There are many benefits if your company is audited by regulated auditors. Aside from this, it is also mandated by the government in Federal Law No. 2 of 2015 that every company should have a licensed and registered auditor audit their company. Along with that, it is also important for a company to maintain its financial records for five years.
Farahat & Co. is one of those approved audit firms in Dubai that have 35 years of experience on its sleeve. We have solutions that aid businessmen to eradicate and prevent an issue. We ensure that our auditing standards are up to par with international ones. To find out more about auditing and assurance, please click here.
With the experience that we have in the industry, our service is unrivaled. We deliver nothing but quality service to our clients. Our team will ensure that you are surrounded by the right people.
What are the Qualifications of an Auditor?
An auditor needs to have these three certifications to practice this profession:
- CPA—Certified Public Accountant is the title that have been given to accountants who have qualified through a board examination. This is usually regarded as a license for an accountant to provide accounting services to the public.
- AICPA—This is the association of CPAs in the United States of America (USA), and known as the American Institute of Certified Public Accountants. Its perspective on accountancy is a career that is distinguished by important factors; these are educational prerequisites and professional standards and ethics.
- CA—These people in the fields of financial, audit, taxation… Chartered accountants known the first accountants that formed the professional body of accounting. Chartered accountants who are involved in public work. There are some in the private sectors as well, and those who are in the government authorities.
Types of Auditors
There are two types of auditors that are known as internal and external auditors that are explained below:
Internal Auditor—Internal auditors are people who are usually a member of a company that is to be audited. They are knowledgeable about the goals, objectives, mission, policies, laws, and company rules and regulations. They assess their company to the best of their ability for them to provide a report to the management. The things that are reviewed are the financial records and internal controls.
External Auditor—External auditors, on the other hand, are people who are hired outside of a company that is to be audited. They usually follow the international audit standards as they review if a company is in compliance with the laws of the country and if their financial statements are up to par with the international standards. The report that given by them contains their opinion that states if a company is in compliant or not. With the help of external auditors in Dubai, a company that is audited receives helpful insights and suggestions to eradicate or prevent certain issues from coming up.
What is an Audit?
An audit is about a company’s financial statements on whether they are following a set of standard rules. These documents were examined and evaluated. By doing this, a company can assured that what they show on their financial statements fairly and correctly show their financial status.
However, the audit can be done internally or externally depending on the company that wants to conduct the audit.
Why is Audit Important?
The audit is basically an essential part of running a business because it helps business owners in a range of ways. Audited financial statements are the documents that investors, banks, lending institutions, authorities, etc. often look for before they decide to invest in a company or loan money to a company. With audited financial statements, they can decide if a company is worth investing in or if a company is capable of paying back what they owe.
Besides these things, it is mandated by the UAE government for business owners to conduct an audit to their company by selecting a registered auditor from any auditing firm in Dubai or any part of the country. Financial statements are also mandated to be maintained for a period of five years.
Leading Auditing Firms in Dubai
It is important to be compliant than complacent. It is also better to be aware than not as fraud can happen in any company no matter how big or small it is. Farahat & Co. will do the auditing for you to be assured if your business is indeed complying with the internationally accepted standards.
Let us help you now with your need for audit and assurance services in Dubai. You are free to discuss with any of our team members your concerns by calling us and booking a free consultation today.