In essence, audit services in UAE improve the reliability of financial data that clients generate for use by creditors, investors, and other stakeholders. We make a lot of effort to provide our clients with useful information that will, whenever possible, assist them to enhance their operations.
We also support large, medium-sized, complicated, and growth-oriented enterprises in the UAE thanks to our deep local understanding and genuinely global mindset. Moreover, our fundamental values of professionalism, ethics, quality, and diligence serve as the cornerstone of our audit services in UAE.
Types of Auditing Firms and Audit Services in Dubai
Auditing is the name for the accounting service provided by public accounting firms or certified public accountants (CPA) in businesses. During an audit, an outsider looks at a company’s financial or business data for a number of reasons.
Businesses in Dubai utilise financial audit services to reassure their stakeholders about the accuracy of their financial data and complete compliance with the law. These are the several types of audit services in UAE:
1. Internal Audit
Within an organization, this kind of audit takes place. The company’s owner requests the audit, which is done by a different person. Businesses that have shareholders or board members use this audit to keep them informed about the company’s financial situation. To verify the financial objectives, an internal audit is ideal.
Following are the main justifications for performing the internal audit:
- Recommending upgrades.
- Regulating efficiency.
- Ensuring that the company adheres to all applicable rules and regulations.
- Reviewing and confirming financial data
- Deciding on risk management strategies and policies.
- Checking the operational procedures.
The Institute of Internal Auditors (IIA) defines an operational audit as a systematic process of evaluating the efficacy, efficiency, and economy of operations inside an organization. In essence, it aids in tightening internal controls, cutting expenses, and eliminating irregularities.
This can be carried out by an internal auditor of the firm or outsourced; it is their duty to offer a solution to the company’s problems, which will encourage management to take appropriate action.
The moment has come to evaluate the efficacy and efficiency of your operational activities. Therefore, to find solutions to streamline your procedures, you can rely on our team of professionals.
2. External Audit
A third party, such as an accountant or a tax authority, conducts this audit. Although an external auditor is independent of your company and all employees, he or she must adhere to the Generally Acknowledged Auditing Standards (GAAS).
The major objective of the external audit is to only assess the correctness of the accounting records. Investors typically need external audits so they may feel confident in the veracity of the data and information pertaining to their company.
As soon as they are through auditing the organisation, the external auditors submit the audit report. Finally, these reports provide information about the entire procedure as well as the errors.
3. Financial Audit
This is one of the most prevalent audit kinds, and the majority of these audits are external audits. The auditor examines the integrity and accuracy of the company’s financial accounts during financial audits. In this approach, only auditors examine the transactions, practices, and balances. Following the audit, the third party provides investors, creditors, and lenders with the audit conclusion regarding the company.
Annual financial statements for public limited companies file with an auditor’s report that attests to them. In fact, the Commercial Companies Law mandates that every mainland company conducts an annual audit of its financial records.
However, all government agencies, financial institutions, shareholders, the general public, and other stakeholders have access to these audited financial statements. This provides assurance that management has prepared the financial statements in accordance with the relevant financial reporting framework.
As a result, this indicates a true and fair view of the business performance. Lastly, this is necessary to bridge the ownership and control gaps in the organization.
4. Tax Audit
Businesses must get ready for the tax audit that the tax authorities will conduct. Tax audit will examine the taxpayer’s accounting and bookkeeping records as well as VAT return submissions to confirm the taxpayer’s tax liability. Tax audits examine the company’s objectives, planning strategies, operational practices, and results in terms of tax compliance.
5. IT Audit
The IT audits have a big impact on software or IT companies. These audits spots issues with software development, data processing, and computer systems. This audit guarantees that users will receive accurate information while keeping data safe from unauthorized access. We provide IT auditing services for financial statements that adhere to IT standards.
6. Risk Management
Risk advisory services assist in assessing a company’s culture, systems, and processes to pinpoint and resolve issues. Therefore, this can aid in decision-making, support organizational goals, and guard against loss, harm, or damage to the company. Risk management can only integrate into your organization’s management, procedures, and technology in order to improve business.
Additionally, from risk assessment to any extent, our highly effective team manages risk initiatives across all facets of a company. Since employees are the company’s foundation, directors alone are unable to create and maintain effective risk management procedures. As a result, we must include team members at all levels in the process of sharing accountability and responsibility for managing business risk.
7. Compliance Audit
A compliance audit is carried out to make sure that your company is adhering to the rules and legislation pertinent to your particular industry. However, it also covers all of your legal and contractual requirements and their compliance. A compliance audit report is typically required by financial institutions or governmental organizations to attest that all daily operations and activities are being legally compliant with the protocols.
This varies from business to business; for example, a compliance audit for a financial institution will be regarding personal data, disaster recovery, or information backup; a medical facility business would be audited on personal information, surgery contracts, or any other law regarding.
Conclusion
Whereas numerous layers of complexity are added as a result of the thousands of rules that are periodically produced and occasionally changed by more sophisticated ones. We oversee these changes and will keep you informed of any proactive remedies. We are registered auditors in Dubai.
For the integrity and openness of the business’s financials, Shuraa India provides the best financial audit services in the UAE. However, the evaluation of a company’s financial statements is known as a financial audit. The outcome of the financial audit is a report that has been attested by the auditor and demonstrates that the company has provided a true, accurate, and objective financial statement.