Dubai is a bustling business hub that attracts entrepreneurs from all over due to its appealing business policies. Auditing firms refer to those companies that verify the documents of a company and establish its legitimacy as well as attest the adherence of any company to UAE Commercial Law. It is mandatory for companies with operations set up in UAE to produce and submit timely audit reports. Spectrum Accounting LLC is one of the best audit firms in Dubai that can help your business achieve its financial goals faster by providing accurate audit reports.
The Importance of Auditing in Dubai
The financial statements of a company account for all the transactional activities within the company. The financial records of a company are examined and attested through audits. Its main purpose is to ensure that the financial data presented by the company is fair and accurate. Audits are also carried out to ensure that financial statements are prepared in adherence to the applicable accounting standards of the country.
It is highly recommended that you seek audit services in Dubai regardless of whether you have a small, medium, or large business. Spectrum is one of the best audit firms in Dubai, ready to assist you with all of your accounting needs.
What is the Difference Between an Internal Audit and an External Audit?
Large organizations typically invest in both internal and external audits. It ensures that the company’s records, processes, and financial statements are closely monitored and examined at regular intervals.
Internal audits are essential for companies that deal with a huge volume of day-to-day financial activities and therefore are highly susceptible to fraudulent acts. The internal audit department is integral to the company and monitors the effectiveness of all its processes and controls.
External audits are carried out by third-party companies that generate unbiased reports based on the financial audit of a company. Such audits are intended to result in a certification of the financial statements of an entity. The certification is required by the government as well as by investors and lenders. External audits are mandatory for all publicly-held businesses in Dubai.
What Makes Spectrum One of the Best Audit Firms in Dubai?
Spectrum Accounting LLC, situated in Dubai, is a medium-sized accounting, auditing, and tax-consulting organization. Spectrum is committed to providing high-quality, accurate audits that are responsive to corporate requirements.
We are one of the best audit firms in Dubai, and we leverage our extensive expertise in internal and external auditing in UAE free zones and on the mainland. Spectrum Accounting LLC has diverse financial audit skills in all free zones in Dubai and throughout the UAE.
The UAE is a prosperous business center where people from all over the world gather to set up their businesses. The financial regulations in the country are strictly enforced so that entrepreneurs from all over the world find it a fair and profitable business ground. As per Article 27 of UAE Federal Law No. 2 of 2015, each company with operations in the UAE must appoint auditors to audit the company’s books of accounts every year. Spectrum, with an ever-expanding client base, can handle all complicated accounting and auditing challenges with excellent skill and understanding. Contact us right now!
Audits can be performed by professional financial auditors for any company in Dubai, regardless of its structure or size.
There are 3 major types of audits, namely, external audits, internal audits, and internal revenue service audits.
Businesses incorporated in all free zones of Dubai must have their books of accounts audited per the laws and regulations imposed by the individual free-zone administration of the UAE. Spectrum Accounting is one of the best audit firms in Dubai which can help you get the job done.
Free zone audits refer to the mandatory annual audit of the financial statements of the businesses registered in the Free Zones.
The audit in the free zone must be performed to prevent fines and penalties. Failure to comply with this commercial law regulation in the UAE may result in significant penalties for a registered business.
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