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Audit firms in Fujairah

Accounting & Auditing firms in Fujairah

Audit services are required by several organizations in Fujairah as partners, investors, and shareholders request for and transparency with audited financial reports. Audit plays a vital role in the evaluation and analysis of a business’ financial position. Farahat & Co. is one of the trusted audit firms in Fujairah that provide audit and assurance services to help ensure authenticity with financial information of companies. Our seasoned and experienced auditors prepare audit reports that adhere to International Standards on Auditing.

Our services include external audit, internal audit, statutory audit, operational audit and forensic audit. Different types of audit are required by different businesses, and our audit reports are approved by Ministry of Economy.

External Audit Services

If the process is outsourced to an audit firm in Fujairah, then it is considered as external audit. Farahat & Co is a trusted name when it comes to this kind of audit as we follow international standards strictly while maintaining a professional code all throughout an audit process. We work independently from clients so there’s no conflict of interest. With an external audit, we provide certification on an entity’s financial statements. This certification is often required by lenders and investors, especially from all publicly held companies. An external audit can also be solely for income statement audit, balance sheet audit, financial statement audit, and cash flow statement audit.

Internal Audit Services

As its name suggests, an internal audit is performed in order to determine a company’s internal activities and it’s carried out by certified internal auditors that are appointed by internal stakeholders. An internal audit’s main purpose and one of the most important internal auditor responsibilities is to determine if the internal functions of a company work properly or not.

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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

Approved Audit Firm in Fujairah

Farahat & Co. provides audit services in Fujairah with high efficiency, flawless professional approach, and optimum care. Our auditors examine financials not just with the perspective of company management, but also with the users of the audited financial statements like financial institutions. The approach of the firm for audit and assurance is more than mere numbers. Our qualified auditors gather information and they work with clients closely and independently at the same time. The firm only employs auditors that take their time in having a full understanding on the business of clients, as well as on risk spectrum and internal controls.

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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.