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Auditing Services

Audit Firm in Dubai

Auditing is a process to examine the accuracy of the business’s financial records. It is performed by the designated auditors, internal and external.  An Audit firm in Dubai are required to follow all auditing rules and regulations.

Why auditing ?

Financial auditing ensures the business financial records are correct and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws. Government of Dubai has made Auditing in Dubai mandatory to ensure the that companies accounts are maintained and recorded as per the rules and regulations of government taxation.

All top audit firms in Dubai are required to ensure that all compliance are followed.

Auditors 

Where accountancy work ends, auditing work begins. Auditor’s responsibility is to check and verify all the records.

An Auditor is responsible to ensure that the the company accounts are accurate. He also ensures that accounts books are maintained according to rules that are stipulated in the Companies Act and companies’ taxes are paid accordingly and timely.

Type Of Auditors

  • Internal Auditors: Auditors who are working as an employee within the company are called internal auditors. They perform internal audit services for the company.
  • External Auditors: External auditors are the independent auditors and are not employee of company. External auditors are government certified auditors. They are usually CA professionals or members from a public accounting firm.An external auditor is suppose to provide an impartial and independent audit of company accounts.
  • Government Auditors: The auditors employed by government for the auditing of government agencies.
  • Forensic Auditors: Forensic auditors are used by the law enforcement agencies to track down the money used for any crime.

Internal auditors and external auditors are only required for majority of auditing services.

According to the law, public companies have to verify their financial statements from an external auditor.

  • An Auditor must be a qualified (CA)Chartered Accountant.
  • An auditor should be able to understand business and it’s process quickly.
  • He must have skills to conduct auditing services efficiently.
  • An auditor must be honest and unbiased.
  • An auditor should ask technical clarification in case of doubts and should be tactically sound .
  • He must  ensure that audit reports are correct and clear.
  • He must have through and deep knowledge of accounting principles and practices.
  • He must have keep himself updated for all the government rules and regulations.
  • An auditor must be vigilant and cautious and suppose to not to leak out client’s business secrets.

Auditors not only required to prepare financial documentation but they must also explain their. Some of the work that auditors need to perform are:

  • Examines company’s financial statements according to rules that are stipulated in the Companies Act.
  • Computes taxes owed, prepares tax returns, and ensures that taxes are paid properly as per regulations.
  • Inspects account books and accounting systems.
  • Organizes and maintains financial records.
  • Suggests ways to reduce costs, enhance revenues, and improve profits.

Auditing Process:

 Planning : Define audit objective and methodology

  • Work plan initiative and special project request.
  • Send audit notification letter.
  • Gather relevant background information.
  • Define audit objectives and determine methodology.
  • Identify risk.
  • Prepare audit program and work paper protocol.
  • Document anticipated deliverable.

Entrance Meeting: Hold Entrance meeting

  • Discuss objective and scope of the audit with client.
  • Identify estimated timing and resource requirements.
  • Discuss audit methodology and the reporting process.

Fieldwork(Evaluation Phase) :  Gather evidence to accomplish audit objective

  • Test transaction and documentation.
  • Conduct interviews with departmental personnel.
  • Evaluate documentation and process.
  • Review documentation and process.
  • Perform other audit procedures to meet audit objective

Exit meeting(If necessary, an exit meeting will be held)

  • Discuss audit results with management.
  • Resolve questions and concerns.
  • Discuss corrective action  plans.
  • Provide recommendations.

Reporting : Communicate Audit Results

  • Provide draft reports for comments.
  • Obtain correct action plans.
  • Obtain expected implementation date.
  • Prepare final report.
  • Distribute final report to appropriate and required individuals.

Follow Ups: Review corrective action Plans and Results

  • Interview staff.
  • Review new process and documentation.
  • Re-audit.

Why Elevate is best in list of audit firms in Dubai:

  • Through effective evaluations of our client company procedures, we (Elevate Business Solutions) helps them to increment their business effectiveness.
  • We Elevate, Audit firm in Dubai, as per requirement, can utilize our interior confirmation conventions from our broad Repository of Knowledge (ROK) to coordinate our client business needs.
  • Elevate, top audit firms in Dubai affirms the guidelines within our client’s procedures.
  • Our information-driven reports portray the discoveries from audit alongside the potential effect to the the client’s business.
  • We utilize all information to draw the road-map for out client company’s future execution.
  • Our objective is to expand the ideal impact of our reviews on our clients’ business..

Investing in an Auditing Services is always proved to be the fruitful for a business and innovative auditing services outcomes are significant. Advancement in technologies brings the number of techniques to enhance the audit quality.

Elevate is a Free Zone Approved Audit Company. We are DMCC Approved Auditor, DIFC Approved Auditor, RAKEZ Approved Auditor. And we are legally authorized to provide services to all respective free zone registered companies. We are also approved Auditor in Hamriya Free Zone & Sharjah Airport Free Zone.

We offer Internal/External Audit, Statutory Audit services, Inventory / Stock Audit Services, Fraud Investigation Services, Statutory Compliance’s Services, Sales Report Services as well as Due Diligence Services. Our audit firm in Dubai is committed to offering the best SWOT analysis & assessment report to our client so we can help you grow in your business.

Elevate Business Solutions Audit Services In UAE

 

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