Audit firms in Al Ain evaluate the effectiveness of the internal controls of a company. Maintaining an effective internal control system is vital in achieving business objectives, preventing fraud, misappropriation of assets, obtaining reliable financial reports on operations, and minimizing the cost of capital.
At Farahat & Co., our clients trust us when it comes to their audits for these reasons:
Key Selection Criteria:
Permission and licensing by the authority: Please ensure that the audit firm is registered with the UAE Ministry of Economy and is authorised to sign the statutory audit reports.
Experience in the industry: Better companies in the industry, which have worked in your industry (technology, retailing, manufacturing, etc.), to acquire the specifics of reporting.
Reputation & Track Record: Review the reviews of the clients, case studies, and other reviews of companies of the same size.
Technology & Tools Used: To be precise and effective, it is necessary to select companies that utilise modern audit software, data analytics, cloud computing, and AI-based devices.
Transparency and Communication: Evaluate the transparency in reporting, responsiveness, and explanatory/analytical capability, but not excessive use of jargon.
Service Scope & Add-Ons: Discover other services, such as VAT compliance, internal audits, tax advisory services, forensic audits, or ESG reporting.
How much does it cost you to pay for audit services in Al Ain, UAE?
The prices will be determined by the size of the company, the complexity of the audit, and the reputation of the firm. Small Businesses / Startups: Ranging between AED 5,000 and 15,000 every year (limited statutory audit).
Medium-Sized Enterprises: Between AED 15,000 and 50,000+/per year, depending on the level of complexity of the operations/reports.
Hourly Engagement Rates: fewer large engagements are between AED 45 and AED 50/hour (depending on the firm).
Other types of audits (e.g., internal, forensic, and tax audits): It might cost more depending on the level and scope.
Note: Big Four companies (e.g., Deloitte, PwC, KPMG, and EY) have a significantly higher price than local/mid-tier companies with the same range of audits.
What should be the method of selecting an external auditor in Al Ain for small and medium-sized enterprises?
The selection of an external auditor in Al Ain is important to the small and medium-sized enterprises.
Practical Steps:
Define Audit Objectives: Denotes whether it should have a statutory audit, internal review, compliance, or risk assessment support.
Check Credentials: Check the licence of the auditor and his professional qualification (ACCA, ICAEW, or CPA) and regulatory accolades in the UAE.
Test Industry Fit: Choose auditors who are familiar with SMEs and regulations and with financial practices in your industry.
Request Proposals (RFPs): Obtain detailed proposals of scope, methodology, schedule, deliverables, and charges.
Assess Audit Strategy: Identify formal companies, online technologies, and risk management.
Scale: Ensure that the company can scale up its services as your SME grows and offers other services than compliant ones, through consultative services.
Check References: Discuss with businesses of the same size about the quality of services and their responsiveness.
Future trends in digital auditing and AI for companies in Al Ain.
The future of the digital audit and AI will have a significant influence on the companies of Al Ain.
Some of the most influential trends that influence auditing include the following:
AI-Powered Data: The AI tools detect anomalies, patterns, and risks more effectively and faster than manual ones.
Internet auditing and real-time auditing: Cloud systems can be used to perform real-time financial monitoring and real-time audits.
Automation Efficiency: The automation reduces manual work (data entry, sampling) and raises the turnaround time of auditing.
ERP and Accounting Systems Integration: It can be integrated with systems like SAP, Xero, and QuickBooks, and the needed data and audit requirements are easily accessed.
Advanced Analytics, Strategic Intelligence: Audits have ceased to be a compliance-orientated service but are now a strategic consultative service with performance and risk information.
The growing audit includes the assessment of digital controls and data integrity.
Remote Collaboration Tools: Remote audit tools would assist in the communication between the auditors and clients, wherever the auditors are.
Outcome:
The digital auditing and AI will automate and streamline audit functions, transform them into long-standing processes, data-driven processes, and value-added processes, and convert audits into annual compliance processes into ongoing business intelligence processes.