Audits in Dubai
Updated on Monday 15th January 2018
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According to the local legislation applicable in Dubai, United Arab Emirates (UAE), companies with operations set up here are required to perform audits, which represent a procedure attesting that the operations carried out by the company respect the provisions of the Commercial Law. At the same time, the audit procedure refers to the activities carried out by the auditors, who will verify if the company’s documents can attest its current financial situation. If you need to perform an audit in Dubai or you are looking for suitable accounting services, we suggest you address to our team of accountants in Dubai for support and complete information.
Financial statement audits in Dubai
Financial statement audits, also known as statutory audits, refer to the examination of the financial documents of the company, an action performed by an accredited and independent auditor. The audit of the financial statements is performed to verify if the company presented its financial situation in a fair manner. The audit is done under the International Financial Reporting Standards (IFRS) and it will provide, amongst others, the following:
• the real financial situation of a company in Dubai;
• transparency between the management of the company and the shareholders;
• identify areas which are vulnerable and provide measures to improve such areas.
Investors with operations in the free zones of Dubai are also required to perform audit procedures, which will have to be submitted to the local authorities at the moment in which the companies are required to receive a new trading license; our auditing firms in Dubai can offer you assistance in this matter.
Internal audit in Dubai
Companies in Dubai can also perform an internal audit, a procedure which refers to the verification of the risks incurred by the management of the company or the internal control on the structures of the company. The main purpose of the internal audit is to identify weak systems and to prescribe solutions for them, in order to develop the financial potential of the company.
The financial and management reports alongside with the analysis of risks in a company can be determined by an internal audit. This procedure involves an analytical valuation of the internal management and can identify the potential issues in a firm, also considering the actions and measures which can be adopted in this situation. Likewise, it is good to know that an internal audit in Dubai confirms the submission with a wide range of rules. We remind that you can rely on the services offered by our qualified auditors in Dubai who can properly review the financial records and statements of an enterprise in Dubai.
Short conclusion about audits in Dubai
The business operations of a company in Dubai are subject to annual audits which can be performed by our auditing firms in Dubai. Our team can issue a report which will reveal whether the financial operations are in compliance with the accounting rules applied, and the legal obligations or if there are certain matters to consider. Discovering the weak points and problems in the sectors of activity will in most cases represent the starting point for future improvements of a business in Dubai.
If you need further information on audits in Dubai, please contact our audit firm for assistance.