External Audit Services in Dubai
In Dubai, routine auditing of business records and practices is done. It is carried out by licensed auditors who are not employees of or affiliated with the company being audited. External auditors are often chosen by the company's shareholders. To keep financial statements accurate and transparent, routine external audits are crucial. It provides a frank assessment of the truthfulness of the assertions and the business's financial standing.
The top auditors in Dubai provide external auditing services through RAWKSONS. On the financial statements prepared and delivered by the company's management, our auditors will provide their professional opinion. RAWKSONS's external auditing services will guarantee that your company's accounting and auditing are always error-free.
Why Dubai does external audits
For companies with a registered office in the UAE, external audits are required. The final published External Audit report is given significant weight by the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) compliance standards. The external audit report serves as a crucial financial record when approving loans, renewing licenses, etc.
After careful planning and consideration, RAWKSONS' skilled audit team performs auditing services in Dubai. The best auditors in the UAE that make up our team take the time to completely understand each company's financial status. Our auditors may identify the key risks and areas in which they are exposed through this procedure, and they can then concentrate their auditing efforts there. After carefully evaluating the internal controls and resources of our clients, we exclusively plan our external audits. This makes it possible for us to offer the external auditing services in Dubai that are most affordably priced. The suggestions made by our team enable our companies to make wise business choices that increase operational effectiveness.
Receive objective advice from experts
In order to lessen the issues brought on by incorrect financial data, RAWKSONS team of external auditors evaluates and enhances the client's business operations. Since they are not connected to the business, they may make entirely unbiased recommendations and give the audit report objectivity.
Verify their accounting records
Typically, business owners and entrepreneurs lack a thorough understanding of the necessary degree of accounting. They offer fundamental accounting data, which the external auditor examines. Our team of top auditors in the UAE verifies the data and provides opinions on its correctness and dependability. Business owners can easily obtain loans from lenders and investors by confirming their accounting information.
Scan for mistakes
Your company can identify financial statement mistakes by conducting an external audit. Professional auditors will additionally offer correction actions for any flaws they discover in your financial records in addition to simply checking for them.
Transparency is ensured
The best way to guarantee that the financial data is correct for all business stakeholders is to provide an external audit report. In turn, this raises the company's credibility and trustworthiness.
The benefits of routine outside audits in Dubai
- External audit ensures transparency of financial statements.
- Promotes good business practices.
- Identifies weaknesses in internal audits and control procedures.
- Acts as a tool for the senior management to make decisions on operations and investments.
- Helps in smoothening tax audits and filings for claims.
- Improves trust-factor of the company among stakeholders and investors.
Flowchart of external auditing in Dubai
The procedures followed for external audit in Dubai include
- Assigning a qualified Auditor
- Financial assessment of the business by the assigned auditor
- Company audit conducted by the auditor
- Verification of transactions and assets of the company and evidence collection
- Preparation and submission of the final audit report.
The External Audit Procedures
A well-planned audit encompasses all financial items with audit materiality. An audit involves collection and evaluation of evidence in support of conclusions arrived. The procedures which will assist the auditor in this direction are.
- Planning and risk assessment. Involves gaining an understanding of the business and the business environment in which it operates, and using this information to assess whether there may be risks that could impact the financial statements.
- Internal controls testing. Involves the assessment of the effectiveness of an entity’s suite of controls, concentrating on such areas as proper authorization, the safeguarding of assets, and the segregation of duties.
- Substantive procedures. Involves a broad array of procedures, of which a small sampling.
FAQs on external audit services in Dubai
1. How long does an external audit in Dubai take?
On average, external audits in Dubai take around three months from beginning to end. This includes four weeks of planning, four weeks of fieldwork, and four weeks of compiling the report.
2. Is it mandatory to have an external audit in the UAE?
The Commercial Companies Law in UAE decrees that regular external audit of accounts is required for all mainland companies.
3. Do FZE companies need to have external audits?
In the free zones, authorities demand audit reports as a mandatory requirement for license renewal. Some free trade zones like DAFZA, DWC, JAFZA, DIFC, DSO, and Creative City make it compulsory to submit audited statements.
4. Why do I need an external audit report in Dubai?
An external audit report can be of immense value for business since it is required during the loan sanction by banks in the UAE.
5. What is the purpose of conducting Financial Statement Audit?
An independent expert opinion from the management of the company is essential to ensure what is reflected through balance sheet/statement of financial position or Profit or Loss Account whether it is reliable or not. The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business
Why Choose Avyanco for external audit services in Dubai?
Avyanco Business Setup Consultancy provides business setup and accounting services in Dubai and other Emirates. Our team of best auditors in Dubai are experienced and skilled in providing top-quality auditing services for our esteemed clients following established best practices. We help our clients in carrying out comprehensive and precise performance analysis. Avyanco provides an accurate assessment of the competence of your internal control environment. Based on this assessment, our auditors share their valuable suggestions and fixes that help improve the business. Avyanco’s auditing services in Dubai go way beyond routine financial analysis and are customized to meet the specific auditing needs of our clients
If you need any kind of assistance in revamping your financial strategy or conducting an unbiased expert external audit, please get in touch with the Avyanco team of external auditors in Dubai at the earliest.
