Dubai World Trade Centre (DWTC) has been a prominent international business and financial hub in Dubai since 1979. H.H. Sheikh Hamdan Bin Rashid Al Maktoum serves as the head and chairman of the DWTC Authority.
Corporations from all around the world can use DWTC's business and exhibition facilities. The DWTC provides enterprises from all over the world with real estate, events, and free zone services. It is an attractive and strategically essential location for foreign enterprises in Dubai.
Auditing is one of the most significant parts of doing business internationally. Selecting an audit firm in Dubai is a crucial step that must be taken into consideration. Choose an audit company that offers worth to your enterprise by spotting fraud, staff flaws, and internal control deficiencies. Most crucial, you require a firm that makes suggestions for how to handle the problems revealed during the audit.
Approved Auditing Firms in DWTC
Approved auditors in Dubai World Trade Center offer valuable financial and auditing services to enterprises. According to the DWTC authorities' requirements, only approved DWTC auditors may provide auditing certifications. The authorities frequently update the DWTC list of authorized audit firms.
Even though companies operating in free zones like DWTC don't have to pay corporation taxes, they still have to go by financial rules. The primary responsibility of the DWTC-approved auditing companies is to make sure that companies follow the FTA's financial standards. The DWTC has authorized an Approved Auditor to audit a business. After conducting the audit, the auditor will present a report of their findings.
Types of Auditors
There are numerous types of auditors. Each type has a particular job to do and is skilled in that field. The external auditor and the internal auditor are the two basic categories of auditors.
The financial accounts of a company are examined by an external auditor for compliance with widely accepted accounting rules (GAAP).
To determine the efficacy of an organization in attaining goals, the internal auditor audits its processes, procedures, controls, records, and other operational factors.
Internal audits help an organization to maintain accurate financial reporting and data collecting while ensuring compliance with laws and regulations. The report produced as a result of the internal audit process is known as the internal audit report. It includes a concise written summary of key conclusions and suggestions drawn from an analysis of the policies, processes, risks, controls, and transaction processing.
An export compliance audit is an essential component of a comprehensive export compliance program. It is a productive technique to confirm that an organization's internal export controls are adequate and accurate.
How to Become an Approved Auditor in DWTC?
The DWTC is an independent, non-profit organization that certifies auditors on a third-party basis.
You need a bachelor's degree in accounting or finance and at least a year of professional experience to become a certified auditor for the DWTC. Additionally, you need to be certified to audit public firms and show that you are familiar with global auditing standards.
From all around the world, including Australia, Canada, China, France, Germany, and Mexico, the DWTC has approved auditors.
Benefits of Becoming an Approved Auditor
Being an auditor has several advantages. Since their services are required to make sure that businesses are operating efficiently and in compliance with the law, auditors are in high demand.
- The opportunity to work on a variety of tasks is the first advantage of becoming an auditor. Projects that auditors work on include financial audits, operational audits, and IT audits. In addition, they get to collaborate with several parties, including customers, employees, suppliers, and other stakeholders.
- The income is the second perk. Since auditors need specialized skill sets that few individuals possess, they can earn good salaries.
- Job security is the third advantage. Because there will always be businesses in need of their services to ensure they are abiding by the law and achieving all requirements, there will always be a need for auditors.
Why Hiring an Approved Auditor is Important for Every Business?
Auditors in Dubai perform the most critical function in improving corporate governance. Selecting the appropriate audit services in Dubai is essential for every company because the transparency of financial function is essential to protect the interests of shareholders. Financial audits are essential for a business to ensure that it complies with regulatory requirements and accounting standards, preventing fraud.
The reputation of a company will be substantially improved by an impartial assessment and a clear audit report. Auditor satisfaction with a company's financial accounts is required for them to offer a clean report or unqualified opinion. A clear audit report means that the company's compliance with applicable laws and corporate governance principles is assured by the auditors.
Investors, lenders, the government, licensing authorities, and the general public believe that such a report contains no substantial inaccurate statements. A company's credibility will be increased by receiving a clean audit report, thereby improving the likelihood of commercial growth.
Several of the approved auditors in Dubai are:
- PricewaterhouseCoopers (PwC)
- Ernst & Young
- Farahat & Co - Auditing Firm and VAT Consultants
- Deloitte Touche Tohmatsu - Dubai Office
- Grant Thornton & Co, Chartered Accountants
Read More : Top Audit Firms in Dubai