How to Prepare for Audits in Dubai

Updated on Wednesday 16th August 2017

How to Prepare for Audits in Dubai Image
Audits are legal procedures meant to attest the activities and operations of a company, respecting the Commercial Law in the country. The auditors are the ones who need to verify the company’s documents and see if the financial situation is accurate and presents the real facts and figures. No matter if you own a small or large company in Dubai, it is recommended to prepare for audits in Dubai and present the current situation in a fair manner in front of the financial authorities. Our accountants in Dubai can perform audits for your company in Dubai, our team being specialized in this important field.

Audits in Dubai – what you need to know

All types of companies in Dubai, whether they are registered in the free trade zones or not, are required to prepare for audits once they have submitted the annual financial statements with the authorities in charge. Only accredited and independent auditors can conduct audits in Dubai, where they must verify the company’s documents, in order to see if the enterprise has presented the financial status in a fair manner, in accordance with the legislation in this area. We remind that the audits in Dubai are made in a comprehensive understanding of the rules imposed by the International Financial Reporting Standards (IFRS). Our audit firms in Dubai will perform the following services for your company in Dubai, as part of the audit procedures:

 •    preparation and verification of the accounting records and documents;
 •    recommendations regarding the maintenance of the accounts and preparation of documents for audits in Dubai;
 •    complete transparency between the stockholders of the company and the employees;
 •    verification of the financial situation of the company;
 •    recommendations for weak sectors of the company.

We remind that our Dubai accountants can perform audits for your company in Dubai, in a correct manner, and in complete agreement with the rules imposed in the financial sector in the Emirates.

Audits in Dubai in 5 important steps

For a better understanding of the audit procedure for your company in Dubai, we have gathered the main steps and the general flow involved in such significant procedure:

1.    The audit test is meant to verify if the company operates in a proper manner with the financial procedures and controls imposed for different transactions;
2.    The audit work papers will reveal the test results and also possible conditions (findings) which might be subject to further measures necessary for the company’s improvement;
3.    Findings are discussed with the management of the company, where recommended actions by the auditor can be implemented;
4.    The draft of the audit report will summarize the results of the verifications in an established format;
5.    Presenting the draft of the audit report is the next step and involves the management which needs to respond to the recommendations found in the report. An action plan can be adopted as soon as the audit procedure is finished;

It is good to know that an audit can be necessary for the company’s future development, where sensitive problems can be solved with varied solutions. If you are interested in audits in Dubai, please do not hesitate to contact our accounting firms in Dubai.