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    External Audit

    What is an
    External Audit?

    External audits are the independent audit of financial records which are carried out regularly to ensure transparency and accuracy. It helps businesses to assure the credibility of financial statements by ensuring conformity to the guidelines. External audits are conducted to check the accuracy of the statements as well as the financial situation of the company. 

    External Audit

    External Audit Procedure in Dubai, UAE

    External auditing involves a variety of processes starting from the selection of an auditor until submitting the audit reports. Below are the phases covered in the external audits in Dubai. 

    1

    Nomination of Auditors

    An external auditor in Dubai, certified and chosen by shareholders based on skills and qualifications, conducts audits for companies during annual general meetings. 

    2

    Letter Acceptance

    The auditor can confirm through the letter of acceptance for the appointment. The job description and responsibilities are clearly stated. 

    3

    Audit Program

    At this point the auditor collects, analyzes, interprets, and evaluates data to better understand. Auditor detects and assesses the risk by ensuring compliance with (IFRS).

    4

    Collection of Evidence

    Collecting evidence to strengthen the credibility of the evidence and verify the compliance with accounting policies and standards. Also, verifying assets. 

    5

    Report Submission

    The auditor presents the report to the management following extensive examinations and provides an unqualified opinion about the organization’s future.

    External Audit

    External Audit Services in Dubai, UAE

    In Dubai the term “external auditor” refers to an individual who is an expert and independent third party, conducts a thorough examination of all financial statements of an organization. The auditor examines the investments in financials to find any anomalies. External auditing measures the financial health of a business in a highly competitive market. External auditors examine their work objectively and provide audit reports that are precise. External audits guarantee the accuracy and completeness of the accounting data within the accounting framework, removing the possibility of fraud, errors or misstatements. audit.ae provides an auditing service that is seamless for external auditors throughout Dubai and UAE in order to benefit both private businesses and the government with checking the accuracy of accounting records. 

    External Audit

    Documents Required For
    External Audit in Dubai, UAE

    Documents Required For External Audit in Dubai, UAE

    To create a reliable as well as independent report on audits. To prepare an accurate and independent audit report, External
    Auditors must prepare an audit report that is
    accurate and independent. External Auditor requires the following documents:
     

    Fixed Assets Purchased

    External auditors require bank account details of the company. The bank transaction should be in the name of the company.

    Bank Account Details

    The details of the payroll reports benefit auditors to understand tax obligations, expenses and wages in the business.

    Payroll Reports

    These documents can benefit the auditor in making the payments’ disclosures precisely.

    Company's Loans

    Collecting evidence to strengthen the credibility of the evidence and verify the compliance with accounting policies and standards. Also, verifying assets. 

    Trial Balance and Ledger

    It is important that the External Auditors require the general ledger as well as the trial balance in the initial phase of audit to examine the balances of credit and debit.

    External Audit

    Why Do Organizations Hire External
    Auditors in Dubai?

    Why Do Organizations Hire External Auditors in Dubai?

    External audit in Dubai is required for all businesses that are registered with the UAE. It is an important document because it is prepared according to the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). It is an extremely important document for financial purposes if you are looking for renewal on your permit, or for obtaining a loan and so on. With the new VAT laws within the UAE, External Audit Report provides more credibility to the financial reports of every business. Since it is an audit independent report it assists customers or investors of the business to know whether there’s any misstatements or frauds made in the internal financial statements. Through conducting an audit by an external company in Dubai you can increase confidence in your company’s financial statements.  

    Some of the main reasons to employ external auditors from Dubai are: 

    External Audit

    audit.ae - Your Trusted Partner

    Companies operating in UAE must submit an annual audit report every three to six months. audit.ae has a team of experienced auditors who provide high-quality and accurate external audit reports to clients. They are certified by the Dubai Ministry of Economy (MOE) and their reports are accepted in all free zones. The company offers various services:

    External Audit

    Why Choose us as Your External Auditor in Dubai?

    We is a group of highly skilled, proficient and certified auditors skilled at external auditing. Our certified external auditors offer additional constant and reliable solutions that improve and grow your business. Our external audit services are tailored to meet the needs of clients and meet the audit regulations in the UAE.  

    If you require any benefit in obtaining external auditing assistance in Dubai, Please feel free to get in touch with us. Our professional auditor will get back to you promptly and benefit from getting an perfect external audit available in Dubai for your company. 

    External Audit

    Frequently Asked Questions

    Answers to your most common queries, conveniently compiled in one place.

    What are external audit services?

    External audits are the process by which an independent entity analyzes financial statements that are prepared by any company. The external audit is performed in accordance with the legal requirements. The audits will comprise compliance, performance security of the system, financial, and due diligence audits. 

    The price of an independent external audit is dependent on the region and even by nonprofit region. Larger organizations can anticipate charges that go over $20,000 while smaller organizations pay about $10,000 for external audits. 

    In the UAE, companies must use accounting firms authorized by the authorities of the law. External audits may also be conducted by auditors on their own. However, an auditing firm that is approved that specializes in external audits conducts the audit. 

    The objective for an audit by external is to provide an independent and objective examination of the financial statements and to ensure that financial reports are true and fair. It is the obligation of the auditor to examine all financial reports of a company to ensure there aren’t any changes. 

    Companies employ external auditors to grant an honest opinion about their financial statements in order to ensure that the business is not contaminated by misinformation. A comprehensive review is able to deliver an accurate picture of the finances. This ensures that the business is operating in its perfect interests of the shareholders and that the data is accurate.