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Approved Auditors in Dubai​

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Who are the Approved Auditors in Dubai?

They must be registered public accountants. Only then can they be appointed to audit a company’s financial statements. To register as a public accountant with Dubai Economy, you must provide the following documents:

  • Prescribed experience as an auditor
  • Prescribed qualification
  • Prescribe continuing professional education
  • Institute of Chartered Accountants of India (ICAI) membership

What is Financial Audit and its Objective?

A financial audit is a type of objective evaluation of a company’s financial statement reports and reporting processes. The primary focus of financial auditing is to assure the investors, regulators, directors and the managers that the financial statements are complete and accurate. This auditing process provides assurance only, it is not a guarantee.
With the usage of different audit procedures i.e. observations or interviews, the auditors will determine if the financial records are reported properly or not. If all the controls or processes are accurate then the auditors in Dubai will conclude that the financial statements are accurate. Still, there can be a chance of error or mistake.

What Are Audited Financial Statements?

To comply with UAE law, companies must file their annual statements. Auditors will be responsible for overseeing that these documents are filed per IFRS. The audited financial statements include:

  • Statement of the business’s financial transactions
  • Statement of the business organisation

Audited financial statements are mainly to ensure that the company’s financial records are in order. Auditors in Dubai would conduct a thorough audit and then submit that for review. During that review, errors in financial records will be brought to attention. These statements are also helpful when shareholders need to present their financial standings to banks for greater credibility.

How Do Auditors in UAE Work?

The auditors are responsible for a business’s audit opinion. They must ensure that audits are carried out per the IFRS guidelines and requirements.

 FTA and municipalities can inspect all audits performed by auditors in Dubai at any time if they want to ensure compliance with the IFRS requirements.

Step 1:Planning

The auditing process requires proper planning for the process. It will include the amount of audit needed. This will depend on the size and the departments in a company. The planning process will also involve the understanding of the organization, the businesses related to it and the tasks and procedures performed in it. The auditor will plan about the way in which the audit process will be completed, ratio analysis or the documentation process. The process of accessing the risk of mistakes in the financial statement will also be planned. Based on this planning, the auditor will identify the time limit required for the completion of this process.

Step 2:Financial audit tests

Whenever an auditor is going to start the auditing process, he will get an understanding of the organization by applying different audit tests. He will also review the invoices that are associated with all the expenses, to clarify that the expenses are classified correctly and the vendor actually exists. The type of audit test which is to be applied to a specific organization will be identified in the planning process.

Step 3: Account analysis

In the account analysis process, the auditor will check all the details of the account and its accordance with the information present in the documents. The auditor will document the reasons behind the changes in the accounts since the last audit. The required research and information gathering will also be done by the auditor to justify those changes.

Step 4: Preparation of audit report

After the testing and the analysis procedure, the auditor will prepare an opinion report. This report will contain all the information about the organization, the tests that are being used and the details of financial statements. It will also contain the weaknesses in the internal control processes or any issues which still need elaboration. The report will be submitted to the higher authorities after completion.
The whole process of financial auditing depends on the nature and departments in the organization. After the completion of the report, the auditor from top auditing firms in Dubai,UAE is responsible for getting the signatures of the management on the reported information and financial statements.

What Are Generally Accepted Auditing Standards (GAAS)?

Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies’ financial records, ensuring the accuracy, consistency, and verifiability of auditors’ actions and reports. The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) created GAAS.

GAAS Requirements

Generally accepted auditing standards (GAAS) comprises a list of 10 standards, divided into the following three sections:

General Standards

  1. The auditor must have adequate technical training and proficiency to perform the audit.
  2. The auditor must maintain independence in mental attitude in all matters relating to the audit.
  3. The auditor must exercise due professional care in the performance of the audit and the preparation of the auditor’s report.

Standards of Field Work

  1. The auditor must adequately plan the work and must properly supervise any assistants.
  2. The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.
  3. The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.

Standards of Reporting

  1. The auditor must state in the auditor’s report whether the financial statements are presented in accordance with generally accepted accounting principles.
  2. The auditor must identify in the auditor’s report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
  3. If the auditor determines that informative disclosures in the financial statements are not reasonably adequate, the auditor must so state in the auditor’s report.
  4. The auditor’s report must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed. When the auditor cannot express an overall opinion, the auditor should state the reasons in the auditor’s report. In all cases where an auditor’s name is associated with financial statements, the auditor should clearly indicate the character of the auditor’s work, if any, and the degree of responsibility the auditor is taking, in the auditor’s report.

Looking for a Professional Auditor ?

Alya Al Marzooqi Auditing Chartered Accountants is the most prestigious professional Approved Audit firm in Dubai.With the main office in Business Bay and Branch in SAIF Zone. Alya is one among the approved auditors in the all the major free zones in UAE including DMCC,DWC,JAFZA,SAIF Zone, Maydan etc.

Why Choose Alya Auditors ?

With many years of professional experience in the domain of Accounting,Auditing,TAX Services overseas and in UAE , Our excellent professionals customize,pioneering business solutions for the clients based on their requirements. Alya is a professional service company providing services in the field of AuditAccountancyBusiness AdvisoryBusiness Consultancy & Tax ConsultancyAlya Al Marzooqi Auditing Chartered Accountants is a well reputed and recognized Audit Firm of UAE which is an approved audit firm in DMCC and many other free zones in the UAE.

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