External Audit in Dubai | External Audit Services in Dubai
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External Audit Services in Dubai

Farahat and Co Auditors provide external audit services in Dubai and other Emirates of the UAE. As the name suggests, an external audit is an independently conducted statutory audit examining the firm’s financials.

Read more about an External Audit in Dubai.

UAE has a statutory requirement for legally registered companies to conduct an audit of the financial reporting process, such as the financial statements, to determine its accuracy and integrity. An external auditor is required to report any misstatement or error through fair representation and transparent communication to the company. The audit cannot be conducted by a company related to the parent company or has any vested interests in it. It is where the scope of external audit gets generated. An external Audit is an independently conducted audit by an authorized audit services company like Farahat and Co.

What is the Scope of External Audit Firms in Dubai?

The primary scope of an external audit is to identify any misstatement in the financial statements prepared by a company’s accounting department. Farahat and Co always appoint a qualified and experienced CPA to conduct an external audit. Our auditors confidently communicate the accuracy and completeness of the company’s financial reporting and internal controls process. In turn, it helps the management, owner, and investors to make better decisions for the benefit of their company’s growth strategies,

Once the gap in the financial reporting is investigated and identified, the external audit proceeds to the next step of providing an audit plan to determine the cause and prepare an internal control design for avoiding any future occurrence of such errors in the financial reporting.

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Understanding the external audit process in UAE

External Audit Services in Dubai

#1. The Decision to Audit

A company’s key decision-makers confirm for an audit to be executed. Farahat and Co have always encouraged consultation with its clients before the external audit process begins. It ensures that each client receives a focused audit service rather than a uniform approach.

#2. The Issuing and Accepting of an Engagement Letter

Once the audit scope is finalized, an engagement memo or letter is drafted to be signed by both parties, confirming that the party conducting the audit is an independent audit firm. The engagement letter also includes the scope of the audit and the period for which the audit will be conducted. The audit letter is then accepted by both parties by signing it off, provided all the terms are clearly stated in the engagement letter.

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External Audit Services in Dubai

The Final Audit Report.

The external auditor must ensure that the financial statements provided by the organisation can be easily interpreted by the users such that they are presented in a comprehensive yet reasonable manner. The audit report mirrors the accurate picture of the company’s financials & operations and states the company’s actual financial health.

A typical external audit attests to and confirms the fairness of the organisation’s financial reporting. It also provides recommendations on the flaws and gaps in the accounting, compliance and operating procedures. Therefore the final audit report submitted by the external auditor comprises various methodologies, recommendations and opinions on improvising internal control procedures of the organisation.

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External Audit in Dubai

Work with Farahat and Co for Your External Audit Requirements.

When selecting an audit firm in Dubai or an Audit firm in the UAE, a business may have many concerns. However, with decades of expertise and middle east business experience, Farahat and Co are the leaders in statutory audits in Dubai. Our multidisciplinary external auditors are highly qualified Certified Public Accountants in Dubai and Chartered Accountants trained to work independently with organisations of every type in the UAE.

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