Audit Procedure followed by Audit Firms in Dubai

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We are headquartered in Sharjah, with a team of well qualified and experienced professionals. We offer holistic solutions in multiple domains to assist our clients with doing Better Businesses – Globally. Our Audit firms in Dubai carries rich experience in advising a range of overseas investors to set up businesses in the UAE, particularly, Dubai.

Every business is different or every business has similar needs. Every business needs an auditor who understands their trade and does not just rely on ticking boxes and filling checklists. A good, unbiased or independent audit can help when dealing with investors or partners. Our Company offer quality audit and assurance services in Dubai, Sharjah

Audits can be both internal and external. The purpose of the external audit is to enable the auditor to express his opinion on the financial statements of the company that is prepared by the company’s management and presented for audit. The basic reason behind an audit is to make sure that all employees are following the rules, regulations, and policies set by an organization.

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Audit Firms in Sharjah following these kinds of services:

• Bookkeeping Services
• Tax Accounting
• VAT Consultancy
• VAT Registration and more…

Companies follow the Audit Process in UAE

There are below steps that should be done in order to have a successful audit process in any company.

1. Preparation of Documents

   When an agreement between a company and a third-party firm with regard to an external audit that will commence in a given date, the third-party firm that will provide an auditor will request for documents.

There can be a checklist that will be given to a company for the upcoming audit that has all the documents will be prepared for the audit.

The papers that may be needed are a copy of the previous audit report, financial statements, bank statements, receipts, etc. There may be other documents that may be requested by an auditor. Some of them may be copies of minutes of board committee meetings, company’s regulations, etc.

2. Prepare for the Audit

A company will be given a date by the auditor on when the audit is going to Prepare. Both parties prepare for the audit. The company will prepare every area of their company that needs to be audited. In the same sense, the auditor will prepare himself in auditing the said company by looking over the information on the documents that are received by him.

3. Commencement of audit

When the day arrives, it usually is quite a tense day for the whole company as they have to be in their best state. Employees that are needed to be interviewed for the audit purposes are especially nervous as they need to answer clearly and be knowledgeable about their field.

Compliance with the company, jurisdiction, and country policies are checked, including internal controls, and of course, the financial statements, even their software applications that are used for their accounting department.

4. Report Preparation

An audit usually lasts for a day or two depending on the plan that has been made by an auditor. Once done, the auditor needs to prepare a report that details all their findings and the solutions that are best to be done in order to handle the errors or discrepancies found. The auditor is to report as to whether the financial statements present a true and fair view and whether they have been prepared in accordance with the appropriate reporting framework.

5. Closing Meeting

A meeting at the end of the audit happens between the auditor and the company’s management in order to discuss the said audit that has concluded. The management or the auditor discusses the findings and solutions given by the auditor.

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