An audit is a statutory, independent review of financial records in any organization. An audit report reflects an honest account of the financial position of an organization. Companies can also learn about the compliance of financial records with established accounting standards and set laws governing accounting practices. An internal and external audit is important for operating a business in the UAE smoothly without any legal issues and avoiding penalties.
Auditing is mandatory for the UAE mainland and many other provinces in the United Arab Emirates. When you are planning to set up a business in the free zone or mainland in the UAE, you must take assistance from an auditor to ensure that your company is audited in order to submit the audited financial statement to get permission to consult business operations legally and also help to prevent fraud cases in the company.
Significance of Hiring Auditors for Your Company-
An auditor helps businesses to check whether the company is compliant with laws and regulations in the UAE in terms of managing the financial records of the business. However, when you are hiring a UAE-approved auditor who is well-versed in the corporate laws and regulations in the UAE. Well, an audit may not be mandatory for all Free zone companies in the UAE. But, if you want to make sure your financial records are error-free and there are no malpractices or violations of laws in your financial records, you need to consider auditing.
Why Should You Hire Registered Auditors?
The UAE Government is strict with its law and always makes sure that all mainland and free zone companies abide by the law. So, when you are uploading your audit report, it is necessary to be sure that the statement is following the UAE rules and regulations. And, that is possible with registered auditors in the UAE. They can help companies to avoid money laundering and encourage fraud prevention. One more thing that you need to remember is that the report presented by you will be valid only when the audit will be listed and approved by the authority. Otherwise, your finances will not be valid and you may fail to gain clients’ and customers’ trust and associate with banks, financial institutions and shareholders.
How Do the Auditors Help Companies?
There are many ways an auditor can help a company in the UAE. Such as-
- An auditor proposes improvements and monitors effectiveness to boost work efficiency within the business.
- They make sure your business is compliant with laws and regulations.
- They help businesses review and verify financial information and avoid errors.
- They assess risk management policies and procedures and check operation processes to ensure smooth operations.
Here are the documents necessary for the Audit:
- Memorandum Of Association (MOA), Articles Of Association (AOA), Trade license copy, Share certificate, certificate of incorporation Tenancy contract and other legal documents.
- Detailed bank statements and confirmations from banks
- Balance confirmation from debtors, creditors and third parties.
- Statement of deposits, copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- The complete set of books of accounts, trail balance etc.
How to Reach out to Top Auditors in the UAE?
ebs has a team of UAE-approved auditors who have experience in performing internal and external audits as well as tax audits in mainland and free zones of UAE. So, if you want to learn all transactional activities of the organization in a comprehensive form and take remedial actions if faulty processes are identified, get in touch with our auditors at ebs. ebs give access to a licensed auditor approved by the Dubai Ministry of Economy (MOE) for various audit reports required by businesses in the UAE. With extensive expertise in multi-variate audits for a variety of sectors, we can provide a single-source solution to all your requirements relating to Accounting & Finance, Audit & Tax services.
Feel free to give our auditors a call or visit our website to learn about the audit process and our packages.