Auditing Services in Dubai, UAE

Audit and assurance services in Dubai are practices used for the assessment of the financial record of a business. These processes are carried out yearly. Audit and assurance are hand-in-hand processes of determining and verifying the financial records available in the business’s accounting record. These are performed keeping in view the international industry standards to ensure the effectiveness of work.

However, there is little difference between auditing and assurance services in accordance with the nature of work deliveries. The audit is the process to check, evaluate and maintain all the financial records of a business. It is conducted to analyze the accuracy of the financial reports within a business. An assurance on the other hand is the process of analyzing and measuring the appropriateness of the financial records as per international accounting principles, and standards and following its compliance.

An audit not only helps companies detect fraud, financial faults, and misrepresented transactions in their financial system but helps companies comply with the state laws as well.

Here are a few of the ultimate advantages of getting your business audit done annually.

• Assists in the goodwill of the company.
• Helps maintain compliance for the business.
• Timely renewal of your business and trade license.
• Assures accuracy and authenticity of the information.
• Better accuracy and transparency in the financial statements.
• Forecast the budgets, make financial strategies and initiate the growth plans.
• Evaluate the business’s cash flows and implement effective internal control procedures.
• Helps comply with taxation and other regulation also at the time of company liquidation.
• Professional assistance while taking informed decisions as well as identifying growth opportunities.

Auditing is the independent examination of the financial records and books of accounts and expressing an opinion on the same. The importance of an audit cannot be understated. You are getting yourself a team of professionals who have gained extensive knowledge about all kinds of business entities and how they function and hence can easily identify the shortcomings if any, in your business or how you operate. Being updated on accounting standards around the world, we are in a position to advise and incorporate said requirements and changes into your system to ensure transparency while comparing to international standards. An independent audit also reduces the scope of fraud risk elements in your business.

The audit is a procedure of closely monitoring the accounting information provided in a company and financial statements. Assurance, on the other hand, involves assessing and analyzing different operations, processes, and procedures.

There are a few different types of audits but, in the specific context of professional services, an audit is usually financial. It is intended to provide reasonable assurance (high level of assurance), but not absolute assurance, that the financial statements give a true and fair view in accordance with the financial reporting framework.

• Unqualified Opinion i.e., clean report.
• Qualified Opinion
• Disclaimer of opinion
• Adverse opinion

• Control risk, Inherent risk, and Detection risk.
• Proper audit planning before execution, properly allocating staff based on their skills and experience, and establishing monitoring of audit work.
• Maintaining professionalism throughout audit work.