Auditing is quite a complex process, that demands immense hard work and dedication. Here we will discuss in detail about the auditing process in UAE.
Several questions arise regarding auditing in UAE and its laws and processes. Some of the most frequently asked questions are, whether it is mandatory for companies to audit the accounts? Should SME’s audit their accounts? Whether records are to be audited every year?
According to the Commercial Companies Law, Federal Law No.2 of 2015, Article 27, Chapter 2, it is mandatory for every company to maintain their records and appoint an auditor licensed under the Ministry of Economy in the UAE to audit their books of accounts.
In short, every company in the mainland of the UAE; be it small or large should audit their accounts, every year. They should also produce records of not less than five years for auditing in UAE. Whereas in the free zones, only selected companies have to maintain the accounts for audit, mainly the Free Zone Companies (FZCO) and the Free Zone Establishments (FZE).
Auditing the books of accounts every year was made mandatory for every company registered under the law in 2017, followed by the Commercial Companies Law in 2015. Auditing in UAE is necessary for the renewal of licenses as well. With the introduction of Value Added Tax (VAT), auditing in UAE has become an unavoidable process. The auditing of your accounts will help you realize the weaknesses in the accounting system and guide you to resolve the errors.
Auditing is the independent examination of financial statements of an entity to form an opinion, irrespective of its size or legal form, whether it is profit-oriented or not. The auditing procedures require the need of an auditor, who can look into your book of accounts and help you maintain it properly. It is always important to choose the right auditor for your business, and we at HLB Hamt have years of experience auditing in UAE. HLB Hamt is an auditor approved by banks in Dubai and our professionals will help you with their expertise in the field.
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
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
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
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
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
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
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
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
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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