Audit

Audit

Aviaan Accounting is the leading internal and external service provider in Dubai, Abu Dhabi, Sharjah UAE. Auditors play a significant role in adding value to the ongoing operations of the company by identifying the underperforming areas, strengthening the corporate governance structure, and enhancing productivity. You will receive the following benefits through our internal and external audit service in UAE:

  • Strong internal control and business structure
  • Implementation of best practices and procedures
  • Maintain compliance with laws and regulations
  • Enhance operational effectiveness
  • Identify and remove non-value adding activities

Our team of expert professionals is trained to analyze the financial statements and accounts of the client company in accordance with the International financial regulation standards. Aviaan Accounting is committed to delivering accurate, credible, and transparent high-quality audit service to achieve client satisfaction.

Audit Firms in Abu Dhabi, Dubai, Sharjah, UAE

External audit services in Abu Dhabi is a need for every small and large business organization in order to fulfill the criteria of government and authorities. Services offered by Audit companies in Dubai, UAE and auditors plays an important role in assessing the financial value and standing of the company.

Dubai has, over the years, become a center for businesses of all kinds and sizes. Since the emirate offers business owners or those aspiring to set up one, suitable political provisions along with the prospects of earning high profits due to the booming economy, many choose to establish their companies here. In other words, business owners not just from Dubai or the United Arab Emirates, but from all over the world, come here to set up their businesses in Abu Dhabi, UAE .

However, while it is important to ensure that all the operations of your company are being carried out the way they should and that you are able to achieve targets, it also necessary to ensure that you are adhering to government guidelines and laws. One of the ways to choose the best Audit companies in Dubai for external Auditing.

What does Audit Services offer in Dubai, Sharjah, Abu Dhabi UAE? And why is it important?

The term ‘audit’ basically means evaluation. External audit services is evaluation of the company, to make sure of the fact that it complies with the various laws and regulations imposed by the government. The main purpose of the top audit firms in Dubai is to verify whether the company’s financial statements and records are accurate or not and whether they are providing the public with the right information with regards to the same and to evaluate its overall performance as an enterprise. It is the General Meeting of Shareholders that selects the top auditors/top audit firm in Dubai, UAE for 3 to 5 years.

The following two are the main  purposes of getting an external Audit services in Dubai:

  • Statutory Audit Services in Dubai: The statutory audit report in Sharjah, UAE serves as a means to enhance the company/firm’s credibility as well as reliability.
  • Client Evaluation by Audit Companies in Dubai: It helps in being proactive before doing any kind of business for prospective clients in evaluating the business/company.
External Audit Services - Audit

Audit Services in Dubai, Abu Dhabi, Sharjah, UAE

Audit Services in Dubai are an important requirement for all companies in the UAE. Public and private companies have different regulatory requirements for auditing in Dubai. However, stakeholders of all types of businesses are increasingly demanding auditing reports in Dubai, UAE.

An Audit provides an unbiased and fair opinion on the financial health of a company. Traditional auditing services in Dubai, UAE are related to the review of financial statements. However, companies are now increasingly demanding special auditing services in Dubai and around the world.

Auditing Services in Dubai, Abu Dhabi, Ajman, UAE

Aviaan Auditing is a leading accounting and auditing firm in the UAE. We have a team of professional auditors and Accountants that provide valued services to our clients in the UAE.

Aviaan is an approved auditing firm in the UAE. The Auditing reports in Dubai, UAE are approved by the Ministry of Economy (MOE) UAE.

Our team of professionals comes with years of multi-industry experience. We put the needs of our clients at the core and provide the valued services according to the needs of the clients. Our strength of professionals having multi-industry experience enables us to provide best quality auditing services in Dubai to our clients.

Update on Auditing Firms in Dubai, Abu Dhabi, Sharjah, UAE

With years of multi-industry experience and skilled professionals, Aviaan has become one of the leading auditing firms in Dubai. Our auditing team has extensive experience in auditing for MNCs across the UAE, US, and Europe. We ensure the legitimacy and accuracy of the financial statements of our clients’ businesses.

Our auditors in Sharjah, UAE follow the strict accounting and financial standards as per International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS).

Our unique approach is to understand the needs of our clients. We identify their business structure and develop an understanding of the regulatory and auditing requirements. We provide tailor-made services to our clients for all types of auditing services in Dubai that keep us above par from our competitors.

Key Types of Auditing Services in Dubai, Abu Dhabi, Sharjah, UAE

The prime objective of the top auditing services in Dubai is to ensure the financial statements’ accuracy. Auditing services in Abu Dhabi, UAE also provide useful information to all stakeholders in a company. The valuable information can be utilized by the company shareholders, top management, Board of Directors, Auditing Committee, and regulatory authorities.

Stakeholders in a business require different types of assurance on regulatory compliance and financial performance. Therefore, our expert auditors provide several types of auditing services in Dubai to our clients.

Some of our top auditing services in the UAE are listed below:

1. External Audit Services in Abu Dhabi, UAE

External audit refers to the examination of the financial statements of a business. The External audit provides objective and fair opinion on the accuracy and compliance of the financial statements of a business.

External audits in Dubai, UAE provide useful information on the financial performance of a business. It fulfills the needs of the company shareholders, top management, and regulatory institutes.

Check out our comprehensive External Auditing Services in Dubai.

2. Internal Audit Services in Abu Dhabi, UAE

Internal Auditing is the process of ensuring the effective implementation of internal controls developed by an organization. The top management of a business formulates the governance structure of a business and develops internal controls.

The role of internal auditors in Dubai, UAE is to identify the implementation of the internal controls to increase the efficiency and performance of a business. Internal auditing services in Dubai also help management in compliance with regulatory laws in the UAE.

Check out our comprehensive Internal Auditing Services in Dubai.

3. Compliance Audit Services in Dubai, UAE

Compliance audit refers to the evaluation of a company’s adherence to regulatory and law requirements. The scope of compliance auditing in Sharjah, UAE can be broader than financial compliance. It can include operational, taxation, employee remuneration, Anti-money laundering, VAT, ESR, and other business functions.

Our professionals can help your business management develop effective governance and compliance controls. We ensure that your business is compliant with local and international regulatory and law requirements.

Find out more about our Compliance Auditing Services in Abu Dhabi here.

4. Forensic Audit Services in Dubai, UAE

Forensic auditing refers to the special investigative inquiries about a business’s internal operations. It helps businesses in identifying and managing risks arising from financial crimes, bribery, fraud, embezzlement, misconduct, and non-compliance with laws.

Our Forensic auditing services in UAE can help you manage and reduce the reputational damage and compliance risks for your business. We ensure our valued clients achieve the highest level of business integrity through effective forensic auditing services.

Find out more about our Forensic Auditing Services in Dubai.

5. Financial Controls Audit Services in Abu Dhabi, UAE

Financial control Auditing refers to the comprehensive evaluation of the effectiveness of the Standard Operating Procedures in place. It ranges from covering the accounting and financial statements, record-keeping, resource allocation, budgets, and financial risk management.

Our expert auditors in Abu Dhabi, UAE evaluate the effectiveness of financial controls in place for your business. We adopt a holistic approach by covering each aspect of the financial performance of your business.

Check out our comprehensive Financial Controls Auditing Services in Sharjah, UAE.

6. Operational Audit Services in Dubai, UAE

The Purpose of operational auditing services is to examine the operational efficiency of a company. It provides useful information on the effective utilization of company resources. It indicates the operational efficiency of a business in terms of profits, production capacity, external benchmarking, innovation, research and development, and internal controls.

Our team of professional and experienced auditors can help you with Operational Auditing Services in Abu Dhabi.

7. Information Technology and Systems Audit Services in Dubai, UAE

Information technology (IT) and information system (IS) have become integral parts of modern businesses. It is a great enabler of business and economic success around the world. At the same time, it comes with several risks and threats for businesses.

Our qualified and skilled auditors in Abu Dhabi, UAE are equipped with the right tools to review your business IT and IS systems. We’ll ensure that your business has the right IT controls, integrity, and confidentiality in place.

Check out more about our specialized IT and Information Systems Auditing Services in Dubai.

8. Business Valuation Audit Services in Sharjah, UAE

Whether you want to form a new company in the UAE, sell, or buy an existing business; you’ll need expert advice. Our professional and qualified personnel will make sure you have the right business valuation and you complete the transaction smoothly.

We can help you in all business valuation processes. Our experts will use multiple methods to ensure you get the right business valuation services in Dubai, UAE.

Find out more about our Business Valuation Services in Dubai here.

9. Special Audits and Reviews in Dubai, UAE – VAT and ESR

Special audits, reviews, and investigations are conducted at the special request of a company’s top management. Special audits and reviews can be conducted to examine the special financial compliance, corruption, misconduct, or breach of internal controls.

An important task for special auditors in Abu Dhabi, UAE can be to ensure that businesses comply with regulatory changes accurately. Our professional auditors can provide you the special auditing services in UAE for compliance issues such as VAT and ESR.

Check out our Special Auditing and Review Services in UAE here.

10. Risk and Assurance Advisory in Abu Dhabi, UAE

A business can face several types of financial and compliance risks. Risk and assurance services ensure that a business has in place effective internal controls and risk management systems.

Our expert auditors and professionals in Dubai, UAE can help you formulate an effective risk and assurance management policy. We’ll ensure that your business integrates the risk management policy in every department effectively.

You can find more details on our Assurance and Risk Advisory Services in Dubai.

Auditing Services in Free Zones in Dubai, UAE

We can serve your business accounting and auditing needs throughout the UAE. Our special auditing services are in place for all the major free zones in the UAE. The free zone registered companies have stricter compliance and regulatory requirements.

Our professional auditors in Dubai, UAE can provide you the highest standards of auditing services in free zones in UAE.

Why Choose Aviaan Accounting and Auditing Services in Dubai, Abu Dhabi, Sharjah, UAE?

We are a Dubai Based leading accounting and auditing outsourcing firm. We have been providing the best auditing services in UAE to our clients. We have a team of qualified and experienced professionals to cater to our clients’ various accounting and auditing needs.

Our experienced employees have multi-industry experience in different countries. We take the unique approach of putting the client’s needs at the core of our services. Our strength is our professional team with unmatched skills.

Our best auditors in Abu Dhabi, UAE are well equipped with modern tools and experience to provide you every type of auditing service in the UAE. Whether you seek conventional auditing services in UAE or special audits, our professional auditors can help you in the best possible way.

Benefits of Audit Services in Dubai, Abu Dhabi, UAE

Audit Services in Dubai provide companies with an independent and objective view of the financial position after analysing cash flows, working capital, and business accounts. UAE government has stringent rules and regulations on small, medium, and large size organizations and most companies are unable to conduct a fair assessment of all transactions, which can lead to any legal issue. In order to ensure compliance with laws, companies need to hire external audit services in Dubai which will benefit them in following ways:

  • Expertise of Audit Firms in Dubai: Equipped with required expertise, knowledge, and experience
  • Detailed Assessment by Audit Firms in Abu Dhabi: Provide a holistic view of company financial health and standing
  • Compliance: Ensure adherence to industry standards and regulations
  • Strengthen Company Market Position: Improve financial credibility of the company
  • Avoid legal issues: Prevent any fraudulent activity and misrepresentation

What Part do Audit Firms in Abu Dhabi Play in the External Audit Process?

While audit consultants and audit companies in Dubai would do the work required of them, firms or companies need to keep certain documents ready, and some of them are:

  • Fixed assets details
  • Trade payables and receivables
  • Inventory details
  • Administration and selling expenses
  • Bank statements with transaction details
  • Secured/unsecured loans and advances information etc.

Accountability of Auditors and Audit Companies in Dubai, Sharjah, Abu Dhabi, UAE

All the audit firms in Abu Dhabi are answerable and accountable to government authorities including:

  • Ministry of the Economy (MOE)
  • Accountants & Auditors Association UAE (AAA)
  • Dubai Financial Services Authority (DFSA)
  • Real Estate Regulatory Agency (RERA)
  • Free Zone Authorities

In addition to that, all the users of the audit report in Dubai, UAE are also affected by the audit firm’s credibility and expertise, such as

  • Shareholders and Investors
  • Company Senior Management
  • Corporate Directors
  • Banks and Financial Institutions
  • Customers, Suppliers, Employees
  • Society-at-large

Audit Services: Importance of Audit Report in Dubai, Abu Dhabi, Sharjah, UAE

At the end of the auditing process, an audit report is submitted by the top audit firm in Dubai, UAE to the corporate leaders of the company. This report is important for the company to prove its financial transparency and credibility to the external and internal stakeholders. Other benefits of audit report include:

  • Enhancement of Company Credit Rating
  • Assessment of Internal Controls
  • Detailed Analysis of Accounts
  • Getting an additional perspective

Guidelines for Audit Findings in Dubai, UAE

  • Condition: It is the statement that elaborates the result of the audit in Abu Dhabi, UAE
  • Criteria: It is the standard that has been used to assess the performance
  • Cause: The reason for any inefficiency, fraud, or error in the accounts
  • Consequence: The difference between the significance of condition and criteria
  • Corrective action: Recommendation to resolve the issue

Aviaan Accounting: Top Audit Firm in Dubai, Abu Dhabi, Sharjah, UAE

Auditing is the method of checking financial records to ascertain if they are correct and in accordance with any relevant rules, regulations, and laws. Best Audit firms in Dubai, UAE are third parties that review accounting and financial records and provide an objective opinion. UAE requires that all companies have their financial reports audited. We have accredited, qualified and professional staff, and our firm’s registered in the following areas of audit services in UAE:

DAFZA is dwelling to more than 1,800 registered companies and 15,000 experts, who profit from a business-focused governing and tax situation that offers total control, complete repatriation of earnings, and a variety of world-class facilities in Abu Dhabi, UAE.

DIFC is a lively business ecosystem of over 25,000 specialists working across more than 2,400 active registered firms in Dubai, UAE. The benefit is a sturdy objective judicial system & regulatory framework, a global financial exchange, inspiring architecture, and enabling support services.

DMCC is a leading centre for trading international commodities and the fastest-growing Free Zone in Abu Dhabi, UAE. They support and facilitate trade in goods from gold, diamonds, and precious metals to tea, food, and industrial materials. They connect more than 18,000 businesses with world-class services.

Dubai Silicon Oasis is a globally distinguished free zone and an integrated technology park that allows people to live, work and play. Hosting modern technology-based industries and an urban master-planned community in an iconic location, DSO offers state-of-the-art infrastructure and in-house business services in Dubai, UAE.

Jebel Ali Free Zone is the flagship free zone of DP World and is an essential part of the DP World UAE Region’s combined business hub. The Free Zone in Dubai, UAE has grown into a trade impetus and a business community that offers unparalleled growth opportunities and market access.

SAIF offers tax-friendly benefits combined with complete ownership in a designated free zone at an unmatched strategic location. With every detail of thoughtfully structured and sturdy service support, they provide plenty of opportunities to connect and collaborate so businesses in Sharjah, UAE can focus solely on growing business.

HFZ is home to over 6,500 businesses from 163 countries. In addition to world-class facilities that include offices, warehouses, factories, and executive office suites. Hamriyah Free Zone also has over 15 on-site business services, like banking and auditing firms, currency exchanges, conference rooms, staff accommodation, and more.

  • All other free trade zones and Mainland

Why Aviaan Accounting is a Great Choice for Audit Services in Dubai, Abu Dhabi, UAE 2021?

The external audit services in Dubai is extremely important for any sort of business and that the services hired must be able to assure you of value, and that is where Aviaan Accounting the best Audit firm in Abu Dhabi specializes in. We understand that the auditing scenario has changed over the years and continues to change even today, with regards to regulations, competition as well as technology, and we offer to you highly experienced professionals who would be able to offer the right views and would thus aid in making the right decisions.

Moreover, Aviaan Accounting, the best Audit Firms in Abu Dhabi,  we are dedicated to using state-of-the-art auditing tools while following only the proven auditing methodologies to ensure that that the audit services we offer are suited for your particular needs. To make sure of the fact that our consultants are able to offer expertise, we work on their transaction, tax, and technology skills, and have made significant investments in digital technology as well as innovation to empower them. This has helped us to analyze both the risks as well as the potentials in our clients’ companies and has enabled us to identify problems and offer useful advice or expertise, which helps in the long run. Our audit services in Sharjah re designed in a way that they cater not just to investors, stakeholders, the audit committee, etc. but also to others.

Our team of consultants in Dubai, UAE is chosen after careful consideration and evaluation of their qualifications and would surely be able to help you with your auditing needs with utmost efficiency. We work towards helping them develop their digital technology skills so that they can be kept abreast of all the changes in the field of audit. In just a few words, Aviaan Accounting; top audit firm in Dubai strives towards offering to clients, different kinds of auditing services while ensuring the professionalism and efficiency of the services.

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Audit Services offered by Aviaan Accounting, the best Audit Firm in Dubai, Sharjah, UAE

As mentioned above, depending on the kind of clients and their needs, Aviaan Accounting the best audit firm in Dubai works towards ensuring that we can provide them with external audit services that are catered to their particular needs. Keeping in mind the business diaspora in Dubai, the following are the kinds of external audit services we offer:

Financial Audit Services in Dubai: It is aimed at identifying the issues that are concerned with the company’s financial operations and helping find solutions to the same, on a short-term and long-term basis. Financial audit reports in Dubai, UAE include profit and loss, change of equity statement, cash flow statement, balance sheet, etc.

Risk Management Audit Services in Dubai: Given the fact that there are various risks that could negatively affect a business’s performance, risk management audit services in Dubai, UAE help to identify such risks, and find solutions for the same. By doing so, the company can avoid any legal hassles or cost escalations.

Company Liquidation Audit Services in Dubai: The Dubai government requires that companies show a company liquidation audit report, which clearly indicates no liabilities. Owing to market instability as well as other economic factors, businesses with modes of monetary resources might have to liquidate the entity, and company liquidation audit processes can end up being quite long-drawn and complicated. Aviaan Accounting offers reliable company liquidation audit services in Sharjah.

Internal Audit Services in Dubai: In order to help companies, improve their efficiency, assess internal risks, and achieve strategic goals, Aviaan Accounting the best Audit firm in Abu Dhabi offers internal audit services.

In case you have any kind of doubts with regards to external audit services, do not hesitate to contact us immediately; you can drop in an email or you can call us at info@aviaanaccounting.com or +971567952590 respectively. We will get back to you as soon as possible.

Audit Process

 

Audit Planning Client Understanding Risk Assessment Perform Tests of Controls Performing the Audit Audit Report
Research the audit scope before making a comprehensive audit plan Eliminating the risk of material misstatement in the financial statements Understanding the entity and its environment is primary to risk assessment Analysing the effectiveness of the system of controls used by the company in detecting or averting material misstatements Check whether the company’s accounting records are in compliance with the local and international regulations including IFRS Audit report reflects true and fair opinion on the financial statements
Maintaining Open Communications during  the Process Gather background information Identifying the relevant risks in the company Qualified opinion, if the auditor is not satisfied with the evidence or explanations
Conduct Process Walk-Throughs Understanding the environment Assess the probability of the misstatement in the records arising as a result of such risks Placing reliability on the systems of controls based on the efficiency of the control system in place Evidence, external confirmations, and internal controls are crucial for forming an auditor’s opinion.
Identify  Risks to the Organization, Process, or Function Obtain an understanding of the internal controls An Audit report could be considered as an appraisal of the company’s financial position that could be used by stakeholders
Obtain Data from reliable sources before starting fieldwork Identify the key areas that are prone to the risk of misstatements Action plan to address the risk to mitigate its effect on audit Weak controls warrant the use of substantive testing by auditor Use of sample check with ratios and comparisons for effective audit.

What is Independent Auditor’s Report in Dubai, UAE

All the public limited companies listed in the capital market of Dubai, Abu Dhabi, and UAE are required to get their financial statements audited by an independent auditor annually. The internal audit report in UAE should have a Title, Addressee, Introductory paragraph, Qualified or unqualified opinion on the quality of financial statements, Basis for opinion, Key audit matters, Other information, Responsibility of management, Responsibility of the auditors, Other reporting responsibility, Auditor’s signature, and Date and place of a signature.

How Artificial Intelligence will change the Auditing Function in Dubai, UAE

Artificial intelligence (AI) is associated with sci-fi and engineering concepts. Artificial intelligence is changing the auditing function in UAE by helping process massive databases, hurrying up the accounting records recording, improving the way of processing the data, generating new risk classes, reducing the human interplay in auditing functions, and making AI specialized auditors necessary. The auditing function is progressing through a rapid transformation. The challenge persists for auditors in UAE to secure the true potential of AI for their advantage.

What is Auditing Evidence?

Audit evidence is crucial to support the auditor’s opinion and uphold the accuracy of financial reporting. It is vital for the worthiness of the company’s sincerity and development. The audit evidence in UAE should be sufficient, appropriate, reliable, and relevant. All auditors in Dubai should employ both internal and external sources to collect audit evidence. The varied techniques enabling auditors in UAE to collect audit evidence are Inspection of Documents and Records, Inspection of Tangible Assets, Observation Techniques, Inquiry, Confirmation, Recalculation, Re-performance, and Analytical Methods.

Everything you need to know about audit sampling in Dubai, UAE

Audit sampling in UAE is a selection of samples from activities illustrative of the actual transaction situations. The factors that influence the sample size are the probability of material misstatement, expected error to be more than the level of expected error, and level of tolerable error. The methods used for selecting samples are systematic selection, random selection, monetary unit sampling, and haphazard selection. The principal purpose of auditors in UAE behind conducting sampling is to provide appropriate data representing the population.

How does auditing in Dubai add value to a business?

Auditing in Dubai is the first and the most vital action for the management to recognize the business performance uncertainties. It checks for the sincerity of the transactions that help design the audit processes. The audit in UAE adds value to a company by pinpointing the flaws in a business, bringing more investors, enhancing business productivity, reducing the fraud rate, encouraging business augmentation, and assisting in decision-making. Auditing in Dubai is an opportunity for businesses to increase efficiency and move towards better profitability.

What is the Role of Auditors in Abu Dhabi, Sharjah and Dubai?

The auditing process is a requirement that every entity needs to endure without failing. The audit in UAE intends at bringing out operational or financial, or even managerial deviations. The role an auditor in UAE can play in the growth of a business is solving issues, weighing internal proceedings, developing plans for businesses, providing knowledge of experience in various fields of commerce, strengthening the audit process by playing synergist between business and the Government, and providing guidance.

FAQs

What is segregation of duties?

Segregation of duties is the concept of having more than one person required to complete a task.  Segregated duties help protect the University from fraud and error and shield employees from unwarranted suspicion.

Does every company need to get their audit done?

As per the Commercial Companies Law, Statutory audit in Dubai is mandatory for all companies. But the law is not the same for certain free zones. They have their own auditing requirement as per the applicable Free Zone Law.

What is the purpose behind conducting an Audit?

Audit is conducted to check the true and fair nature of an entity’s financial statements. It also examines whether statements are prepared as per the applicable framework, such as IFRS.

Is internal audit and External audit one and the same thing?

Certainly not,  Internal audit report is used by the management, whereas external audit reports are required by stakeholders and creditors. Also, internal audit examines risks with respect to internal controls laid by the company, whereas external audit examines complete financial position of a business.

References

  1. UAE Commercial Companies Law/ Federal Law No. 2 of 2015
  2. Financial Audit Authority – https://www.faa.gov.ae/en
  3. The International Auditing and Assurance Standards Board (IAASB) – https://www.iaasb.org/
  4. State Audit Institution – https://saiuae.gov.ae/en

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