Audit Firms in Abu Dhabi
Auditors & Audit Firms in Abu Dhabi
Farahat & Co. leading audit firm in Abu Dhabi, 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.
Types of Audit Services Offered
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.
An Internal audit requires a certified internal auditor who reviews and assesses the process of a business — a thorough examination of an organizations’ goals, planning processes, procedures, and results of the operations of a business.
External Audit (Financial Audit)
Statutory Audit
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.
- Review engagements – potential investors, creditors, and banks may request reviews of financial statements before investing in a business or completing a transaction. In a review, our auditors in Abu Dhabi,UAE assess financial statements through discussion, analysis, and inquiry. Our team of experts give limited assurance that financial reports are presented according to applicable standards. Apart from review engagement reports, our auditors provide comparative benchmark analysis. Together with all other financial indicators, we’ll help interpret financial results of a business and support its decision-making processes.
- Compilation engagements – although financial information systems often provide detailed information that businesses need, assistance in the compilation of sets of financial statements that summarize business operations may be required. A compilation engagement will allow professionals to assemble company financial information into financial statements that are prepared by experts.
- Special engagements – we understand every business has unique growth opportunities. Sometimes, it may need assurance on a certain aspect of financial reports or business position instead of looking at the entire state. The auditors in Abu Dhabi of the firm work closely with companies in identifying key performance indicators that need assessment, gather required information, and give a clear, unbiased picture of the business’ current state.
Our Certified Auditors in Abu Dhabi Approach
With a focus that’s specific to every business and industry, our audit procedures are specifically tailored to reporting requirements and business operations of clients. An audit isn’t simply performed for compliance to regulatory or statutory requirements. At Farahat & Co., we also have audit firm in Dubai provides audit services in Dubai and the rest of UAE for clients seeking investors, better terms from bankers, additional capital, and/or improvements in operations and find out what’s primarily lacking in internal control scenarios.
Our certified auditors put emphasis on areas that are important to businesses and help them in facing challenges with confidence. Our audit team’s skills and expertise cover several different sectors and industries, enabling us to identify and focus on key risk areas, possible areas of fraud, and adequacy of company’s internal controls.
Call us today for an initial consultation, and discuss with experts regarding your audit.
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.