Auditing And Accounting Firms In Dubai

Seeking professional auditing services in Dubai is essential to ensure objectivity is met. An organization may result in risks that are worse or underestimated. It may affect the evaluation or can be misled

"The purpose of the annual audit is to enable the auditor to express his opinion on the financial statements of the company that are prepared by the company's management and presented for audit."

Running a business means looking for profits and not only for the impact of the loss. This is the reason the auditors are very important for each business. Auditing refers to objective assurance and it is an activity that helps in improving the operations of a company. It helps in accomplishing the company of its objectives by offering a disciplined and systematic approach to improve and assess the effectiveness of control, risk management, and governance processes.

AUDIT SERVICES

Broadly, Audit involves the following:

• In depth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
• Ensuring compliance with policies, procedures and statutes.
• Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
• Checking the genuineness of the expenses booked in accounts.
• Reporting inefficiencies at any operational level.
• Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.
• Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
• Issue of Audit Reports under various laws.

Types of Audits conducted:

• Statutory Audit of Companies
• Information System Audit
• Internal Audits

Internal audit

An internal audit is or not mandatory in the UAE is based on the organization size and managerial requirements. The audit firms in UAE take one or two weeks to complete the internal auditing of a medium-sized company.

Internal auditing helps in the efficiency and effectiveness of a business. It serves as a performance analysis measure. It proves as a risk management proactive tool by detecting inconsistencies or anomalies in the operations of a company or reporting. The internal auditing helps businesses revisit the processes of a business, thereby offering the opportunity to improve and scale persistently. This approach has resulted in an increase in the number of audit firms in Dubai.

Benefits of hiring auditors

• Increases operational efficiency- The audit services in Dubai is about reviewing periodically the procedures and policies of an organization. These processes assist in reducing the risks of a business. The monitoring and reviewing allow identifying recommendations to promote business processes’ effectiveness.
• Protects Assets and Evaluates Risks- Auditors in Dubai protect assets and identify the risks through systematic assessment. This helps to know the business gaps and to overcome it within time.
• Effective Control- Auditing companies in Dubai work to improve an organization’s efficiency and this is done by controlling the risks of a business. Regular and periodic auditing allows identifying suitable solutions to business risks.
• Compliance with Regulations and Corporate LawsAuditing services Dubai prepares your company even for external audits. It prepares the internal audit and assists with legal documents for periodic internal audits.

There are many audit firms in Dubai, it is recommended to choose an audit firm in Dubai that has certified auditors with sound knowledge of the systems, business milieu, and process to assist and to meet predetermined goals and objectives as a systematic approach to improve the risk management effectiveness, and to control the process.

The basis of our audit is a common methodology it means we deliver a consistent service and approach wherever our clients do business. We tailor it to your individual business needs and specific risks to make sure our audit is focused on what matters most to you.

The key to a valuable compliance service is the strength of the relationship between the client and the service team. This enables our member firms’ work to be thoroughly and accurately planned and tailored to each client’s specific needs.