External audit in Dubai
An external audit is an independent examination of financial documents conducted regularly to maintain accuracy and transparency. It improves the compliance of financial statements with standards. External audits are conducted to ensure the accuracy of a company’s financial statements and financial position. In the case of External Audit Services In Dubai, the external auditor, who is an expert and independent third party, provides an unbiased review of the company’s financial records. The auditor reviews the financial investments to identify any irregularities.
External audits draw attention to the financial condition of the entity in this competitive market. External auditors impartially review their work and report with a high degree of accuracy. The external audit ensures the completeness and accuracy of the accounting records within the accounting framework, eliminating errors, fraud, and misstatements. BESTAXCA provides seamless external audit services in Dubai and UAE to assist private companies and governments in auditing accounting records.
External audit process
The external audit process involves various stages from the appointment of the auditor to the submission of the report. The following are the following stages of an external audit in Dubai.
Appointment of auditor:
A professionally certified independent auditor is appointed for the external audit. It is recommended that someone from outside the organization be involved. Auditors should be elected by the shareholders of the company at the annual general meeting of the company, based on their qualifications, skills and experience, and their mandate.
Approval of credentials:
The auditor must confirm by letter that he/she accepts the appointment. The auditor confirms his/her appointment by a letter of consent.
At this stage, the auditor collects, evaluates and interprets the data for better understanding. The auditor identifies and assesses risks and recommends actions to be taken. These include:
Gather data about the company and its maneuvers.
Determine whether the company is honestly complying with International Financial Reporting Standards (IFRS) in accordance with the Financial Accounting Standards Board.
Thoroughly examine the accuracy of the company’s accounting records
A thorough examination of the company’s accounting, payroll, and purchasing records.
Examination of accounting records for financial errors, fraud, or abuse.
Collection of evidence:
Collection of evidence to enhance materiality and confirm compliance with accounting principles, standards, and asset controls.
After a thorough audit, the auditor submits an audit report to management and recommends a qualified opinion on the future of the organization.
Documents required for an external audit
To prepare an accurate and independent audit report, external auditors generally need the following documents: – The external auditor must prepare a detailed and objective audit report.
A detailed and objective audit report should be prepared in a detailed and objective manner – a detailed and objective audit report should be prepared in a detailed and objective manner – a detailed and objective audit report should be prepared in a detailed and objective manner
This includes invoices and receipts. This helps the auditor to prepare accurate balance sheets and other relevant financial documents.
Bank account details
The external auditor will ask for details of the company’s banking transactions. It included under the company name.
Payroll details will help the auditors understand the company’s tax liabilities, expenses and payments.
Company loan details
These documents help the auditor accurately identify payments.
Trial book and balance sheet
During the pre-audit phase, the external auditor requests a general ledger and a trial balance to verify debit and credit balances.
Why do organizations hire external auditors in Dubai?
The external audit is mandatory for all companies incorporate in the UAE. It is an important document as it processed in accordance with Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
This document used as an important financial document if you want to renew your driving license or take out a loan, etc. Given the introduction of the new VAT in the UAE, the external auditor’s report will increase the credibility of the company’s accounts. Since it is an independent audit report, it helps investors or third parties to know whether a company’s financial statements are free from fraud or misstatement.
By conducting an external audit in Dubai, you can increase the credibility of your company’s financial statements. The main reasons for hiring an external auditor in Dubai are as follows:
A fair assessment of the company’s financial condition.
Accurate information is necessary for the firm to evaluate its profit and loss.
Provide trust and assurance that the firm’s information and business practices are authentic.
Reduce the risk of fraudulent financial information.
Unique Features of BESTAXCA
BESTAXCA professionals are qualified and certified specialists who evaluate and develop business processes to mitigate the risks posed by fraudulent financial information. We are not part of the company and provide unbiased audit reports. Our services include
Assurance: We provide critical and valuable insight into data that dispersed throughout the company. Our audit procedures provide companies with assurance about the validity of their evidence and how they conduct business.
Assurance: Our team verifies that the accounts prepared by the company are convincing and accurate. This confirms the financial strength of the company and can attract further financing.
Integrity: This is a great advantage for a company, as the public and authorities will have the impression that the company is a solid, established organization in the market.
Avoidance of mistakes: Our professionals are more cautious and there is less likelihood of mistakes in the preparation of the company’s accounts. This allows them to make competent decisions about the company’s future and ensure that they will not repeat the same mistakes again.
Fraud Limitation: There is no guarantee that a company’s internal audit is complete and does not contain misleading information. This leads to fraud and money laundering. By having an external audit conduct by experts, these internal frauds prevented.
Providing solutions and impartial recommendations: BESTAXCA professionals are a team of qualified, competent and certified auditors. As such, they provide reliable and impartial solutions for the benefit and development of the company.
Why BESTAXCA for external audits in Dubai?
BESTAXCA is a squadron of qualified and competent CPAs who know how to perform external audits. Our expert external auditors provide consistent and impartial solutions to benefit and grow your business. BESTAXCA’s external audit services are tailored to our client’s requirements and comply with UAE auditing laws.
We provide legitimate findings to help your company maintain a better position in the competitive marketplace. Our team has experience in the Big 4 and leading auditing firms in Dubai. This team has extensive experience in a wide range of industries. Our team has also worked as CFOs in various multinational companies and contributed to internal decision-making.
BESTAXCA provides external audit services in Dubai and the UAE, as well as business strategy and finance services, accounting services, audit and assurance services, VAT and tax advisory services, and accounting software implementation services, and due diligence audit services.
If you need assistance with external audit services in Dubai, please do not hesitate to contact us. A certified public accountant will call you right away and provide you with the best external audit services in Dubai for your business.