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External Audit Services in UAE

External audit services examine all of a company's financial books and can be considered the most crucial audit for a company. It is all about giving an opinion on the Financial Statements of an entity. The concerns raised by the auditor in the opinion section of the report should be answered by the company management to the shareholders during the meeting.

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This type of audit is usually conducted by court order and performed by a third party without connection to the audited organisation. Thus, the external audit service can be considered fairer and just and with no bias. The company management appoints an external auditor. For these reasons, hiring external audit services in Dubai is very important.

Roles of an External Auditor

  • An external auditor assesses the organisation of a company for compliance with regulations. Regulators trust company disclosures attested by external auditors to be true.
  • An external auditor gives shareholders confidence knowing that the company operates within their best interests.
  • An external auditor can act to resolve present time issues and also the forthcoming ones, if any, and confirm the company's financial claims to be correct and accurate.
  • An external auditor evaluates the financial position of a company and issues a report, opinion, and recommendation about findings.

Documents Required for External Audit  

These documents should be made ready, even before the external auditor starts working for an easy and quick ending of the audit process.

  • List of bank accounts used by the company
  • Payroll report
  • List of all the company transactions made
  • The general ledger
  • Trial balance of the company
  • Copies of all legal documents, such as Licenses, Memorandum and Article of Association, Certificate of Incorporation, Share Certificates, Tax Registration Certificate, and many others.
  • Confirmations from customers, banks, suppliers
  • Schedules of Asset Registers, Prepayments, Accruals, etc.
  • Loan Documents.

Why Hire External Auditors in Dubai

When you have a highly qualified external auditor working for your company, it can help avoid problems. Daily accounting practices easily hide abuse, fraud, and non-compliance with rules and regulations. Here are some reasons you should hire and partner with an external auditor in Dubai.

  • Credibility
    Your Financial Statements are sure to have more weight and can be trusted as accurate when vetted by an external auditor in Dubai.
  • Compliance with government regulations
    An external auditor can identify areas where your accounting best practices do not meet the specified standard government regulations.
  • Process Improvement
    There will always be areas where you could improve your internal control, and external auditors can help you find these areas.
  • Fraud prevention External auditors will examine your bookkeeping records, and their findings and opinions will not be based on personal relationships. 

Why Jaxa External Service in Dubai? 

Businesses in Dubai cannot avoid hiring external auditors to examine their financial books. Jaxa Auditors offers you top external audit services to ensure your business operation runs smoothly and profitably. We have a long-standing history in auditing services; we have become the most sought-after auditing firm by companies from all sectors and industries.

So, if you are looking for the best external auditor's services in Dubai, you need not look too far. Call us at 971 4 2207355 or email us at jaxa@jaxaauditors.com and let's talk and we'll help you. So keep your questions ready, and we will answer them all for you. Our customer service professionals are waiting for your phone call with eagerness and complete sincerity.

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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 External Audit Services in UAE

Provides Credibility

An external audit provides credibility to the company because of the complete and comprehensive audit report.

Ensures Compliance

Ensures that all the requirements for compliance standards imposed by the government are adhered to.

Impartiality

The report can be considered more impartial than the internal audit.

Different Perspective

External audit being conducted by a third party not concerning the business can provide a different perspective on managing the business.

Curbs Wastage

Helps curb wastage by assisting the management in the prudent and proper utilisation of resources.

Increase Investor Confidence

Increase investor confidence and also attracts more investors.

What we provide

  • Jaxa Auditors have only the best auditors on board.
  • Our auditing experience is crucial in the Finance sector.
  • Our rates are affordable and reasonable, even for small businesses.
  • We have many existing clients based in and around UAE

Process

1

Appointment of the Auditor

The person to be appointed should be independent, in all respects, of the company's affairs. The Audit Committee will appoint the individual or the team depending on several factors. The Board of Directors and shareholders approve the appointment.

2

Confirmation by the Auditor

After the appointment, the auditor ensures that he is working independently; and then issues a confirmation to the company. 

3

Audit Engagement

A contract is prepared between the auditor and the company. Some stipulations in the contract include the audit's objectives, the auditor's independence, the audit fees to be paid, the responsibilities of each party, and the scope of work covered, among others.

4

Audit Planning and Execution

This is the start of the external auditor's tasks.  An audit plan is prepared first, containing the deadlines for each area and the completion deadline overall. Then the auditor prepares the program for the audit execution.

5

Collection of Evidence

This convincing evidence is necessary to support the auditor's opinion when submitting his Audit Report.

6

The Audit Report

This is the last step in the external audit process:  the signing of the Audit Report. The report also contains the auditor's opinion about the results of his audit.

FAQs

What is a Financial Audit?

A. 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.

 

Why do companies need external audit services?

Companies require external audit services for various reasons, such as complying with legal and regulatory requirements, satisfying the needs of stakeholders, providing assurance on the accuracy of financial information, and identifying opportunities to improve business operations. In addition, external audit services help ensure that financial statements are reliable and free from material misstatements or errors.

 

Who can provide external audit services in Dubai?

Licensed audit firms registered with the Dubai Financial Services Authority (DFSA) or the Dubai Municipality can provide external audit services in Dubai. These audit firms must meet specific requirements set by the authorities, including having qualified auditors and complying with professional standards and ethics.

 

What is the role of external auditors in Dubai?

External auditors in Dubai play a crucial role in providing an objective and independent assessment of a company's financial statements and processes. They examine financial records and systems, identify areas of risk and potential fraud, and provide assurance on the accuracy and completeness of financial information. External auditors also issue an audit report that communicates their findings to the company's stakeholders, including shareholders, regulators, and creditors.

 

What are the benefits of external audit services for companies in Dubai?

The benefits of external audit services for companies in Dubai include:

  • Ensuring compliance with regulatory requirements.
  • Improving the accuracy and completeness of financial information.
  • Identifying areas for improvement in business operations.
  • Enhancing the credibility of financial statements.
  • Assuring stakeholders.

External audit services also help companies to maintain their reputation and gain a competitive advantage in the marketplace.