Auditing and Assurance Services in UAE

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The audit is no more just a number game; it goes beyond reports and approvals that give the complete picture of a company. It is one of the core services required by any business.

It is the process in which all the business’s financial records are examined, ensuring that they are accurate and according to the UAE laws and International Financial Reporting Standards (IFRS). Thus, it is always suggested that a company should take the assistance of a professional and the best audit firm in Dubai, UAE.

Types of Audit

A business requires different types of audits. They are as follows:

  • Internal Audit

An internal Audit is an activity that can be performed by outside people or an employee of the company. It comprises an independent and objective examination of all the business’s financial data.

This is a critical function to be conducted as it acts as a tool to keep the company on the path of growth and development. An internal audit also adds value to a business by uncovering any fraudulent activity taking place in the business.

  • External Audit

An audit of the company, which an external party conducts, is known as an External audit. This third party is not associated with the company in any way and ensures that the auditor prepares the audit report without bias or pressure.

The External Audit ensures that all the client’s data provides a clear picture of the business’s current situation. An external audit is usually conducted once a year so that the company can get the correct and accurate records of the company.

  • Statutory Audit

Often, there are situations in which the government/authorities require an audit of the company to ensure that the business records are accurate. This kind of audit is known as the Statutory Audit.

Here the Company has to submit the audit report to the government/concerned authorities and helps the government/authority understand that the business has no fraudulent activity

  • VAT Audit

A VAT audit is an examination of all the ledgers and trial balances of the company by Approved Tax Agents.

These are mostly performed to check if the company has calculated and accurately provided the VAT and to ensure the business complies with all the changes.

Why should a Business avail of Audit Services?

There is a misconception among people that small businesses do not require audits. No matter the business size, Audits should be conducted for all businesses regularly, as the benefits outweigh the disadvantages. It should be remembered that only registered or approved auditors can audit a company in a free zone.

We at Jaxa Auditors provide Auditing and Assurance Services in Dubai, UAE. For more information, get in touch with us.

Avail best quality Auditing and Accounting services from JAXA

The expert will help to tackle business issues by following proper Accounting and Auditing guidelines will also assist you to scale up your business. JAXA also provides various other services such as Tax Services, Payroll Services, Cash flow forecasting and many more.

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Advantages of Auditing and Assurance Services in UAE

Accomplish Business Objectives

Involving auditors in your organization can help you to meet the predetermined business objectives. Be it internal or external audit, it will help you to fix the company loopholes at any point.

Identifying Risks

It becomes a challenging task to identify the risk at any given point. At the same time, it turns out as an essential process. Auditors in Dubai can help you in this matter by evaluating the company’s financial reports.

Boosting Credit Rating and Valuation

Improving a company’s goodwill becomes a necessity for any business. By availing audit services, you open doors to attract foreign investments, and get the best credit rating, as it shows the financial position of your business.

Assessment

Auditors in UAE can help you to figure out the overall picture of your business. A complete company assessment can help you to focus on the Strengths, Weakness, Opportunities and Threats that your business entity holds.

What we provide

● We ensure that all the records are compliant to the International Financial Reporting Standards (IFRS)

● We are registered and approved auditors in major free zones in Dubai making it easy to conduct audit in the free zone.

● We have an experienced team of over 75+ employees and have an experience of 15+ years.

● Over a decade of quality service has made us one of the most preferred auditing and accounting firms in Dubai.

Process

Client Approaches

Unstructured data is handed over

JAXA Understands the Business

JAXA understands the working style and business model

Plans & Implements the Process

Planning is initiated on the reviewed docs, and the processes get implemented

Maintains Follow-Ups

JAXA makes sure that continuous follow-up is done after a specific interval, and significant changes are made accordingly

Reviews the File

JAXA Reviews the audit file and makes sure it is in accordance with UAE Audit Laws

Generates the Report

Audit report is generated once the VAT processes gets implemented

FAQs

What is a Financial Audit?

Financial Audit can be described as the process of examination of all the financial records of a company. This examination will bring into view essential conclusions such as which part of the business is to be focused on, whether there is any wastage of resources, etc. It will help decide the future course of action for the business.

What are the benefits of an Audit?

The importance of Audit to a company and its various benefits should be known to everyone. There are many different benefits of conducting an Audit for a company. These are:
I. Helps Maintain Compliance for the company and helps in understanding the business.
II. Provides assistance in deciding the future path for the business.
III. Helps in filing taxes and assists during company liquidation.
IV. Helps detect if any fraud is being conducted or any wastage of resources occurs.
V. Helps increase the goodwill of the company.
There are many more benefits of Audit of a company. To know more, refer to our blog titled “10 Significant Advantages of Financial Audit to a Company in 2020.”

Which company should conduct an Audit in UAE?

Audit requirement for a company is different for different jurisdictions. According to the size and nature of the business the management should conduct the business audit. For more details on which companies should conduct audit you can contact our dedicated professionals to which will help you understand your business better.

Should Audit be conducted only by large companies?

According to the Commercial Companies Law, all the companies which have been established in the Mainland are required to maintain the financial records of the company for at least past five (5) years and get the financial records of the company Audited
For a Free Zone company, an Audit may not be a mandatory requirement. It depends upon the free zone in which the company has been established.

What are the different types of Audit?

There are mainly four different types of Audit. These are:
I. Internal Audit
II. External Audit
III. Statutory Audit
IV. VAT Audit

Is there a difference between Internal Audit and External Audit?

There are subtle differences between Internal Audit and External Audit in UAE. The differences mostly are with respect to what companies can conduct which kind of Audit, and does the auditor have any connection with the auditor.

Who can conduct an Audit?

The team or individual who conducts the Audit of a business is known as An Auditor. In a company incorporated in the Mainland, the management can choose any auditor as they please, but in the free zones, only an approved auditor can conduct an audit.