An internal auditor (IA) is a skilled professional a company hire to independently review and assess financial and operational activities, including corporate governance. Their job is ensuring businesses follow laws and regulations, adhere to proper procedures, and operate efficiently.
Internal auditors deeply understand the company’s culture, systems, and processes. They provide assurance that internal controls are strong enough to manage risks, that governance processes are effective and efficient, and that the company meets its goals and objectives.
Hence to keep your business in Sharjah running smoothly and compliant with regulations, you need expert internal auditing services.
Stock Audit Services
A stock auditor, or inventory auditor, checks the accuracy of stock records by comparing them to the actual items in a store’s warehouses. Stock audits can be done internally by the organization or by outside auditors for clear and reliable results. If the audit isn’t legally required, you can either do it yourself or hire an outside auditor.
For quality stock audit reports, consider using expert stock audit services in Sharjah. BestaxCA is the most recommended and reliable stock audit service provider in Sharjah. They have a team of experts that can handle both your high-volume and low-volume inventory while adhering to legal regulations.
Financial Audit Services
A financial auditor reviews a company’s financial statements to ensure they are accurate and trustworthy. The result is an audit report from the auditor confirming that the company’s financial statements are fair, honest, and follow financial reporting standards. The main goal of an audit report is to enhance the credibility of a business’s financial health and performance. If you looking for experts to perform financial audits in Sharjah you can contact certified auditors from some of the top audit firms as discussed below.
Tax Audit Services
A tax audit is when the government checks a company’s financial records to make sure they have paid the right amount of taxes. Under Federal Decree-Law 7 of the Tax Procedures Law, all taxable companies in Dubai must maintain financial records for an FTA tax audit. Authorities will review these records and financial statements to ensure compliance with UAE tax audit regulations. To ensure accuracy in their tax liabilities, many businesses in the Sharjah hire tax audit services.
Top Auditing Firms in Sharjah
When it comes to auditing firms in Sharjah, several names stand out for their expertise and comprehensive services. Here’s a look at some of the top-rated firms you can consider:
BestaxCA is a trusted and top-rated financial and business consulting firm with a strong presence in Dubai and the Canada/US region. They offer a wide range of services, including:
- Business setup in Dubai/UAE
- Tax advisory
- Auditing
- Accounting & bookkeeping
- AML Compliance
- VAT registration
- VAT return filing
- Excise tax registration
- ICV certification
- Stock audit
- Corporate tax registration
At BestaxCA, the focus is on helping both national and international clients enhance efficiency, compliance, growth, and profitability. Their team of seasoned experts prides itself on delivering exceptional and timely results to keep your business ahead in today’s competitive landscape.
Established in Dubai, UAE, in 1972 by the late Mr. Awni Farsakh, Kreston Awni Farsakh & Co. has a long-standing reputation in the region. They provide a wide array of services, including:
- Audit & Assurance Services
- Litigation Support Services
- Financial Accounting & Advisory Services (FAAS)
- Taxation Services
Founded in 2001, JCA is an innovative, mid-sized firm offering outsourced accounting, auditing, tax, and bookkeeping services. They support clients in achieving their financial and commercial objectives, helping them to expand, enhance efficiency, and improve profitability.
Reyson Badger is a top auditing firm based in UAE, known for their professional team and years of experience in accounting and auditing. They deliver impeccable services and have a strong presence in Dubai and other areas of the UAE. Their services include:
- VAT Services in Dubai
- Liquidation Services in Dubai
- Accounting Services in UAE
- Forensic Audit in Dubai
Abdelhamid & Co is a trusted audit firm in the UAE, offering a wide range of services, including auditing, accounting, and advisory services. They are committed to delivering quality work that meets their client’s needs, helping businesses succeed in the competitive UAE market.
Deciding to choose a reliable auditor can significantly impact your business’s financial health and regulatory compliance. Each firm brings a unique set of skills and services, ensuring that you can find the perfect fit for your business needs in Sharjah.
Audit Process for Businesses in Sharjah
Introducing the audit process for businesses in Sharjah is tricky. Meticulous documentation is key to ensuring compliance and transparency. Here’s a comprehensive guide on the required documents and the crucial role of the auditor in this process.
Required Documents for the Audit Process
- Bank Statements
- Comprehensive statements of all business accounts.
- Credit/Debit Confirmations
- Confirmation for all financial transactions in the Books of Accounts.
- Invoices
- All purchase and sales invoices.
- Trade License
- A valid trade license is necessary for verifying business legitimacy.
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Founding documents of the company outlining its structure and governance.
- VAT Certificate
- Proof of VAT registration and compliance. For more information, refer to our VAT Blog.
- Corporate Tax Registration Certificate
Auditor’s Role in the Audit Process
- Gathering Evidence – Collection of relevant documents and information from the company.
- Verification with Third-party Sources – Cross-checking the provided information with independent sources.
- Trading Activities Examination – Review the company’s trading activities to ensure they are accurately recorded and compliant with regulations.
- Accuracy and Compliance of Financial Statements Ensuring the financial statements adhere to the International Financial Reporting Standards (IFRS).
- Financial Fraud Detection – Identifying any signs of financial fraud or irregularities.
- Money Laundering Checks – Monitoring for any activities that might indicate money laundering.
- Creative Accounting Practices – Detecting creative accounting that might misrepresent the company’s financial position.
- VAT Compliance and Record Maintenance – Verifying that VAT records are maintained accurately and in compliance with UAE laws.
Benefits of Hiring Registered Auditors
A registered auditor can be a Firm, Group, or individual who performs the examination and review of financial statements and is registered within the concerned free zone authority.
- Compliance with Standards and Regulations
- Ensuring that the business complies with local and international financial standards and regulations.
- Fraud Prevention
- Implementing checks and balances that prevent fraudulent activities within the company.
- Credibility Enhancement
- Increasing the company’s credibility with accurate and reliable financial reporting.
- Corrective Measures
- Identifying and suggesting corrective measures for any discrepancies found during the audit.
- Quality Control
- Ensuring that financial operations are efficient and of high quality.
- Shareholder Trust
- Building trust with shareholders through transparent and accurate financial reporting.
- Long-term Benefits
- Supporting the company’s growth and stability with reliable financial practices.
- Financial System Assessment
- Providing a thorough assessment of the company’s financial systems and processes to improve efficiency and effectiveness.
Now You Are All Ready to Choose Your Auditor!
Choosing the right audit firm is crucial for ensuring compliance, accuracy, and credibility in your financial reporting. With the right partner, you can prevent fraud, enhance shareholder trust, and maintain the quality control necessary for long-term business success.
For more information about auditing services, contact Bestax experts today. We are here to provide you with the best auditing services in Sharjah, helping your business thrive with reliable and accurate financial practices.
Contact Bestax Experts for the Best Auditing Services in Sharjah
FAQs About Audit Firms in Sharjah
How Do I Choose an Audit Firm in Sharjah?
To choose the right audit firm in Sharjah, consider the following factors:
- Reputation and Experience: Look for firms with a solid track record and extensive experience in your industry.
- Range of Services: Ensure the firm offers the specific services you need.
- Certification and Compliance: Verify the firm’s certifications and adherence to international standards.
- Client Reviews and Testimonials: Check reviews and ask for references from past clients.
- Cost and Value: Compare pricing structures and the value they provide for their services.
What Services Do Audit Firms in Sharjah Offer?
Audit firms in Sharjah offer a variety of services, including:
- Financial statement audits
- Internal audits
- Tax audits and compliance
- Risk management and advisory
- Forensic audits
- VAT consultancy and compliance
- Business advisory services
Are Audit Firms in Sharjah Certified?
Yes, reputable audit firms in Sharjah are certified and comply with international standards such as the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). They also adhere to local regulations set by the UAE authorities.
How Much Do Audit Firms in Sharjah Charge?
The fees charged by audit firms in Sharjah vary based on:
- The scope and complexity of the audit
- The size of the company being audited
- The specific services required
- The reputation and experience of the audit firm It is advisable to request quotes from multiple firms to compare pricing.
Can Audit Firms in Sharjah Help with Tax Audits?
Yes, many audit firms in Sharjah offer specialized tax audit services. They assist with VAT compliance and tax planning and ensure that your business meets all regulatory requirements.
