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Audit Firms in Sharjah, UAE

Accounting & Auditing Firms in Sharjah, UAE

Audit firms in Sharjah maintain independence from company directors and management so tests and judgment remain objective. At Farahat & Co., our auditors in Sharjah, Dubai, Abu Dhabi, UAE determine the extent and type of audit procedures a company requires, depending on controls and risks they have identified.

Audit procedures may include:
  • Asking a broad range of questions to individuals in an organization
  • Examination of accounting and financial records, tangible items e.g. plant and equipment, and other documents
  • Obtaining written confirmations on certain matters e.g. asking debtors to confirm amount of debt of an organization
  • Making judgments on assumptions or estimates that management made during the preparation of financial reports
  • Watching certain procedures or processes being performed
  • Testing internal controls of an organization

Leading Audit Firm in Sharjah

As one of the leading audit firms in Sharjah, the firm has helped countless of companies in determining the integrity of their financial reporting. The audit of financial statements, quarterly, annually, or on ad hoc basis, is important even for public or non profit companies. Audit adds credibility and accuracy to financial statements.

The importance of hiring seasoned auditors to conduct audit in Sharjah is particularly seen with detecting errors in financial accounts. If bookkeeping hasn’t been put in order or up to date, our auditors make significant contributions with uncovering details.

Quality Audit Services in Sharjah

There are different kinds of audits we provide, depending on the needs and requirements of an organization. A financial audit from the firm determines whether or not the financial statements of an organization accurately represents the financial operations of a business. It makes sure as well that the financial position of that organization is consistent with generally accepted accounting standards. As for a compliance audit, our seasoned professionals check whether a company is functioning according to laws and regulations which materially impacts financial statements.

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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

Proactive and Seasoned Auditors in Sharjah

Our team of in-house certified auditors provides audit reports following auditing procedures. In reports, clients are given expert opinion on whether a company has passed an audit. Our auditors may take any of the stances below:

  • Clean opinion – financial statements and books of a business accurately represent the financial position of a company;
  • Adverse opinion – financial records of the business materially misrepresent the financial position of a company;

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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.