Audits in Dubai
Updated on Monday 29th February 2016
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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, our audit firms in Dubai can offer you high quality services in this sense.
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 on 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.
If you need further information on audits in Dubai, please contact our audit firm for assistance.