Auditing & Assurance in Dubai
Auditing and assurance are important parts of any business. It helps to ensure that all financial transactions are accurate, transparent, and compliant with regulations. For this reason, choosing the right auditing company in Dubai is a critical decision.
At AFS Auditing, we provide a range of audit services to help our clients meet their financial obligations. Our team of experienced professionals offers comprehensive audit solutions that include risk assessment, internal control evaluation, financial statement analysis, and more. We are committed to providing reliable and independent assurance services that will help our clients make informed decisions about their finances.
Types of Audit
There are mainly three types of Audits:
1. Statutory Audit/ Year-end Audit
Statutory audits/year-end audits are legally mandated external audits conducted annually on behalf of the government, local authorities, banks, and financial institutions. To guide transactions, it relies on both internal and external documents created by management.
Our auditing company in Dubai provides customized services that are highly efficient and tailored to meet the needs of our clients. As a team of experts, we ensure that statutory audits are completed on time. This ensures the accuracy of financial statements and assures the public that they are reliable.
We provide the financial reporting to:
- Mainland companies
- Free zone companies
- Listed companies
- Liquidation of companies
2. Internal Audit
The purpose of an internal audit function is critical to the success of any risk management framework within an organization. The audit process plays a crucial role in maintaining investor confidence by exposing positive views. The core responsibility of internal auditors is to assess whether other risk systems and controls in place within the company are working successfully to manage and diminish risks or not. A comprehensive independent evaluation of the firm’s control functions will contribute significantly to the enrichment of the firm’s procedures and systems.
3. Taxation Audit
Tax audits may be necessary when assessing the tax payable or paid to the taxation authorities. The tax collected and paid by the company during the period of assessment of income and expenses is the focus of the audit. In addition, the audit covers the arrival of tax payable or paid.
An income tax audit assesses the taxpayer’s professional or commercial accounts from an income tax standpoint. As part of the proper running of your business, it accounts for every financial activity. So, it will be easy to determine and correct any tasks that need improvement.
What is an Audit?
The audit is an independent examination of the financial information of an entity, irrespective of its form, nature, and objective, to express an opinion on such financial information.
Why to audit “from the point view of a company”?
- As you know – Members/Shareholders of the company are the real owners of the company.
- As the members of the company cannot run the business together (especially listed companies), they appoint a Board of Directors.
- BOD is ultimately responsible to the members. BOD creates the hierarchy, establishes the controls, and runs the business through management.
- BOD is responsible to prepare the financial statements.
- To check and report on the financial statements, members of the company appoint an auditor.
What is the objective of Audit?
Audit (examination) is conducted with an objective to express an opinion on the financial statements as to whether financial statements:
- Prepared by the management give true and fair view of financial position and performance.
- Comply with the applicable Financial Reporting Framework.
- Are free from material misstatements, whether due to Fraud or Error.
What is the Audit opinion/Audit Report?
The auditor expresses his opinion in writing – that is called an “Audit report”.
What is the average time it takes to audit?
The audit process such as a real estate audit usually takes six months and is often completed in a matter of weeks. The time frame is hard to predict as it depends on the scope of the tax audit and the consideration of any records, systems, or personnel access that might be involved. The department will be able to discuss the findings and make comments after completing the audit report.
Are Audits Compulsory in the UAE?
It is required to have the books of accounts audited each year, according to the Law. Every company that is registered under the law must have its accounts audited starting 1 July 2017.
Why Choose Us?
We understand the importance of auditing and strive to provide the highest quality services at competitive prices. As approved auditors of DMCC and DAFZA and with expertise and commitment to customer satisfaction, we are confident that you will be satisfied with our audit services in Dubai. So if you’re looking for an auditing company in Dubai that you can trust, then look no further than AFS Auditing!
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