External Audit Services in Dubai, UAE
An external audit is the independent examination of financial records conducted routinely to maintain accuracy and transparency. It enhances the financial statements comply with the standards. The external audit is organised to see the precision of the statements and the financial position of the company. When it comes to external audit in Dubai, an outside auditor, who is an expert and independent third party who performs a dispassionate review of the financial records of a company. The auditor looks into the financial investments to identify any irregularities. External auditing points on the financial standing of the business organisation in this competitive market. External auditors review their work unbiasedly and present reports with high accuracy. The external audit ensures the completeness and accuracy of the accounting records within the accounting framework eradicating errors, frauds and misstatements. BOOKBLISS offers seamless external audit services in Dubai and across the UAE to help both the private companies and government to check accounting documents.
Purpose:
External audits provide an independent, objective examination of a company’s financial statements to ensure accuracy and compliance with accounting standards and legal requirements.
Scope:
Includes verification of financial reports, assessing the fairness and reliability of financial statements.
Benefits:
- Builds credibility with investors, regulators, and stakeholders
- Ensures compliance with statutory requirements
- Identifies any material misstatements or financial irregularities
- Supports transparency and trust in the business
Who it’s for:
Businesses required by law or stakeholders to have their financial statements audited externally.
F A Q
Frequently Asked Questions on External Audit in Dubai
How do internal and external auditors differ and relate?
Internal and external auditors are independent of the activities they audit in an organisation. Internal auditors provide monitoring and assessment of all activities within the organisation. On the contrary, the external auditors are independent of the organization, and they provide an audit opinion on the financial statements to the business. A well coordination of optimal effectiveness and efficiency is to be maintained in their work.
What are the responsibilities of external auditors?
External Auditors responsibilities include (1) inspecting financial statements to find errors, misstatements and fraud, (2) performing audits on systems, operations and accounts, (3) reporting audit findings and recommending improvements.
How is the working of external auditing firms within the UAE?
The External Audit is conducted through the following procedures (1) review the corporate accounts and statements and Prepare an Auditor’s report with an Auditor’s opinion formed, (2) the approved auditor makes sure that the annual financial reports prepared by are accurate and are free from any deceit or error, (3) they emphasise that the accounts are prepared consistent with the International Financial Reporting Standards.
Is your company DMCC approved?
Yes, we are DMCC approved auditors with a large number of clientele across UAE.
What is the difference between qualified and unqualified audit report?
A qualified audit report gives a subjective clearance to the financial statements representing a real and fair view. This is often subject to the matters on which a professional opinion is expressed. An unqualified audit report opines that the financial statements represent a real and fair view with IAS and other compliance standards with none limitations.
What are the advantages a business unit can get from an audit experience?
A business unit can enjoy an audit experience within the following ways (1) independent opinion from the external auditor, (2) better internal controls, moral checks and easy valuations, (3) detection and prevention of errors and frauds, (4) verification of books, (5) satisfaction of business operations.
Why do free zone companies need an external audit report in Dubai?
An external audit report is extremely useful in free zones company’s because (1) audit reports are required during the loan sanction by banks within the UAE, (2) audit reports are to be submitted at the time of trade licence renewal.
Can we use qualified audit reports for ICV certification?
No, the qualified audit reports cannot be used for the ICV certification process as it is not approved by federal authority.
How long does it take to prepare an external audit report?
The external audit report preparation generally takes 7- 10 working days if all the information’s are provided by the clients. Otherwise based on the deadline provided by the client, BOOKBLISS will take extra care and allocate more workforce to finish the work.