External Audit Services in Dubai
We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, family offices and growing businesses across the UAE.
Overview
Chartered accountants & VAT/Tax advisors supporting entrepreneurs, family offices & growing businesses across United Arab Emirates.
Our External Auditing Service in Dubai Includes
Since we provide industry specific solutions for the company’s identified problems, and to rectify them.
IT control objectives relate to the confidentiality, integrity, and availability of data and the overall management of the accounting software of the business enterprise.
The Revenue Cycle means more than just tacking marketing onto to the front of an existing sales process; it requires coordinating marketing and sales activities throughout the entire cycle to generate maximum impact.
Examines current policies, practices, procedures, strategies, documentation, structure, skills and systems to identify needs for improvement of the HR function.
The purpose of this audit is to arm managers with the tools, information, and commitment to evaluate the degree of advantage and focus provided by their current strategies
Managing your funding structure and risks is so crucial that any oversights or weaknesses – even a lapse in focus — can negatively affect your company’s overall performance.
Why to Appoint Alya for the External Auditing Services in Dubai
- Credibility. Internally and externally, your financial statements will carry more weight if they’ve been vetted by an external auditor. For family businesses, closely held corporations and non-profits, these audits provide common ground for stakeholders to properly assess the financial health of the organization. For publicly traded companies, external audits offer an unbiased glimpse into the accounting practices of the organization.
- Fraud Prevention. While it may be unpleasant to even think that someone could be defrauding your company, it’s better to know for sure than continually wonder. It’s impossible to spot a fraudster just by looking, and they often turn out to be the person least likely to arouse suspicion. External auditors examine bookkeeping records without the filter of personal relationships clouding their judgment. For them, the financial statements will tell the unvarnished truth, and their impartial inspection could keep your business from taking a major loss.
- Tendering for a contract. Take, for example, a company seeking to supply services to a body such as a local council, a university or the NHS. The procurement policy will require a tender process to take place. In a significant number of cases, a higher weighting or score will be attributed to audited accounts compared to unaudited accounts. The higher score may be the difference between winning the contract or not.
- Assurance for External Funders. Banks and other funding providers place significant value on independently audited financial statements. In many cases lenders require companies to have an independent audit as a condition of loan agreements. If an organisation is seeking to obtain new loan funding, a history of audited financial statements can provide an unparalleled level of assurance to prospective lenders, which may make the difference in whether or not a loan is agreed.
- Assurance for Prospective Investors. Consider a case where a business is seeking to grow by way of external investment, or where shareholders intend to sell the business. Similar to a bank, an investor will place a much highervalue on accounts that have been externally audited, compared to those that have not. If an investor has a number of potential companies in which to invest, those with a history of auditedaccounts may prove more attractive than those without.
- Assurance for Shareholders & Directors. Many SMEs devolve their day to day running to one or two directors on behalf of the shareholders. An independent review of the financial statements can provide great comfort to both directors and shareholders, without putting undue strain on personal relationships. Recommendations made by an impartial auditor can validate why the right key decisions are made by a director, whilst fellow shareholders will have confidence that an independent review will keep the board and the business on the right track.
Our External Audit Process in UAE
Requesting Financial Documents
After notifying the organization of the upcoming audit, the auditor typically requests documents listed on an audit preliminary checklist. These documents may include a copy of the previous audit report, original bank statements, receipts and ledgers. In addition, the auditor may request organizational charts, along with copies of board and committee minutes and copies of bylaws and standing rules.
Preparing an Audit Plan
The auditor looks over the information contained in the documents and plans out how the audit will be conducted. A risk workshop may be conducted to identify possible problems. An audit plan is then drafted.
Scheduling an Open Meeting
Senior management and key administrative staff are then invited to an open meeting during which the scope of the audit is presented by the auditor. A time frame for the audit is determined, and any timing issues such as scheduled vacations are discussed and handled. Department heads may be asked to inform staff of possible interviews with the auditor.
Conducting Onsite Fieldwork
The auditor takes information gathered from the open meeting and uses it to finalize the audit plan. Fieldwork is then conducted by speaking to staff members and reviewing procedures and processes. The auditor tests for compliance with policies and procedures. Internal controls are evaluated to make sure they're adequate. The auditor may discuss problems as they arise to give the organization an opportunity to respond.
Drafting the Audit Report
The auditor prepares a report detailing the findings of the audit. Included in the report are mathematical errors, posting problems, payments authorized but not paid and other discrepancies; other audit concerns are also listed. The auditor then writes up a commentary describing the findings of the audit and recommended solutions to any problems.
Setting Up a Closing Meeting
The auditor solicits a response from management that indicates whether it agrees or disagrees with problems in the report, a description of management's action plan to address the problem and a projected completion date. At the closing meeting, all parties involved discuss the report and management responses. If there are any remaining issues, they're resolved at this point.
External Audit Services in Dubai
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