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External Audit Services in Dubai, UAE

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.

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 their 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 that has any vested interests in it. It is where the scope of the external audit gets generated.

An external Audit is an independently conducted audit by an authorized audit services company like Farahat and Co.

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Understanding the External Audit Process in the UAE

1. The Decision to Audit

A company’s key decision-makers confirm that an audit is to be executed. Farahat and Co. have always encouraged consultation with their 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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The Final Audit Report

The external auditor must ensure that the financial statements provided by the organization 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 organization’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 improving internal control procedures of the organization.

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Partner With Farahat and Co for Your External Audit Compliance

When selecting an audit firm in Dubai or 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 organizations of every type in the UAE.

Bringing You the Right Audit Team

For executing your audit plan, we ensure that a multidisciplinary team is in place that can understand complex transactions using the latest industry standards. We believe in tailored services and provide you with our subject matter experts, who have experience working in the UAE and the Middle East. Auditors on our team have experience with the Middle East and worldwide industry insights.

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