Understanding Audit Services in the UAE: A Comprehensive Guide

Sumesh Krishna, Partner

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 50 749 0576
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

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    Imagine you are an entrepreneur or business owner overseeing a rapidly growing enterprise that has captured the attention of investors and customers alike. As your company scales up, you understand the importance of maintaining financial transparency and accountability. Like a captain navigating turbulent waters, you need a reliable compass to guide your business towards success. This is where the power of audit services comes into play.

    In this real-world scenario, let’s explore how audit services in Dubai can become your steadfast compass, steering your business through challenges and uncertainties. If you seek a clear and comprehensive overview of audit services in Dubai, you’ve come to the right place. This guide is tailored to illuminate the intricacies of audit services, empowering you with the knowledge you need to navigate this crucial aspect of your business journey.

    An audit service involves a meticulous examination of a business’s financial statements and records by an independent and objective auditor.

    The primary objective?

    Ensure that your financial statements accurately represent your business’s results of operations and financial position. To achieve this, a thorough and unbiased assessment of your financial records is conducted, providing you with confidence in your company’s financial data.

    Internal Audit Services in Dubai

    As the name suggests, internal audit services evaluate your business’s internal operations. Conducted by either an individual or a team of in-house auditors, these experts possess an in-depth understanding of your company’s internal control and related financial processes. Their role is to:

    • Identify potential business risks associated with your daily operations.
    • Verify and validate the accuracy of your financial data.
    • Enhance overall business performance by streamlining procedures and functions.
    • Make sure your company continues to adhere to all applicable laws.
    • Facilitate a smoother external audit process.

    What to Expect During an Internal Audit

    The internal audit process is tailor-made to suit the unique characteristics of your organization and control cycles. It typically commences with the preparation of an initial audit plan. The internal audit team then collects information by conducting comprehensive audits and interviews with the various functional heads and process owners, delving into different aspects such as revenue, cost, sales, distribution, manufacturing fixed assets, taxation, accounting, payroll, and financial statements. Finally, the team compiles and finalizes an audit report with the risk matrix and priorities, seeking feedback from various departments within your company to conclude the process.

    External Audit Services

    As your business evolves and grows, external audits become mandatory in the UAE. Shareholders engage an external auditor to conduct an impartial and precise assessment of your company’s financial position and results of operations. The benefits of external auditing services include:

    • Ensuring adherence to the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) compliance standards.
    • Delivering impartial and precise reporting conducted by experienced and qualified auditing professionals.
    • Showcasing the company’s operation results and strength to the stakeholders
    • Ensuring your continued compliance with the local laws and regulations.

    Understanding the External Audit Process

    The external audit process in Dubai follows a structured approach in line with International Standards on Auditing and ISQM compliances. A skilled and experienced external auditor registered with the Ministry of Economy will be appointed to conduct the audit The external auditor thoroughly examines your books of accounts and financial statements, evaluates internal controls and procedures and ensures compliance with the accounting standards and UAE laws and regulations. Upon completion, a formal report is submitted for consideration.

    Legal Obligations for UAE Businesses

    Every business operating in the UAE is legally required to engage a licensed audit firm to conduct an audit of their financial statements. The financial information needs to be prepared under International Financial Reporting Standards (IFRS). It should be submitted to the relevant regulators within their established deadline for submission (Generally within three months six months after the end of the financial year, depending on different authorities). Additionally, businesses must retain their financial and company records for at least five years to facilitate auditing.

    Auditing Requirements in UAE

    According to the UAE Commercial Companies Law, companies must engage independent professional auditors to assess and audit their financial records. Registration of the auditor with the UAE Ministry of Economy is a prerequisite for conducting audits in the country, and it is mandatory to audit companies situated on the UAE mainland. However, certain free zones do not necessitate the obligatory submission of audited financial statements.

    Accelerate Your Business Growth with HLB HAMT

    Are you feeling overwhelmed by managing accurate financial data for your business? You’re not alone. Many entrepreneurs and business owners in Dubai face the same challenge.

    HLB HAMT is here to help you streamline your operations and f help you to maintain the local compliances , so that you can focus on what matters most: growing your business. Our tailored audit and assurance services will give you the confidence and support you need to succeed.

    Call our experts at +971 4 327 7775 or email audit@hlbhamt.com to unlock the true potential of your business today!

     

     

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    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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