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In today’s fast-paced and ever-evolving business landscape, the importance of maintaining accurate financial records and ensuring regulatory compliance cannot be overstated. Approved auditors in Dubai play a crucial role in providing internal audit, external audit, financial audit, and audit and assurance services to businesses operating within the city. This article will delve into the various services provided by approved auditors in Dubai and how they can help your organization achieve its financial and regulatory objectives.
Approved auditors in Dubai offer comprehensive internal audit services, which involve evaluating and improving the effectiveness of an organization’s internal control systems, risk management processes, and governance framework. By conducting a thorough internal audit, these auditors can identify weaknesses in your organization’s operations and provide recommendations for improvement, ensuring that your business remains compliant with applicable regulations and operates efficiently.
As a business operating in Dubai, you may be required to undergo an external audit to ensure that your financial statements are accurate, complete, and compliant with international accounting standards. Approved auditors in Dubai possess the necessary expertise and experience to conduct external audits, providing an unbiased and objective assessment of your financial records and giving stakeholders confidence in your organization’s financial health.
Financial audits are essential for businesses to ensure the accuracy and reliability of their financial information. Approved auditors in Dubai offer comprehensive financial audit services, scrutinizing your organization’s financial transactions, records, and reporting processes. By conducting a thorough financial audit, these professionals can detect any discrepancies or misstatements in your financial records, helping you maintain financial integrity and compliance with relevant regulations.
In addition to internal and external audits, approved auditors in Dubai provide a wide range of audit and assurance services to cater to the diverse needs of businesses operating within the city. These services include:
a. Compliance audits: Ensuring that your organization adheres to the laws and regulations governing its operations.
b. Operational audits: Evaluating the efficiency and effectiveness of your organization’s processes and procedures.
c. Information systems audits: Assessing the reliability and security of your organization’s IT systems and infrastructure.
d. Fraud investigation and forensic audits: Investigating suspected fraudulent activities and providing expert advice on fraud prevention and detection.
By engaging the services of approved auditors in Dubai, your organization can benefit from their extensive knowledge and experience in various audit and assurance services, ensuring that your business remains compliant, transparent, and financially sound.
Realtime approved auditors in Dubai provide a comprehensive range of audit and assurance services tailored to the unique needs of businesses operating in the city. By partnering with these trusted professionals, you can ensure that your organization stays compliant with relevant regulations, maintains accurate financial records, and operates efficiently. Whether you require internal audit, external audit, financial audit, or other audit and assurance services in Dubai, approved auditors are here to help your business achieve its financial and regulatory objectives.
We Real Time Auditors & Consultants is present in the market for the last 10 years with the highest professional quality, real-time service, and maintaining ethical values. Our qualified chartered accountants at various levels of execution of assignments ensure that requirements as per International Financial Reporting Standards (IFRSs), auditing standards, and relevant legal provisions are properly complied with.
People Usualy Ask
Internal Audit is a mixture of Assurance & Consulting Services. An assurance service involves examining evidence to express an opinion about an entity’s systems, operations, functions or other matters. The consulting service includes adding value and providing improvement recommendations for internal controls, risk management and entity management.
An internal audit can be performed by an internal audit team (employees of the accounting unit) or an external audit firm. Internal auditors report to the audit committee or the board of directors. Senior management may also initiate an internal audit.
Internal audit is not mandatory in the UAE. However, it is best practice to have an internal audit as it will add value and improve internal controls, processes, risk management and organizational governance. Internal audit will also reduce the risk of fraud through regular reviews and strengthened controls and processes.
An external audit is usually carried out annually. In the case of new entities, the audit period can be extended to 18 months from the date of establishment. At the same time, it must not be shorter than 6 months. The subsequent audit period will be for a period of 12 months and this period may be extended up to 15 months in the case of some free zones. If the company management needs a special audit, it can be carried out for a different period or even several years.
Internal audits are responsible for measuring current performance of business and finding the flaws areas. External audits focus on proving the correctness and truthfulness of the financial statements
The method of appointment, qualification and reporting format of the external auditor is defined by law, which varies from jurisdiction to country.
Auditors must be members of one of the recognized professional accounting bodies. Auditors usually address their reports to the shareholders of a corporation or the owners of a business unit. Auditors are subject to strict rules to maintain their integrity and ensure independence.
Audits have become almost mandatory in the UAE both in free zones and onshore. In free zones, the authorities insist on submitting audit reports as a mandatory requirement for renewing a company’s license. Onshore, an annual audit is required under UAE company law. In addition, wherever the bank has materially financed, they will insist on the submission of an audit report for the continuation of financial instruments. Sometimes suppliers, customers or other interested parties will request a financial audit report from time to time. With the introduction of VAT in the UAE, company management will most likely have an additional responsibility to confirm turnover through an audit report.
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