Audit Services
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AUDIT SERVICES
An audit is the examination of the financial report prepared by a company by someone independent of that company. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
The purpose of the audit is to express an opinion whether the information presented in the financial report, taken as a whole, reflects in material aspects the financial position of the company at a given date and the performance of the company for the period ended at that date.
When examining the financial report, auditors must follow auditing standards which are set by a government body. Once auditors have completed their work, they prepare an audit report, explaining what they have done and giving an opinion drawn from their work. Generally, all listed companies and limited liability companies are subject to an audit each year. Other companies may require or request an audit depending on their structure and ownership as well as some counterparties they work with or supervised by.
Examples when the audit opinion should be prepared:
- Required or requested by any regulatory authority.
- One of the partners needs an audited report to review the company accounts.
- Requested by banks to issue a new / review / upgrade some of the banking products / facilities etc.
- To renew the business license in any free zones of UAE.
We are in touch with the auditors accredited in the UAE. We provide audit reports for any type of business that they require for license renewal, Bank purpose or any other.
We can organise an audit for the companies based in mainland and in the common free zones of the UAE. Same can be done for banks in the UAE.
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Is Audit necessary for companies in the UAE?
Audit of accounts is mandatory for Free zone companies (FZCO) and Free Zone establishments (FZE) but for some local or foreign companies, it may not be mandatory. It is important for the companies to maintain the accounting reports and documents to finalize the audit.
The commercial companies law states that the audit of accounts is mandatory for mainland companies. Every company must appoint an auditor to auditor for auditing their books of accounts authorized and licensed auditor, but many companies are not mandated to follow the requirements.
What is mainland in the UAE?
The mainland is nothing but the location outside of a Free zone area in the UAE. Companies in the mainland need local sponsorship to set up the company in some situations where a free zone company doesn’t.
Internal Audit
Internal audit means an independent objective review of processed or any other business areas in the company designed to add value and enhance company operations; this gives clear idea about the risk involved and helps to take right decisions specifically on financial activities of the company. Internal audit may help the business to improve performance by identifying and solving issues before they are detected in external audits. Despite the name (‘internal’) this can be easily outsourced to an external party such ourselves as it gives an internal company assessment with the result presented to the management or the shareholders, i.e. internal users of the company.
We can provide information and details to the top management of a business to enhance and complete the system and operations of that business or to adapt the existing system, and we do provide these services to companies operating in all sectors.
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