Auditing Services In Dubai, UAE
Business owners in the UAE frequently face large fines from the Federal Tax Authority (FTA) for VAT issues, which can heavily affect finances. Our VAT penalty experts at Now Consultant can help you minimize these penalties. We provide expert services to ensure compliance, resolve issues, and negotiate with tax authorities, so you can grow your business smoothly.
Why You Should Conduct An Audit In Dubai?
Audit in Dubai certifies that companies meet all applicable laws, regulations, and industry standards, thereby minimizing legal and regulatory risks.
Auditing enhances the precision and trustworthiness of financial records, building stakeholders' confidence in the company's financial reporting.
Audit assists in revealing fraudulent activities, such as fund misappropriation, embezzlement, and other financial irregularities.
Auditing provides reliable data and insights to management, aiding in informed decision-making and strategic planning.
Performing audits showcases transparency and accountability, increasing the confidence of stakeholders such as investors, lenders, and customers.
Audit in Dubai enables companies to adhere to agreements with vendors, suppliers, and partners, helping to prevent contract breaches and disputes.
Audits help companies improve by finding problems and weaknesses so they can fix and improve how they work.
Some industries and organizations must conduct audits as a legal requirement ensuring compliance with industry standards and regulations.
Types of Auditing Services We Provide
We provide the following auditing services in Dubai
Internal Audit
This internal audit occurs within an organization, initiated by the business owner and conducted by another individual. Businesses with shareholders or board members often utilize this audit to stay informed about the company’s finances. Internal audits are particularly useful for monitoring progress toward financial goals.
External Audit
An external audit is carried out by a third party, such as an accountant or a tax agency. The external auditor is not affiliated with your business or any of its employees; however, they are required to adhere to generally accepted auditing standards (GAAS). The primary objective of an external audit is to assess the precision of the accounting records.
Financial Audit
Financial audits are among the most common types of audits. During financial audits, auditors scrutinize the integrity and accuracy of the business’s financial statements. In this process, auditors review transactions, procedures, and balances. Following the audit, the third party submits an audit opinion on the business to investors, creditors, and lenders.
Tax Audit
Businesses need to prepare themselves for tax audits conducted by Tax Authorities. These audits scrutinize tax liabilities by reviewing the taxpayer’s accounting records, bookkeeping, and VAT return filings. Tax audits assess the company’s goals, planning methods, procedures, and operational outcomes regarding tax compliance, including VAT, excise tax, and corporate tax.
Documents Required To Conduct Audit In UAE
The auditors at Now Consultant can help you collect the required documents for the audit process. Auditing services in Dubai require the following documents to initiate the audit procedures.
- Bank statements.
- Verification of credit/debit transactions.
- Payment slips for purchases and sales.
- Business License
- Articles of Association (AOA)
- VAT Certificate
- Expense details
Benefits Of Our Auditing Services In Dubai
Ensures accuracy and integrity in financial reporting.
Keeps your business in line with local and international standards.
Boosts trust and confidence among investors and partners.
Detects and prevents fraudulent activities
Provides valuable insights for informed decision-making
Provides reliable data and insights to management, aiding in informed decision-making and strategic planning.
Our Process Of Auditing In Dubai, UAE
To proceed with a smooth audit process within a company, we follow the following steps as given below:
Before starting the auditing process, we will prepare the company's above-mentioned documents for the audit process. We will prepare these documents for your company's audit on your behalf.
The company usually experiences a tense atmosphere during the audit day as everyone aims to perform at their best. However, we will make it easy for you, and we will conduct interviews with employees for audit purposes.
Our audit process lasts one to four days. We may need additional information during this period to know about the company’s financial practices. Upon completion, we compile a detailed report comprising our findings and offering recommendations for addressing any detected errors or discrepancies.
During the audit process, we verify the company's compliance with internal controls, company policies, jurisdiction regulations, and national policies. This assessment encompasses financial statements and even the software applications used by our accounting department.
Following the audit, we will arrange a meeting with the company’s management to discuss the audit findings and proposed solutions. We also offer the expertise of experienced business consultants who specialize in delivering comprehensive end-to-end solutions for companies operating in Dubai.
WHY CHOOSE US!
Qulaity Auditors In UAE
At Now Consultant, we provide quality work of audit services in Dubai. Our dedicated team of skilled and experienced auditors is here to help you understand and manage the complexities of the UAE’s financial landscape.
Range of Auditing Services
Customized Audit Solutions
Efficient Processes
Active Engagement
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