Audit Services in Dubai
Team Avyanco manages to create value for UAE businesses by providing audit services in Dubai as per international-standard auditing services. We are a full-fledged audit firm in Dubai for all your auditing, assurance, financial audit, company liquidation audit, and other business financial requirements. Get auditing services that best suit your distinct business needs while bringing trust, transparency, and reliability and credibility.
Audit in Dubai
The UAE business landscape is a highly competitive one and companies require auditors that are familiar with their jurisdictions, political and economic policy issues, corporate rules and regulations, long-term corporate strategies. In addition, they must be experienced enough to detect potential threats and risks that need to be evaluated and eliminated promptly.
Avyanco is an approved auditing firm that leads audit services in Dubai offering a plethora of auditing services in Dubai to local and foreign businesses in Dubai and around UAE. We do thoroughly audit of books of accounts prepared by the management and find material misstatement in financial statement. Our qualified auditors in Dubai produce a precise, thorough, and unbiased audit ensuring that you comply with the UAE regulatory criteria.
When to Hire an Audit Firm in Dubai
Wondering when you should hire an audit firm? Does not matter if you are a startup, an SME, or a large-scale business, if you find something suspicious with your financial records or perhaps you feel misinterpretation of numbers in your book of accounts, you must hire an auditing firm before it goes out of your hand.
An audit firm in Dubai can help you inspect, and analyze your books of accounts, detect any possible error, and suggest appropriate measures to minimize loss within the business. Avyanco is the top-notch auditing firm in Dubai facilitating businesses with their internal and external auditing requirements.
Avyanco Auditing services will:
- Spot irregularities
- Provide valuable insight
- Review internal controls
- Assess IT system
- Identify conflicts of interest
- Assess Internal Controls system
- Analyze financial performance and fair view of the company position
- Identify and evaluate systematic errors occurring throughout the year
- Assess recommendations and policies based on actual and accurate findings
Internal Audit Services
An internal audit helps identify internal account management issues and offers vital, valuable, and detailed insight that can help boost the financial growth of your company. Internal conduct can be conducted by internal auditors of a firm or by someone outside the company.
Avyanco is the go-to auditing company in Dubai that entails an unbiased and impartial analysis of the company’s financial information. The management will benefit from the right evaluation by having a better grasp of both the company’s current state and its prospects for the future. An internal audit conducted by Avyanco will also benefit the company by revealing any error that is being committed there.
Avyanco follows the simplest, most accurate and robust internal auditing procedure which is:
- Meeting with management to identify the key areas of concern and essential business activities
- Getting the audit plan ready
- Evaluating the manual and other operational methods
- Alerting the relevant departments and drafting the audit report
- Discuss with management about the findings of the report prepared by the internal auditor
- Auditor will prepare the documentations and use for the next periodic audit
External Audit Services
Auditing involves much more than just numbers and data analysis. The auditing sector is expanding rapidly and on a broader scale due to several regulatory changes and technological developments within the business sphere globally. External auditors in Dubai make a beneficial contribution to society by offering clients extra value and essential insights to boost business success within the region.
An external audit is a corporate audit that is carried out by a third party for a company. This third party has no connection to the business in any manner so the audit can be conducted fairly. An external audit of a company guarantees that the auditor develops the audit report transparently and accurately. A complete view of the client’s present condition and the state of the firm is ensured by the external audit.
Avyanco is all and well capable of assisting you to audit your ultimate financial statements and offer additional insights to guarantee the honesty and openness of your business. Team Avyanco will carefully review your financial records and statements to make sure they comply with UAE legislation and the International Financial Reporting Standards (IFRS). Determine your company’s financial health and establish its credibility by hiring our external auditing services in Dubai.
Tax Audit Services
During a tax audit, the tax collecting agency, Federal Tax Authority (FTA) looks through a company’s tax filings to see whether the income, deductions, or credits reported in the file represent the real numbers. This is carried out in order to guarantee that each firm pays the amount of taxes it had to pay to the regulatory body within a certain time period.
We will assist you while tax audit conducted by the FTA officials ensure that the government (FTA) will get satisfied with our timely responses to avoid any penalty.
We will help you in providing below details while assistance in tax audit:
- Purchase master sheet
- Sales master sheet
- Input tax credit computation
- VAT liability computation
- Communication with FTA
Company Liquidation Audit Services
Liquidation is the process of liquidating a business, and liquidators are the individuals or businesses who carry out the liquidation process. In Dubai, closing down a business and all of its associated operations is known as “company liquidation.”
When a business experiences a loss and is unable to pay off its outstanding debts, it must liquidate in accordance with the regulations and laws. All organizational assets are dispersed to shareholders and creditors according to their order of claims when a firm is being liquidated.
Before the trading license is invalidated, the authorities want a firm liquidation audit report by the management of the company. The company’s obligations and assets will be listed in a liquidation audit report therefore a liquidator must have access to all the essential data.
Liquidators at Avyanco can provide assistance throughout any stage of the company liquidation process. Avyanco company liquidation auditing service is often chosen by UAE companies since they want to keep the process as transparent as possible. Rest assured, Avyanco will manage all the liquidation work seamlessly.
Stock Audit Services
The most crucial asset for every firm is the stock or inventory on which a business is based on. The primary goal of stock audit services is to guarantee stock statistics through accurate analytical stock and inventory accounting for a company.
Businesses in Dubai often hire stock auditors to monitor, manage, and safeguard goods and products. The purpose of the stock audit is to confirm the veracity, existence, and ownership rights of the objects in the company’s inventory as well as their worth.
Avyanco as the leading auditing firm in Dubai understands that audit requires careful preparation, enough resources, and knowledge. Our stock auditors are experts in their work and will assist you in conducting inventory verification, providing in-depth insights into your goods, and properly reconciling your current stock records. Avyanco covers the following while conducting a stock audit of a firm:
- Stock accounting
- Inventory coding
- Valuation of stock
- Evaluation of stock
- Stock reconciliation
- Inventory categorization
- Reporting the physical status of stock
Risk Management Audit Services
According to reports, 33% of organizations face an increase in fraud each year. Internal problems like asset theft and embezzlement that go undetected might expose your company to additional financial reporting fraud, resulting in further potential revenue loss.
By ensuring that you are prepared in advance to accomplish your strategic goals through effective risk management, risk management audit services in Dubai will reduce further risk factors.
A risk management audit firm in Dubai will recognize the potential and anticipated risks and manage them by eliminating or lessening a risk or threat. Avyanco has been in the industry for so long successfully helping its clients to examine both financial and operational risks associated with their business which might cause further loss. We make sure to first learn your individual business model and then deliver optimal results.
Financial Audit Services
A financial audit examines how impartially the data in a company entity’s financial accounts are presented. A financial audit entails a review of the ledgers and other pertinent financial records of an organization. The primary goal is to give an impartial third-party assurance that financial statement prepared by the management is giving true and fair view.
Financial Auditing in Dubai is performed by approved auditors who are responsible to conduct a fair audit of a firm. Auditors will determine whether the accounts have been kept up to date and have complied with all applicable Framework and guidelines issued by the accounting and auditing bodies
- Review accounting processes and systems
- Examine tax returns and records
- Evaluate data storage procedures
- Evaluate fixed assets and inventory
- Review internal reporting systems
- Gauge the potential risks and threats
- Compare internal and external records
Financial Statement Audit
A financial statement audit verifies that the financial statement of a company complies with the requirements of the International Generally Accepted Accounting Principles (GAAP), Financial Reporting Standard (IFRS), and International Accounting Standards (IAS). Financial auditors at Avyanco will examine your finances with the utmost care and focus in order to provide a report that is fair and accurate.
Types of Financial Statement Audit
Avyanco specializes in multiple financial statement audit services offering:
- Balance Sheet
- Income Statement
- Cash Flow Statement
- Change in Equity Statement
An accurate, up-to-date, and fair financial statement audit becomes a reality when you hire Avyanco in Dubai.
Why Does Your Business Need Auditing Services in Dubai?
The audit is aimed to increase the credibility of a company’s financial situation and performance. By implementing financial audit services in Dubai, an organization may be able to get significant and valuable insights into the firm.
Approved and certified auditors at Avyanco will adhere to international auditing standards using positive and transparent approaches while keeping an eye on your company’s aims and ambitions. We strive to make our clients able to resolve problems and eliminate hazards going forward. We reassure you that our insightful advice will serve as a beacon for your successful journey.
How Does Avyanco Auditing Services in Dubai Help Your Business?
Avyanco believes in working endlessly towards achieving goals and leaving marks beyond imagination. We are always investing in cutting-edge technology to meet the expectations of our customers and the current market.
We have made significant investments in human capital by acquiring and retaining brilliant specialists and giving them the required training and mentoring in order to provide high-quality auditing services to the companies in Dubai. Choosing Avyanco means you get the audit done right for your business.
- Customized solutions
- On-time report delivery
- Verification of interior controls
- Experts advise through the audit
- Financial reporting and Filing tax obligations
- An in-depth analysis of your business’s finance
- A critical analysis of the business financial front
- Have a clear understanding of your financial ecosystem
- Complete adherence to existing UAE corporate rules and law
FAQs on Auditing Services in Dubai
Is financial audit compulsory in Dubai? Can I use an external auditing company in Dubai? What does an auditing company in Dubai do? These are only a few of the questions that come to the minds of most business owners in Dubai. We’ve collated a list of the most commonly asked questions about auditing services in Dubai so that you can make an informed decision on this service.
Is Audit Mandatory in Dubai?
Although not required, it is advised that businesses provide audit reports to their banks and other third parties. A Chartered Accountant conducts a statutory audit in accordance with local law to ensure that the information presented to the public is accurate and free from major misstatements. However, certain Free Zone entities are required by law to have their accounts audited in the UAE. Additionally, an audit of all mainland enterprises is also required as per UAE laws.
Will My Audit Reports Be Confidential?
One of the cornerstones of an auditor’s ethics is maintaining confidentiality. The terms of our audit engagement letter would cover this luckily. However, this will not be viewed as a breach of confidence if the law compels auditors to divulge any information about the client out of suspicion.
What Distinguishes An Internal Audit From An External Audit?
Internal audit is the division of a business that assesses the efficiency of its controls and processes. An external evaluation on the other hand is a review conducted by an external auditor that is primarily meant to lead to the certification of financial statements for a company.
What Does an Auditing Company in Dubai Do?
The minimum financial service that any auditing company in Dubai must do is a basic audit. This means examining the company’s financial report, as presented in its annual report, by a person/entity independent of that company. The financial report usually comprises a balance sheet, income statement, statement of equity changes, cash flow statement, and notes summarizing significant accounting policies and other miscellaneous explanatory notes. The main objective of carrying out an audit is to establish whether the company’s information in the financial report reflects the company’s financial position at a given date. These include
- Whether details of what is owned by the company and what the company owes are accurately recorded in the balance sheet.
- Whether the company’s profits and losses are properly assessed.
While examining the company’s financial report, all auditing service companies in Dubai must follow auditing standards that have been set by the UAE/Dubai government. After the auditing company has completed their work, they will prepare an audit report that details what they did and the opinions or conclusions they reached. All listed companies and limited liability companies in Dubai must comply with an annual audit. Other Dubai companies may require or request an audit conditional on their structure and ownership.
What Doesn’t an Auditing Company in Dubai do?
An auditing company in Dubai is not expected to:
- Audit other types of information presented to company members, for instance, the directors’ report.
- Examine each and every figure in the financial report – audits are solely based on selective testing.
- Assess the appropriateness of the company’s business activities, strategies, or decisions taken by the directors.
- Investigate every transaction carried out by the company.
- Test the competence of the company’s internal controls.
- Point out the quality of directors/management, corporate governance, risk management measures, and controls to shareholders.
What Can’t an Auditing Firm in Dubai do?
- They cannot forecast the future. Any audit conducted on a Dubai company relates to a specific accounting period in the past and cannot foresee the future. No audit company in Dubai is expected to assure that the company will remain in business for the foreseeable future.
- None of the audit firms in Dubai can be on-premises all the time. An audit is carried out during a specified timeframe, and auditors cannot be at the company all the time. The primary purpose of an audit in Dubai is to develop an opinion based on the information in the company’s financial report taken as a whole. They cannot be expected to identify all possible financial irregularities. Even though auditors will keep their eyes open for potential material fraud signs, it is impossible for them to identify each and every instance of fraud.
How Does an Auditing Company in Dubai Conduct an Audit?
The following steps are involved in any audit services in Dubai:
- The appointed Auditors in Dubai will examine books of the company financial and recheck all accounting entries.
- Any expenditure made by the finance department is aligned with the company policies or not, whether the finance department had taken any approvals or not!.
- The company management prepares their financial report following legal requirements and financial reporting standards set out by the UAE authorities.
- The company directors approve the financial report.
- Auditors/audit firms in Dubai prepare the audit by understanding the company’s activities and considering the economic and industry issues that could have impacted the company during the specified reporting period.
- Auditors/audit firms recognize and assess any risks for each major activity listed in the financial report, which could substantially affect the financial position or financial performance, and the measures or internal controls that the company has in place to mitigate those risks.
- The auditors/audit firms study what the company management does to guarantee that the financial report is accurate and examines the supporting evidence/documentation.
- Based on the risks and controls identified, the auditors/audit firms then ascertain whether the financial reports taken as a whole portrays an accurate and fair view of the company’s financial results and position, its cash flows, and its compliance with established financial reporting standards and, if relevant, the Corporations Act.
- Lastly, the auditors in Dubai/audit firms prepare an audit report comprising their opinion for the company’s shareholders or members.
What Precisely Does an Audit Company in Dubai Do?
Auditors in Dubai will discuss the work scope of the audit with the company stakeholders. The organization’s directors or management may ask for additional processes to be carried out. However, during the entire audit process, the auditors/audit companies in Dubai have to uphold independence from the company management/directors to maintain objectivity while carrying out the tests and forming their opinions. Auditors/audit firms have the freedom to decide the kind and extent of the audit procedures they need to execute based on the risks and controls they have detected. Some of the more common audit procedures in Dubai include:
- Asking a range of individuals at the company several questions ranging from formal, written inquiries to informal, oral queries
- Inspecting the financial and accounting records of the company, other supporting documents, as well as tangible items such as plant and equipment
- Formulating judgments based on the estimates/assumptions that management made while preparing the financial report
- Procuring written confirmations on specific issues, i.e., requesting a debtor to confirm the amount of their debt with the company
- Testing some of the company’s internal controls
- Observing specific processes or procedures being executed
Why Avyanco for Audit Services in Dubai
At Avyanco, we start each audit process by gaining a complete understanding of our clients, their business processes, and their specific requirements, with the intent to guide them from A to Z with our exclusive and comprehensive audit services for Dubai-based companies. Our team of auditing experts can help you breeze through the complexities of audit processes. Reach out to us for all your auditing needs in Dubai Call/WhatsApp: +971 50 3989000, (T):+97142405000, Email: email@example.com