One of the most difficult challenges faced by firms is auditing. Payroll information and tax laws in UAE are constantly changing. For many small firms, maintaining compliance with these requirements can be expensive. businesses generally choose the best auditing businesses in Dubai instead of doing their auditing in-house. According to Charles & Darwish Associates, one in three Dubai-based businesses outsource their auditing. Better financial decisions can result from outsourcing auditing and improving compliance.
What is an auditing?
Auditing is a cornerstone of financial accountability and transparency. It is a critical activity that reveals the true financial state of a company. In the UAE, the law requires businesses to undergo regular audits and uphold robust financial controls. This legal stipulation underscores the importance of selecting a competent audit partner.
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.
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:
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:
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 auditing team, innovation, and adaptable approach, it aims to consistently provide its clients with the best growth in the competitive market of UAE with its accounting and auditing services.
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.
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!
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 audit companies.
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.
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:
For some organizations, such as publicly listed companies, banks, insurance companies, and governments, a statutory audit is an audit that is required by law or regulation of the nation. A Statutory Audit must be conducted regularly by UAE public sector enterprises to verify compliance with government rules. An appointed Statutory Auditing company in the UAE is required to audit the financial records of all government agencies.
For your company to function smoothly, Farahat & Co. offers internal audit services in the UAE. These services identify inefficiencies at every stage of operation and propose strategies for risk reduction so that the organization may overcome obstacles and achieve its objectives. Our internal auditing team can provide personalized solutions that will add strategic value to your company. Our accounting company, which is among the top internal audit companies in the United Arab Emirates, provides innovative solutions to ensure that your corporate audits go perfectly.
When an external auditing team is chosen either voluntarily by the company or by a third party—a creditor, client, regulator, or other—they carry out an external audit. To guarantee and validate the accuracy and validity of the information, data, or procedures used by the organization, an external audit is performed.
Examining and assessing a company's or person's financial or accounting records is called a forensic audit. An auditor looks for evidence conducting a forensic audit that may be presented in court. The purpose of a forensic audit is to find evidence of illegal activity like misappropriation or fraud.
One of the Top audit firms in Dubai offers tax audit-related services in the UAE. A tax audit is simply a government’s examination of a firm regarding its responsibilities as a taxable entity. The FTA performs this kind of audit to make sure that all obligations are fulfilled and that all taxes are collected and sent to the government on schedule. The government evaluates a company's compliance with tax rules, such as VAT and excise taxes, to see whether it is fulfilling its obligations.
As per Article 15 of the Federal Decree Law No. (41) of 2023 Concerning the Regulation of the Accounting and Auditing Profession, it is stated as follows:
Further, 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.
Also read: Top 5 Reasons to Hire an Audit Firm in UAE
Among the most crucial choices to make to safeguard and expand business is selecting an experienced, certified, and professional auditing firm. Let's examine the Big 4 audit firms:
Farahat & Co. since 1985 has been providing a range of services, such as audits and business liquidation with a deep understanding of the UAE corporate structure to meet the specific needs of each customer.
With its origins in London in 1845, Deloitte is a titan of the industry. Prominent for its all-encompassing services in tax, audit, and financial advising, Deloitte is a financial behemoth with a large workforce of finance experts and a wide range of audit services available, from compliance to statutory.
When KPMG first appeared in 1987, it made a reputation for itself in 155 nations with relative ease. It has a significant presence in industries like technology, healthcare, and finance and offers a range of services, from audits to consulting.
Since 1975, BDO, formerly known as Binder Dijker Otte, has been a shining example of superior auditing. With a global presence spanning 162 nations, BDO's creative and flexible approach guarantees that its clients in the UAE maintain their competitiveness.
Ernst & Young (EY), a leader in audit and advisory services globally, says its diversified staff in Dubai adheres to the principles of professionalism, ethics, and respect.
PricewaterhouseCoopers (PWC), a member of the Big 4, is renowned for its audacious concepts and technologically advanced solutions that connect with businesses all over the world. PWC works under the PWC brand.
Grant Thornton UAE, an American affiliate of Grant Thornton International, is highly regarded for the quality, creativity, and knowledge that its clientele throughout the world has grown to rely on.
Selecting the best audit company is essential for the expansion and security of your company. The Big Four accounting firms (PwC, Deloitte, KPMG, and EY) are the most trusted sources for unmatched financial advice, audits, and advisory services in Dubai. Their combined extensive knowledge and dedication to quality serve a wide range of clients, including government agencies and global enterprises.
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 top audit firm in Dubai, UAE will help you identify errors, weaknesses, and strengths. Furthermore, the firm should also provide solutions on how the issues could be addressed.