Audit Services in Dubai, UAE
Audit Services in UAE
The process of analyzing corporate accounts and confirming data in financial statements with supporting documentation is known as audit and assurance. In terms of the industry and business market, the audit process also detects the risk associated with the business operation. The primary goal of the best audit firms in Dubai is to determine if the company's financial statements and records are correct, whether they are presenting the public with accurate information, and evaluate its overall performance as an organization.
Auditing is one of the essential services that any company requires to keep track of its financial operations. Financial management might be the most challenging aspect of running a business. It necessitates the involvement of top Auditing companies in the UAE, such as Farahat & Co. Audit Firm, that aims to:
- Provide clear and systematic financial statement audits and other accounting services.
- Provide key insight into your company and help them through the accounting procedure.
Accounting necessitates a great deal of work, such as payroll, audits, accounting, tax planning, and so on. Our Dubai-based expert auditors conduct a precise, thorough, and unbiased audit to ensure compliance with regulatory standards. Obtaining competent audit services in Dubai may assist you in confirming that your company complies with UAE laws, rules, and accounting standards.
What is Auditing in Dubai?
Auditing is the act of evaluating and determining if financial, operational, and strategic goals and procedures in businesses comply with stated principles as well as organizational and, more crucially, regulatory obligations. Indeed, compliance with regulatory norms, rules, and regulations is one of the reasons behind auditing and has been the primary reason firms have their financial statements, operational processes, and strategic imperatives audited historically and traditionally.
The Importance of Auditing in Dubai
Auditing is the independent review of financial accounts to prevent mistakes and fraud and to ensure data correctness. The relevance varies according to the sort of audit performed, which includes: Third-party assurance on financial accounts provides management with confidence that their reports are devoid of serious misstatements, allowing them to make timely choices.
- Budget planning
It keeps them informed about costs and allocations. Budgets for future business growth may be developed by using this audited information. - Conformity
Auditing assists in determining if financial statements are prepared in conformity with financial standards and rules. - Confidence
The audited information increases the owners' belief to invest more in the firm, resulting in a larger market share. - Identification of mistakes and forgery:
Through a careful review of financial records, we can detect errors resulting from omission, conduct, or principle, as well as intentional fraudulent acts. - Suggest remedial action
Following a thorough evaluation of your financial accounts, they identify areas for improvement and new control methods to enhance the business's financial health. They recommend strategies and cash flow management procedures to improve the company's overall performance.
- Budget planning
Auditors must consider the risk of substantial misrepresentation while auditing financial statements. A lack of effective internal control systems or audit mechanisms would cause problems and damage the image of accurate financial reporting for internal or external reasons. Hence, it will be unable to distribute resources effectively.
As a result, an audit system is critical because auditors assess the likelihood of substantial misrepresentation in a business's financial reports and assist the firm in overcoming the stumbling block.
Audit firms in Dubai
Being one of the leading audit firms in Dubai, we offer audit and assurance services to all kinds of businesses from all sectors (construction, advertising, banks, offshore companies) regulated by the Dubai Economic Department and based anywhere in Dubai including the free zones—Jebel Ali Free Zone (JAFZA), Dubai Knowledge Village, Dubai World Central, Dubai Airport Free Zone (DAFZA), Jumeirah Lakes Towers (JLT), Dubai Silicon Oasis (DSO), Dubai Multi Commodities Center (DMCC), TECOM, Media City, Dubai Internet City, etc.
our Some of the best CPAs in Dubai are part of our team, Our audit firm in Dubai also handles VAT accounting for its impending implementation on the first day of January 2018, payroll and HR solutions for all your HR duties and payroll processes that need to be done, and bookkeeping and accounting services for your accounting necessities.
Audit Firms in Abu Dhabi
All industries in any part of Abu Dhabi even in the free zones, namely Abu Dhabi Airport Free Zone, Abu Dhabi Zones Corp, Abu Dhabi Ports Company, Abu Dhabi Global Market, Industrial City of Abu Dhabi, Masdar City, and TwoFour54, are all welcome to take advantage of our free consultation with regard to audit and assurance services as we are also one of the leading audit firms in Abu Dhabi. Also, we can assure you that the service will be overseen by a CPA in Dubai who has various experiences in the matter. Click here to know more about our services
Audit Service in Sharjah
Being one of the major audit firms in Sharjah as well, we extend our services from Dubai and Abu Dhabi to this Emirate. From the mainland to free zones—Hamriyah Free Zone, Sharjah Airport Free Zone (SAIF Zone), USA Regional Trade Center Free Zone—, our audit and assurance services are offered to each kind of firm that needs to know the current state of their company to benefit them in having their business grow with international standards. The best CPA in Dubai from our team will certainly handle your affairs meticulously as you expect us to. Click Here to find more about our services
Audit Service in Fujairah
Our audit and assurance services can cover all kinds of business fields regardless if they are in the mainland or free zones (Creative City Fujairah, Fujairah Free Zone) or even an offshore company, making sure that you are complying with the important matters and anything with regard to government regulations. Since we are one of the leading accounting firms in UAE, our services are available to all seven Emirates of the UAE. Our team is composed of some of the best accountants and auditors in UAE, making us part of the list of certified audit firms in Dubai. Click here to read more about our audit services in Fujairah
Types of Auditing Services offered by Farahat & Co
The primary goal of the best auditing firms in Dubai is to assure the accuracy of financial accounts. Auditing Companies in Dubai also give valuable information to all firm stakeholders. Shareholders, top management, the Board of Directors, the Auditing Committee, and regulatory bodies can all benefit from the useful information.
Stakeholders require various types of regulatory compliance and financial performance assurance in a corporation. As a result, our skilled auditors provide our customers with a variety of auditing services in Dubai.
Some of our most popular auditing services offered by our top-rated Audit firm in Dubai, UAE, are as follows:
Internal Audit Services in Dubai, UAE
External Audit Services in Dubai, UAE
Forensic Audit Services in Dubai, UAE
Tax Auditing Services
Compliance Audit Services in Dubai, UAE
Financial Controls Audit Services in Dubai, UAE
Benefits of hiring audit services in Dubai
Businesses will benefit from using a reputable and professional audit firm in Dubai to obtain the best accounting, auditing, and assurance services at a fair cost. There are several reasons why you should hire a top audit firm in Dubai. Here are a few examples:
- Protection against attempts to defraud investors
- Accountancy precision
- Competence and knowledge
- Absolute adherence to existing government regulations
- Internal control verification.
Professional Audit Team in Dubai
Farahat & Co is the top accounting and best audit firm in Dubai, we have been offering our clients the best auditing services in the UAE. We have a team of trained and experienced specialists to meet our clients' accounting and auditing demands. Our skilled professionals have multi-industry experience in a variety of nations. We adopt the unusual approach of placing the needs of our clients at the center of our services. Our expert team's unrivaled talents are our greatest asset. Our top auditors in Dubai, UAE, are well-equipped with modern tools and experience to assist you with any form of auditing service in the UAE.
Our experts here in Farahat & Co have over three decades of experience. Take advantage of our team’s unparalleled expertise today by calling us to book a consultation!
List of Financial Statements used in Auditing of company accounts below:
Financial Statement Audit
The review of a company’s financial statements for the organization to have an assurance coming from an external auditor that the financial statements are in accordance with accounting standards.
Balance Sheet Audit
The information in a company’s balance sheet is examined to make sure that it is accurate, verifying each item that is recorded.
Annual Report Audit
This is consisted of an external auditor’s opinions regarding the result of the examination of a company’s financial statements.
Profit and Loss Statement Audit
The revenues and expenses recorded in the statement is reviewed to ensure the accuracy of each item.
Cash Flow Statement Audit
The cash and cash equivalents indicated in the statement is investigated by an auditor (audit firm in Dubai), making sure it is precise.
Frequently Asked Questions
What's the difference between internal and external audit?
The main differences between internal and external audit are as follows:
- Reports from an internal audit are used by company management, whereas reports from an external audit are required by stakeholders, including lenders and creditors.
- Internal audit examines issues that are related to risks and business practices, whereas external audit examines financial records of a business and an external auditor issues expert opinion from the financial report assessment.
What is the basic purpose of an audit?
Statutory audit is conducted to examine an entity’s financial statements. The objective evaluation allows an expert to provide an opinion on whether financial records present the financial position of the business fairly. An audit also examines whether statements are prepared in the applicable framework, such as IFRS and GAAP.
Why is it important to engage an independent audit firm in Dubai?
It is necessary to engage an independent audit firm in Dubai mainly to ensure objectivity and independence. Without both factors that affect the evaluation of an auditor, an organization may be misled, often resulting to risks being underestimated or worse, ignored.
