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Audit Report in Dubai

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An audit results in a report which gives an ‘audit opinion’ about whether the financial statements give a ‘true and fair’ view of the state of affairs of the organisation and operations for the period.

  • ‘True’ means that the transaction did take place and that an asset exists.
  • ‘Fair’ means that a transaction is fairly valued and that assets and liabilities are fairly stated.

If the auditors do not agree that the accounts give a true and fair view, they can give a variety of other opinions…

  Auditor Opinion Comment
1 Unqualified‘The accounts give a true and fair view’ The opinion everyone wants to see
2 Qualified – disagreementExcept for the effects of …., the accounts give a true and fair view’ There are specific misstatements, such as an incorrect accounting policy, debtors which are not recoverable, an undisclosed fraud or insider loan.
3 Qualified – limited scopeExcept for the possible effects of …., the accounts give a true and fair view There are specific issues which are uncertain, such as particular documents not being available for review, an internal control flaw that could result in income not being recorded.
4 Adverse‘These accounts do not give a true and fair view’ There are so many misstatements in the accounts that they are overall wrong.
5 Disclaimer‘We are not able to express an opinion’ There are so many missing documents or explanations that we do not have enough information to form an opinion.

The auditor may only sign his report, after the Board has signed and approved the financial statements.

Audit Firms in Dubai

Alya Almarzooqi Auditing is a dynamic & innovative medium sized firm (leading chartered accountants firm) lead by a team of professionals and  with a staff compliment of more than 15 , listed in DMCC  and approved by all the major free zones including DWC,JAFZA,Maydan etc.with the head office at Business Bay and a branch at SAIF . A network of national offices provides clients with value-added services focused on business improvement and growth within specialist sectors.

Alya Almarzooqi’s diversity of professional skills, resources and experience can be leveraged across a wide range of client engagement situations.

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