Companies registered in different countries comply with various applicable laws, rules, and regulations. The businesses concerned which started a new venture or set up a company in Dubai need to work according to the country’s business laws. So, when the laws and rules are different, the business set up at a location needs to prepare their accounts and get them audited. For the companies established in Dubai, an audit of financial statements, audit of the operational processes, and having an appropriate MIS system is necessary.
After globalization, more transparency in financial information, reliability in accounts, and assurance on internal controls and processes have increased. It has encouraged business owners and corporates to get financial statements audited by the best auditors. The business owners can contact various auditors for Auditing Services in Dubai. Auditors offer auditing services to their local and international clients. However, some have their branch office located in Dubai which offers auditing services to clients having business in Dubai.
Why hire auditing services?
When a company is established in Dubai, the owners must submit their financial statements for approvals from concerned license issuing authorities for renewal of the license of the company or emirates wise authorities and banks. Therefore getting the accounts audited on time is compulsory. The companies established in Free-zones submit their audited financial statements for license renewal. In case of expansion and financial needs, companies need to get approval from banks. It requires audited accounts of the companies from the recognized auditors registered with the banks. These are all the instances when a company, business concern, or branches in Dubai need to hire auditing services.
Some of the reasons why a business concern needs to hire auditing services in Dubai are:
- Reduce the possibility of defrauding investors
- Accuracy in financial statements
- Maintain proficiency and knowledge
- Compliance with the respective governmental regulation in letter and spirit
- Validation of internal controls and procedures
Type of Audit Services
When a company operates in a foreign land, they follow the process and work according to the country’s rules and regulations. Therefore their operation and working differ. To check whether the company is running perfectly requires a different check. Hence there are types of audits that company or business concerns should go through. Some of them are:
An internal audit is to improve the operation of the business concern. It aims at achieving the objective of the business efficient and systematic manner.
As the name suggests, a financial audit is more about getting the financial statements audited. This audit is necessary to ensure accounts are prepared as per the accounting standard and are correct. The financial audit is the third-party assurance that the management prepared financial statements to depict the company’s correct position.
A tax audit is about the audit to check whether the company has submitted all the tax payments and returns to the government authority.
A compliance audit is an audit to check whether the Company follows the policies and procedures made by the regulatory authority.
Companies in Dubai need to hire services of auditors for conducting various audits. Before hiring the auditing services, it is necessary to check whether they have financial and management auditing specialization. The auditors should be registered with the regulatory authorities and banks. They should also offer auditing services for Free-Zone companies.
If you have an incorporated company in Dubai, a recommendation is to hire the best audit service provider for all financial and management audits. Spectrum Auditing can be your perfect partner to provide you with complete audit services in the desired areas of your business.