As one of our core services we provide external audits to organisations of all types and sizes.
We are experienced in dealing with IFRS and SORPs for financial reporting purposes and all our audits are performed in accordance with relevant regulatory requirements and International Standards on Auditing (ISAs).
Our audit methodology is based on providing an efficient and robust audit focused on risk. However we see your annual audit as more than a statutory requirement and work to ensure our audits have added value benefits beyond a simple audit opinion. We take the opportunity to review your performance and make suggestions to improve controls within your business.
In addition to private companies, we have the technical knowledge and experience to provide audit services to organisations across a range of specialist sectors, including:
- Schools and Academies
- Insurance and Financial
- IT Professional
Audit Firms in Dubai
If you would like to discuss our services in more detail please contact our Audit and Assurance team on Tel: +971 4 876 9377or email firstname.lastname@example.org
Benefits of External Auditing Services on Business in Dubai
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.
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.
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.
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.
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 higher
value 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 audited
accounts may prove more attractive than those without.
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
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.
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.
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.
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.
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.
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.