Statutory Audit/Annual Audit in Dubai
We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, high net worth individuals, family offices and growing businesses in UAE.
A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
A Statutory Audit is a legal requirement by Law to determine whether your business is providing a fair and accurate representation of its financial positioning by examining information, such as bank balances, bookkeeping records and financial transactions.
By getting to know your business, our enthusiastic audit team will be able to apply our rigorous approach and deep knowledge to your circumstances.
A passion for audit is at the heart of the Alya Auditors. Our audit staff are enthused about auditing and our clients enjoy our approach.
Audit Firms in Dubai
Our Statutory Audit Services in Dubai Includes
Tax Audit
Examination of an organization's tax return to verify that financial information is being reported correctly.
Tax Audit
To minimize the penalty from the FTA, the entity is recommended to follow all the requirements set by tax law and for this it is good to consult an audit firm.
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Compliance Audit
The importance of IT controls has recently caught
the attention of organisations using advanced IT products and services.
Compliance Audit
IT control objectives relate to the confidentiality, integrity, and availability of data and the overall management of the accounting software of the business enterprise.
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Stock Audit
Stock audit or inventory audit is a term that refers to physical verification of a company or institution's inventory assets.
Stock Audit
This Audit is gathering evidence, especially for manufacturing or retail-based businesses. It can represent a large balance of assets or capital.
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Integrated Audits
Integrated audit usually happens when there are two different areas of audit requirements.
Integrated Audits
Integrated audit also happens when the entity operates in many different countries and the financial statements are audited by different audit firms.
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Financial Audit
Auditing of the business’s financial statements by an independence auditor where audit opinion will be provided on those financial statements after auditing works are done.
Financial Audit
Most of the entity prepares its financial statements based on IFRS, and some entity’s financial statements are prepared based on local GAAP.
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Value Audit
Assessing and evaluating three main difference factor Economy, Efficiency, and Effectiveness.
Value Audit
Value Audit helps the business not only to improve resource efficiency usage but also making sure that the entity obtains good quality material at the low costs.
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Benefits of Appointing Alya Auditors as the Statutory Auditors for Companies in UAE
An audit provides independent verification that the financial statements are a true and fair representation of the entity’s current situation. This provides invaluable credibility and confidence to your organisation’s customers/clients, stakeholders, investors or lenders and even potential buyers. It is confirmation that financially everything is as it appears to be.
Statutory audit provides complete peace of mind for business owners and shareholders that the organisation is 100% compliant with all of its current statutory obligations. Non-compliance runs the risk of incurring heavy fines, loss of customers and a tarnished reputation – damage that far outweighs the cost and any minimal, temporary inconvenience that may be caused by an audit.
It’s estimated that up to 30% of the UAE’s businesses are subject to fraud, error and corruption. Workplace fraud can occur for years without being detected and can be so substantial that some businesses never recover financially or repair their reputations. An audit can be an effective tool for identifying fraud and opportunities to commit fraud. Experienced auditors are skilled at pinpointing weaknesses in an organisation’s systems and controls and suggesting ways to strengthen these to prevent fraud occurring.
An audit confirms the accuracy of an organisation’s financial statements by analysing its financial transactions. It’s a detailed process and can result in certain types of income, expenditure, assets and liabilities being scrutinised. This critical examination, coupled with the auditor’s financial expertise, can then be used by business owners for better financial planning, budgeting and financial decision-making for the future.
A thorough, in-depth audit takes an impartial look at your organisation’s internal systems and controls. This means it’s an ideal opportunity for the auditing experts to suggest improvements that can make your business more efficient. Ways to improve internal controls, business systems, accounting practises, efficiencies, governance and culture can all be identified through the audit process.
Our Statutory Audit Procedures
The auditor checks if the industry guidelines are followed in the company.
The past reports are evaluated and the work procedures are also checked.
All the financial details like bank account details and cash book details are also checked to ensure the report is error free.
Our audit approach is founded on detailed risk assessments and corroborated analytical review which involves understanding what makes each individual business tick. We put robust and considered planning at the centre of our process, and involve the client at all stages.
Auditing is done for various sections, and different auditing reports are generated. We review the generated document to make sure it is with respect to the federal law of UAE. It is further merged into one before presenting in front of the board of directors and shareholders.
