Benefits of Hiring an Audit Firm in Dubai
In order for a business to conduct business both locally and internationally, accounting audits are an integral aspect to consider. Getting an audit from top audit firms in Dubai can provide you with the necessary know-how or oversight on your company’s financial position as well as help to convince potential partners and shareholders.
Dubai is one of the most dynamic and diverse business hubs in the world, attracting investors and entrepreneurs from various sectors and industries. With its strategic location, tax-free environment, and world-class infrastructure, Dubai offers a conducive and competitive platform for business growth and development. However, to ensure compliance, transparency, and accountability, businesses in Dubai need to undergo regular audits by qualified and licensed auditors.
A fundamental legal requirement for businesses in the UAE is the auditing of accounts and the strong maintenance of finances. To meet this need, a large number of options are available although merely choosing one based on brand recognition is common and oftentimes the number 1 mistake companies make.
Top Audit Firms in Dubai
- Binder Dijker Otte
- Ernst & Young Global Limited
- Grant Thornton
- Farahat & Co
|Binder Dijker Otte||Zaventem, Belgium|
|Ernst & Young Global Limited||London, United Kingdom|
|PricewaterhouseCoopers||London, United Kingdom|
|Grant Thornton||Chicago, Illinois, United States|
|Farahat & Co||Dubai, UAE|
Founded as early as 1845 in London (UK), Deloitte is highly recognized and is regarded as one of the big 4 internal and external audit firms. It provides trustworthy services such as audit, taxation, and financial advisory. It is one of the biggest audit companies and the biggest recruiter of finance professionals.
The following are the types of audits Deloitte provides its clients:
- Statutory audits, special purpose, and limited scope audits
- Operational audits
- Financial investigation and restructuring assistance
- Compliance auditing
Founded in 1987, KPMG is yet another audit firm with an outstanding brand image amongst customers. It has a wide base when it comes to providing services to 155 countries and includes versatility in its divisions from auditing, advisory, and taxation (both local and international) to consultancy services.
KPMG has carried out audits for a multitude of sectors such as:
- Government, healthcare, and infrastructure
- Industrial and consumer markets
- Technology, telecommunications, and media
BDO (Binder Dijker Otte)
Since 1975, BDO has been considered the best audit firm consisting of a wide client base from 162 countries around the world. With its expertise, certified team of auditors, innovation, and adaptable approach, its aim is to consistently provide its clients with the best growth in the competitive market of UAE with its accounting and auditing services.
Ernst & Young (EY)
EY is a global leader in audit and assurance, transactions, and advisory services. With a large team of 61+ partners and 1106 employees in Dubai from diverse cultures, EY conducts business keeping in mind its values of respect, work integrity, and professionalism.
PricewaterhouseCoopers (PWC) is considered one of the Big 4 audit firms, from Deloitte, KPMG, and EY. It operates under the PWC brand and currently ranks as the second-largest professional network services firm.
It prides itself on its philosophy of delivering bold ideas, human-centric solutions, and tech-powered experiences that deliver lasting results to organizations, customers, and communities.
Grant Thornton UAE
An American member organization of Grant Thornton International, Grant Thornton is currently ranked as the seventh-largest accounting, audit, and advisory firm in the world.
Its objective is simple- delivering quality, innovation, and expertise that clients all over the world can rely on!
Farahat & Co - Top Audit Firms in Dubai
Farahat & Co. is a well-established and recognized audit firm in Dubai since 1985. Specializing in a multitude of services from audit, VAT consulting, excise tax, accounting services, corporate tax consultation, and company liquidation services the team of experts at Farahat & Co. know the ins and outs of the UAE market and possess the strategic understanding and dedication to give you the desired results.
Delivering the best quality, timely service, and solutions is our forte and we constantly strive to strengthen the quality of our services. Furthermore, we are among the few audit firms that also provide customized services based on the needs of our clients.
Who are the Big 4 Audit Firms in Dubai?
The four largest and most prestigious professional services networks in the world are known as the Big 4 audit firms. They provide a range of services to their clients, such as audit, assurance, tax, consulting, advisory, actuarial, corporate finance, and legal services. The Big 4 audit firms in Dubai are:
- PricewaterhouseCoopers (PwC): PwC is a global network of firms that delivers high-quality audit, advisory, and tax services. It is one of the world’s most respected and well-known accounting firms. PwC has a strong presence in Dubai, where it offers a comprehensive range of services, including external and internal auditing, risk management, and financial advisory.
- Deloitte: Deloitte is a multinational professional services network that provides audit, consulting, tax, and advisory services to its clients. Deloitte has a long history of excellence in Dubai, where it has been operating for over 90 years. Deloitte is a leading audit firm in the region, offering services such as assurance and advisory, tax planning, and consulting.
- KPMG: KPMG is one of the Big 4 audit firms, along with Deloitte, PwC, and EY. KPMG provides services in audit, tax, and advisory to its clients. KPMG has a significant presence in Dubai, where it provides diverse services, such as audit and assurance, advisory, tax, and corporate finance.
- EY (Ernst & Young): EY is a multinational professional services firm that offers a variety of tax-related services in addition to assurance, advisory, and consulting services. EY serves a wide range of clients, from large multinational corporations to small businesses and government agencies. EY is part of the prestigious Big 4 audit firms in the industry
Types of Auditing Services offered by our top Audit Firm in Dubai
Our top audit firm in Dubai is Farahat & Co., a leading and reputable audit firm that provides a wide range of auditing services to meet the needs and expectations of our clients. Our auditing services include:
- Statutory Audit: A statutory audit is a mandatory audit that is required by law or regulation for certain types of entities, such as public companies, banks, insurance companies, and government entities. A statutory audit aims to provide an independent opinion on the fairness and accuracy of the financial statements and compliance with the applicable laws and regulations.
- Internal Audit: An internal audit is a voluntary audit that is conducted by the entity itself or by an external auditor appointed by the entity. An internal audit aims to provide assurance and advice on the effectiveness and efficiency of the internal controls, risk management, governance, and operations of the entity.
- External Audit: An external audit is a voluntary audit that is conducted by an external auditor appointed by the entity or by a third party, such as a regulator, a creditor, or a customer. An external audit aims to provide assurance and verification of the reliability and validity of the information, data, or processes of the entity.
- Forensic Audit: A forensic audit is a special type of audit that is conducted in response to a suspicion or allegation of fraud, corruption, or misconduct. A forensic audit aims to investigate and uncover the facts and evidence of the wrongdoing and to quantify the financial impact and damages.
- Tax Audit: A tax audit is a type of audit that is conducted by the tax authorities or by an external auditor appointed by the tax authorities. A tax audit aims to verify and assess the tax liability and compliance of the entity and to identify and rectify any errors, omissions, or discrepancies in the tax returns and records.
Who can do an Audit in Dubai?
To do the audit in Dubai, an auditor must be qualified and licensed by the relevant authorities and bodies. The main requirements and criteria for becoming an auditor in Dubai are:
- Education: An auditor must have a bachelor’s degree or higher in accounting, finance, or a related field from a recognized and accredited institution. An auditor must also have a professional certification or membership from a recognized and reputable accounting body, such as the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants of England and Wales (ICAEW), the American Institute of Certified Public Accountants (AICPA), or the Chartered Institute of Management Accountants (CIMA).
- Experience: An auditor must have a minimum of three years of relevant and practical experience in auditing, accounting, or a related field. An auditor must also have a proven track record of delivering high-quality and professional audit services to clients in various sectors and industries.
- License: An auditor must obtain a license from the Ministry of Economy (MOE) and the Dubai Economic Department (DED) to practice auditing in Dubai. An auditor must also register with the relevant regulatory bodies and authorities, such as the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA), the Dubai International Financial Centre (DIFC), or the Dubai Free Zone Authority (DFZA), depending on the type and nature of the entities that the auditor intends to audit.
As per Ministerial Resolution 111-2 of 2022, to obtain a license, accounting professionals need to clear compulsory exams on International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and UAE tax and regulation. However, those who have credentials from any of the six professional bodies – ACCA, ICAEW, AICPA, CPA Australia, CPA Canada, and Saudi Organization for Chartered and Professional Accountants are exempt from the accounting and auditing standards examinations.
Audit in Free Zones, UAE
Free zones are special economic zones in the UAE that offer various incentives and benefits to businesses, such as 100% foreign ownership, 100% repatriation of capital and profits, 0% personal income tax, and exemption from customs duties and import/export taxes. There are over 40 free zones in the UAE, each with its own rules and regulations.
Audit in free zones UAE is similar to audit in mainland UAE, except that the auditors must comply with the specific requirements and standards of the respective free zone authorities. For example, some free zones may require auditors to have a physical presence or office in the free zone, while others may allow auditors to operate from outside the free zone. Some free zones may also have different reporting deadlines and formats for the audited financial statements.
Farahat & Co. in Dubai is well-versed and experienced in auditing businesses in various free zones in the UAE, such as the Jebel Ali Free Zone (JAFZA), the Dubai Airport Free Zone (DAFZA), the Dubai Multi Commodities Centre (DMCC), the Dubai International Financial Centre (DIFC), the Dubai Silicon Oasis (DSO), and the Dubai Healthcare City (DHCC). We can help you comply with the audit requirements and standards of your free zone authority and provide you with a high-quality and professional audit service.
Choosing the Right Audit Firm in Dubai and All-Around UAE
Choosing the right audit firm for your business is an important decision and not to be taken lightly as it creates a significant impact on your finances. Hiring an audit firm that is reliable, and reputable but at the same time economical is the best thing you can do for your business.
The right audit firm will help you identify errors, weaknesses, and strengths. Furthermore, the firm should also provide solutions on how the issues could be addressed.
All in all, if you notice from the comparison chart above, our firm Farahat & Co. sure does stand out for its economical, all-inclusive, and customized approach. Give our qualified and experienced staff a call today and find out for yourself!
Read More : Top 5 Reasons to Hire an Audit Firm in UAE