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Audit and assurance is the process of making of verifying data and making an analysis of company accounts in the financial statements with supporting documents. The audit process mainly identifies the risk involved in the operations of the business with regard to the market.
The auditors and audit services in Dubai, UAE examine the strategy to enhance the performance, the financial process, and the quality of the auditing process of companies in Dubai, UAE. it is important for the companies to have audit reports to present to the authorities in the UAE. Mian land companies are required to hire verified auditors for auditing in their companies while some of the free zone companies also require audit reports. In this article, we will discuss some of the important types of audit services in Dubai, UAE.
Internal Auditing Services In Dubai, UAE
Internal auditing services are recommended to highlight any weaknesses in internal controls, regulatory compliance, and operational efficiency. Internal auditing in UAE is performed by authorized internal auditors as they have in-depth knowledge of internal controls, systems, and processes.
Internal auditing ensures that the company is on the right track and also improves risk management by following international and local guidelines. It is important for companies to remove the risk from the business and detect all fraud or errors.
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External Auditing Services In Dubai, UAE
The external audit is an independent assessment of the financial statement of a company in the UAE. Auditors offer reassurance to stakeholders that the financial statements of a company are accurate and free from material errors. External auditors are considered unbiased professionals to analyze the company’s financial procedure and position.
It is mandatory for companies in some areas of the UAE to get the accounts audited by external auditors because it increases the credibility of the financial reports. Getting accounts audited also reduces the risk of improper accounting entries and silly errors.
Statutory Auditing Services In Dubai, UAE
A statutory audit is a legally required audit in the UAE that needs to be done for the evaluation of the company’s financial position and financial records. Generally, a statutory audit is conducted for the public.
Statutory audit firms in Dubai monitor and give reviews of the accounts and accounting process of a company. Statutory audit firms in Dubai present a neutral and fair picture of the financial health of a specific company.
Due Diligence Auditing Services In Dubai, UAE
A due diligence audit is a process of assessment of an organization for the evaluation of a company’s financial health and performance. It helps to understand the company competencies, potential customers, target market, and profile-making capabilities.
The companies want due diligence audit firms in UAE to prepare audit reports at the time of acquisition and merger of the business. It helps in decision-making and keeping all the opportunities and risks in front. Due diligence audit services can be availed due to legal obligation, or it commonly applies to voluntary investigation.
These are the few types of due diligence audits in UAE:
- Financial due diligence.
- Commercial due diligence.
- Legal due diligence.
- Operational due diligence.
Forensic Auditing Services In Dubai, UAE
Forensic audit investigation is not something novel, the demand for fraud prevention and examination services is at its peak due to modern world crime. A forensic audit is a process of tracking and investigating matter related to fraud, commercial disputes, and financial crimes.
It also determines the root causes of the errors in financial reports, reduction in company revenue, alleged employee fraud, increase in cost, and other operational matters.
Tax Auditing Services In Dubai, UAE
As per Federal Decree-Law no.7), a tax audit is a process that is carried out by the Federal Tax Authority to examine any data, information, or commercial records of taxable persons conducting business in the UAE. The FTA conducts the tax audit on a taxable person to make sure that the taxable person is complying with the provisions of the UAE VAT Law also the Tax Procedure Law.
The purpose of conducting a tax audit in the UAE is to ensure that the taxable person has paid all the due taxes and liabilities in time. Tax agents in the UAE who are registered with the Federal Tax Authority help the companies with pre-audit and post-audit support to ensure VAT compliance. Companies should not approach those tax agents who are not registered with the FTA.
ebs is experienced in auditing, business setup, trading license, business consultation, tax consultation, accounting services, CFO services, payroll, and many other services in Dubai, UAE. Our UAE-based qualified consultants, auditors, and accountants are experienced in working with many small and leading businesses. We provide approved audit services in UAE and also other auditing services. Feel free to consult the expert teams of ebs about auditing services and any confusion regarding internal or external auditing. If you are looking for approved auditors in UAE, then don’t hesitate to contact ebs.