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Audit Firms in Abu Dhabi

Accounting & Auditing Firms in Abu Dhabi

Farahat & Co. provides auditing services to businesses of all sizes – small and independent to large MNCs. Regulatory bodies in UAE often request audits; however, they’re not just for ensuring compliance as auditing is also essential for reaching the goals of businesses. Potential investors, financial institutions, and purchasers may require an audit in facilitating a particular transaction that helps in the growth of a business.

Helping Businesses Grow

Our audit services are tailored to the needs of clients and involve review and analysis on financial statements and all related business records according to the applicable standards on financial reporting. This allows us to offer clients valuable advice on ways to improve internal controls, provide a better picture of a company’s current financial state, and identify irregularities before they turn into issues.

Regulated Audit Firm in Abu Dhabi, UAE

Our audit team is the reason why we’re one of the leading audit firms in Abu Dhabi. Our certified Auditors in Abu Dhabi and seasoned professionals make use of (GAAS) Generally Accepted Auditing Standards for audit engagements and they adhere to rigorous policies for quality control in order to provide clients with the opinion that meets high standards.

Lets our Auditors in Abu Dhabi help

Organizations thrive when they’re constantly improving, innovating, or creating new products/services and envisioning growth opportunities and new markets. A crucial part of that is an audit, which is a critical resource for assessing and monitoring compliance systems, risk management, and governance.

It is no secret that auditing is complex, requiring diverse skills in internal controls, information technology or security, strategy, operational effectiveness, and risk assessment. For many organizations, it is simply not practical for them to maintain internally the required talent to deliver the necessary levels of independent insight and assurance. Our team puts focus on collaborating with organizations in optimizing performance, maximizing opportunities, and minimizing risk exposure.

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Types of Audit Services Offered

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Internal Audit (Operational Audit)
There are various types of audit performed in the organizations of Dubai. An internal audit, also known as operational audit gives the organization an assurance with regard to the effectiveness when it comes to internal controls, risk management, and governance in achieving the company’s objectives.

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External Audit (Financial Audit)
An external audit that is also termed as financial audit, deals with the analyzation of a company’s financial affairs. This is the most common type of audit. External audit is about investigating the financial statements of an organization by an external auditor to establish truth and fairness.
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Statutory Audit
Statutory audit is a legally required assessment of a company’s or a government’s financial data, establishing its accuracy. Statutory audit serves the same purpose as any other audit in that it analyses financial information such as financial transactions and records.
Auditing Firms in Dubai

Audit and Assurance Services in UAE

There are different engagements we provide in order to build confidence and trust in the financial information of an organization, namely:

  • Audit engagements – the main objective of an audit engagement is for professionals to render opinion on fairness of a company’s financial statements. Businesses use audited financial statements from an audit engagement to report to bankers, shareholders, the government and creditors.

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Audit & Assurance – Pricing

Package-1

AED 3000PER YEAR Above Fees are exclusive of VAT

UPTO 100TRANSACTIONS PER MONTH

SERVICES COVERED :

Balance Sheet Audit
Profit & Loss Account Audit
Statement of Cash flow Audit
Notes to the Audited Financial Statements
Auditor’s Report
Improvement of Accounting System
Improvement of Documentations
Improvement of Internal Controls
Improvement of legal matters

Package-2

AED 5000PER YEAR Above Fees are exclusive of VAT

FROM 100 TO 500TRANSACTIONS PER MONTH

SERVICES COVERED :

Balance Sheet Audit
Profit & Loss Account Audit
Statement of Cash flow Audit
Notes to the Audited Financial Statements
Auditor’s Report
Improvement of Accounting System
Improvement of Documentations
Improvement of Internal Controls
Improvement of legal matters

Package-3

AED 8500PER YEAR Above Fees are exclusive of VAT

FROM 500 TO 1000TRANSACTIONS PER MONTH

SERVICES COVERED :

Balance Sheet Audit
Profit & Loss Account Audit
Statement of Cash flow Audit
Notes to the Audited Financial Statements
Auditor’s Report
Improvement of Accounting System
Improvement of Documentations
Improvement of Internal Controls
Improvement of legal matters

Package-4

AED 10000PER YEAR Above Fees are exclusive of VAT

FROM 1000 TO 1500TRANSACTIONS PER MONTH

SERVICES COVERED :

Balance Sheet Audit
Profit & Loss Account Audit
Statement of Cash flow Audit
Notes to the Audited Financial Statements
Auditor’s Report
Improvement of Accounting System
Improvement of Documentations
Improvement of Internal Controls
Improvement of legal matters

Package-5

AED 12500PER YEAR Above Fees are exclusive of VAT

FROM 1500 TO 2500TRANSACTIONS PER MONTH

SERVICES COVERED :

Balance Sheet Audit
Profit & Loss Account Audit
Statement of Cash flow Audit
Notes to the Audited Financial Statements
Auditor’s Report
Improvement of Accounting System
Improvement of Documentations
Improvement of Internal Controls
Improvement of legal matters

Package-6

STARTING AED 16500PER YEAR Above Fees are exclusive of VAT

2500 AND ABOVETRANSACTIONS PER MONTH

SERVICES COVERED :

Balance Sheet Audit
Profit & Loss Account Audit
Statement of Cash flow Audit
Notes to the Audited Financial Statements
Auditor’s Report
Improvement of Accounting System
Improvement of Documentations
Improvement of Internal Controls
Improvement of legal matters
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, 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.