External Audit in Dubai
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Even though audits of companies are required by law, the myth persists, that audits are only necessary for legal reasons. However, a successful business relies heavily on regular auditing and accounting. Without proper accounting records and regular auditing, business owners often believe their venture is profitable while losing money. In many cases, the damage results from the late realization, and the result is irreparable. Therefore, this scenario's external auditing service in Dubai must be viewed pragmatically. To solve their accounting issues, every business needs the help of experienced and qualified external auditors in Dubai.
What is external auditing?
An independent auditor performs an external audit to verify financial records and operations are accurate. Businesses operating in the UAE must abide by the laws of the government. This enables external auditors to assess the organization's financial statements.
External auditors are likewise responsible for:
- Meeting with the organization's staff to gather information
- Developing audit strategies
- Setting up the audit procedures
- Identifying every risk that an organization faces
- Analyzing an organization's financial report
- Preparation of the final audit report
- Meeting with clients to discuss the results of the audit report
What are the benefits of external auditing?
- Making sure that government laws are being followed
- The credibility of financial institutions is increased
- Ensure that financial information is accurate
- Fraud and malpractice prevention
- Specialized knowledge is needed
- Provides a comprehensive analysis
- Analyzes the weaknesses of the organization
- Increases efficiency and saves resources
- Provides unbiased information
Three reasons why you should conduct an External audit.
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Compliance with UAE Laws and Regulations
UAE has various laws and regulations that companies need to comply with, and conducting an external audit helps ensure that your company meets all the necessary compliance requirements, which can help avoid legal or financial penalties. The audit can identify any areas where your company may be non-compliant and provide recommendations for corrective actions.
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Enhance Financial Transparency
External audits provide an unbiased review of your company's financial statements, which can enhance financial transparency. This can help build trust and confidence with stakeholders such as investors, shareholders, and lenders. Audited financial statements can also help attract new investors, as they provide a clear picture of your company's financial health.
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Identify Areas for Improvement
An external audit can also help identify areas where your company can improve its financial management processes, controls, and overall efficiency. This can lead to cost savings, increased profitability, and a more robust financial reporting framework. The auditor can provide recommendations for improvement, which can help your company achieve its financial goals and objectives more effectively.
Why AMCA Auditing?
With AMCA Auditing, you'll only find the best. We offer the expertise of chartered accountants, certified public accountants, chartered certified accountants, and all the financial auditing professionals necessary for our clients. AMCA provides:
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Extensive industry experience
Experience is crucial in the finance sector. As a seasoned accounting and auditing firm in Dubai, we can be trusted with your venture altogether.
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Affordability
The auditing services we provide at AMCA Auditing International are affordable and will not burn a hole in your budget.
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Standardization in accordance with international guidelines
Our clients are consistent with global accounting standards.
The need for an external auditor is inevitable for every business in Dubai. We are top auditing service providers delivering impeccable auditing services to ensure seamless operations and profitability at AMCA Auditing International- Auditors and Accountants. We continuously provide top-notch auditing services to ventures across all sectors and industries, making us the most sought-after auditing firm.
AMCA is an approved and licensed auditor by the Ministry of Economy (MOE). Therefore, in addition to being listed in all major free zones, our audit reports are accepted throughout the UAE.
Frequently Asked Questions
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Why is an audit important?
An audit assures stakeholders that an organization's financial statements are reliable and accurate, which helps build trust and confidence.
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Is audit mandatory in UAE?
The Commercial Companies Law states that the audit of accounts on an annual basis is necessary for all companies established in the mainland. Freezone entities may also be required to maintain and submit their audited accounts depending on the Licensing Authority.
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How many years should a mainland company in UAE maintain the accounting records?
As per Article 26 of UAE Federal Law no 2 of 2015, every Company must maintain accounting records for at least 5 (five) years from the end of the Company’s financial year. Electronic copies are acceptable.