Audit

External Audit Firms in Dubai

External audit service in Dubai is a need for every small and large business organization in order to fulfill the criteria of government and authorities. Service offered by Audit companies 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.

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 is External Audit Service Offers in Dubai? And why is it important?

The term ‘audit’ basically means evaluation. An external audit service 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 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 for 3 to 5 years.

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

  • Statutory Audit Service in Dubai: The statutory audit report 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.
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Benefits of Audit Services in Dubai

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 service 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 Dubai: 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 Dubai 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

All the audit firms in UAE 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 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

At the end of the auditing process, an audit report is submitted by the audit firm 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

What are the “5 C’s” of Audit Finding

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

Aviaan Accounting; Top Audit Firm in Dubai

We have certified, trained and professional staff, and our firm is registered in the following areas of UAE:

  • DAFZA (Dubai Airport Free Zone).
  • DIFC (Dubai International Financial Centre)
  • DMCC (Dubai Multi Commodities Centre)
  • DSO (Dubai Silicon Oasis)
  • JAFZA (Jebel Ali Free Zone)
  • SAIF (Sharjah Airport International Free Zone Authority)
  • HFZ (Hamriya Free Zone Authority)
  • All other free trade zones and Mainland

Difference between Internal & External Audits

Internal Audit

External Audit

Audit Focus

To improve and preserve organizational norms and values

Ensure regulatory compliance and fair representation of statements

Audit Scope

Operations and Business processes

Accounting records

Primary Audience

Senior Management and Directors

Regulatory Authorities, Investors, and Customers

Auditor Skills

Interdisciplinary

Tax, Compliance, Finance

Employment Relationship

An employee of the Organization

Auditing Firm, Agency, third party

Why Aviaan Accounting is a Great Choice for External Audit Services in Dubai?

The external audit service in Dubai is extremely important for any sort of business and that the service hired must be able to assure you of value, and that is where Aviaan Accounting the best Audit firm in Dubai 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 Dubai,  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 Dubai 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 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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External Audit Services Offered by Aviaan Accounting the best Audit Firms in Dubai

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 Service 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 include profit and loss, change of equity statement, cash flow statement, balance sheet, etc.

Risk Management Audit Service in Dubai: Given the fact that there are various risks that could negatively affect a business’s performance, risk management audit services 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 Service 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 Dubai.

Internal Audit Service in Dubai: In order to help companies, improve their efficiency, assess internal risks, and achieve strategic goals, Aviaan Accounting the best Audit firm in Dubai 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 +971502155301 respectively. We will get back to you as soon as possible.

FAQs

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.

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.

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.

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.

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