What We do

One of the main benefits of an external audit conducted by audit companies is its independent opinion on your company’s annual financial statements. This independence is a key characteristic of auditors, as it allows them to provide an objective appraisal of your financial situation. The goal of auditing companies in UAE is to review the transactions and balances in your accounting records to determine whether they are accurate, true and complete.

The first step involves appointing a reliable external audit firm in the UAE for your business. Typically, shareholder(s) decide on this at the annual general meeting, selecting the best audit firm for their business based on the auditor’s skills, experience, qualifications, and reputation.

It is essential to get a professional audit team that can get things done, where your initial communication is already clear, as they can already define the audit’s scope, timeline, and procedures. This helps ensure that the process is productive and efficient. There are a lot of audit companies to choose from, but the audit team you select for your business should possess the necessary qualifications and expertise to thoroughly evaluate your business’s financial information, uphold control standards, and identify potential risks.

In the UAE, certain freezones require audit companies to be specifically approved within that freezone to conduct audits, ensuring that they adhere to the specific regulatory frameworks and standards. Like in DMCC, only approved DMCC auditors can conduct audits, the same applies to DWC and other zones.

Before the audit kicks off, business owners need to ensure that their documentation is well-organized and easily accessible. Auditing companies in the UAE will need sufficient information to evaluate the business’ financial statements and provide an independent opinion.

You can expect auditors from your appointed audit company to reach out for various documents, including legal papers, trade licenses, share certificates, and previous audit reports. They will also ask for transaction records and any other supporting documentation necessary for a more comprehensive assessment.

Throughout this phase, auditors may conduct interviews and ask follow-up questions to gain a deeper understanding of your operations, ensuring they have all the context needed for a thorough review.

The assigned audit company will evaluate whether your financial statements provide a true and fair view of your business’s financial position. They check for compliance with international reporting standards and ensure adherence to relevant regulations.

It is crucial for businesses, especially in regulated industries to comply with local laws governing external audits. Auditors will conduct substantive analytical procedures, examining data trends and relationships to ensure completeness and accuracy.

After a thorough review, appointed audit company will compile their findings into a detailed report, offering an independent opinion on the accuracy of your financial statements and any suggestions for improvement.

In this final phase, auditors draw conclusions based on the evidence gathered during their work. They express their opinion in the audit report, indicating whether the financial statements fairly present your business’s financial position in accordance with applicable standards.

If any issues are identified, auditors will suggest corrective actions to help your organization enhance its financial practices.

Independence is vital for external audit companies to ensure unbiased judgement. This fosters confidence among shareholders and stakeholders that the audit will be conducted fairly and impartially.

The key stages of the audit process mentioned above can help business owners better prepare for the experience and gain valuable insights into their financial health. Business owners can embrace the audit as a chance to improve transparency and strengthen their organization’s operations.