External Audits in Dubai
An external audit is an independent audit of the financial statements that an organization also prepares. External audits, also called statutory audits, are intended to verify, and confirm the accuracy of the financial statements and the financial position of the organization. The External Audit Services In Dubai also verifies that the financial statements prepared to comply with applicable laws and accounting standards. It is an independent audit of the accounts prepared by the external auditors.
Who are the external auditors?
The external auditor is a professional and independent third party who is not a member of the audited entity. They audit the organization’s accounts in an independent capacity. An external auditor also audits the organization’s accounts and financial statements. They have access to the company’s financial statements, payroll, procurement statements, and other financial statements to spot the weakest points, or potential for fraud, and to understand where efficiencies and improvements can be directly applied and recommended in the company.
In addition to the above responsibilities, the external auditor has the following responsibilities
Interviewing and gathering information from the organization’s employees
Developing strategies for audit procedures
Indication of the status of the implementation of audit procedures
Identifying all existing risks within the organization
Evaluating the organization’s financial reports
Prepare the final audit report
Review of the final audit report with the client
Benefits of an External Audit
Obtains a comprehensive report: The external auditor’s report provides a comprehensive account of the company’s overall performance. The external auditor also confirms that the information contained in the financial statements is unconditionally correct. Thus, management can consider actions related to improper process errors detected in the report.
Identifying Organizational Weaknesses: The external auditor addresses the general systems and controls of the organizational environment. With the assistance of the external auditor, weaknesses in the organization, particularly in the accounting system, can be identified. Based on this evidence, the external auditor will make recommendations on how the organization can become more efficient and more vulnerable to fraud and error.
Compliance with the law: The external auditor is involved in the organization’s accounting and ensures that it complies with the rules and regulations established by the competent authorities. Likewise, the auditors are made aware of all rules and regulations set by the relevant authorities and governments.
External audit reports can easily identify weaknesses in an organization, making it much easier to identify specific areas of performance improvement. This reduces the amount of time and resources wasted.
Impartiality Because the external auditor is an independent third party with no direct relationship to anyone in the audited organization, the audit report is neutral or impartial.
We can be your external auditor
Companies operating in the UAE are required to submit an audit report 3-6 months after the end of their fiscal year, and our experience working with external auditors will ensure that your company receives the best external audit report in the UAE AMCA is a certified public accountant licensed by the Ministry of Finance. We are registered in all major free zones and our audit reports are accepted throughout the UAE.
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For companies in Dubai, audit and assurance services are provided to give stakeholders a more accurate and fair view of their financial position. We ensure that the accounts are correct and up to date, that internal controls are functioning as intended, detect fraud and provide advice for better management. As a leading audit firm, we at AMCA Auditors ensure that our services are the best that the best audit firms in Dubai can offer. We work in accordance with laws and regulations, enabling your company to comply with all national and international auditing and accounting requirements.
Auditing your books is necessary to meet the various requirements of banks and regulatory bodies. In addition, to comply with the UAE economic system, independent audit companies are required to provide audit services to companies.
Independent audits should be conducted by reputable audit firms in Dubai, such as AMCA’s Audit and Assurance Services, which is approved by all banks in the UAE. Their reputation as an audit firm is widely recognized by stakeholders across the country.
