External Audit Services in Dubai
Read more about an External Audit in Dubai.
What is the Scope of External Audit Firms in Dubai?
Understanding the external audit process in UAE
#1. The Decision to Audit
A company’s key decision-makers confirm for an audit to be executed. Protax have always encouraged consultation with its clients before the external audit process begins. It ensures that each client receives a focused audit service rather than a uniform approach.
#2. The Issuing and Accepting of an Engagement Letter
#3. Conducting the Audit Procedure
The most common audits conducted during an external audit are Audit of Financial statements, operations audits and compliance audits.
#4. A Financial Audit
Examines the fairness and accuracy of the company’s financial statements and its compliance with the standard accounting principles. The external auditor must publicly issue a report on the health of the company’s financials, especially of publicly traded companies.
#5. An Operational Audit
Examines the organization’s activity flow and if the performance aligns with the organization’s goals. The external audit will provide recommendations and an action plan for improvements to achieve maximum results from the company’s daily operations.
#6. A Compliance Audit
A compliance audit is to know whether or not the company is following the standard procedures of rules and regulations, inclusive of the local laws and code of conduct.
The Final Audit Report.
A Typical External Audit Report May Contain:
- An Unqualified opinion- is the most favorable opinion an external auditor mentions. It means that the company provided all the requested information by the auditor, and the financial statements and the company’s operations and compliance have met all the audit requirements.
- A Qualified opinion- When most of the company’s transactions and compliance are in order except for a few, the external auditor points out.
- Explanatory Paragraph- For an explanation required regarding certain transactions in the reporting, the auditor adds a descriptive paragraph.
- An Adverse opinion- As the name suggests, an adverse opinion is not much of a favorable report for the company’s financial reporting and compliance. The adverse opinion means there were many anomalies found during the audit, and the external auditor did not satisfactorily complete the audit due to the operations or cash flow inaccuracy.
- A Disclaimer- The auditor has as much right to present the fault in the company’s reporting methods. Suppose the company has not provided information up to a satisfactory level, and there are several gaps in its financial and operating procedures. In that case, an external auditor can refrain from finalizing the company’s financial statements and provide a disclaimer report based on the insufficient information provided.
Work with Protax for Your External Audit Requirements.
When selecting an audit firm in Dubai or an Audit firm in the UAE, a business may have many concerns. However, with decades of expertise and middle east business experience, Protax are the leaders in statutory audits in Dubai. Our multidisciplinary external auditors are highly qualified Certified Public Accountants in Dubai and Chartered Accountants trained to work independently with organisations of every type in the UAE.
Bringing you the right Audit Team
For executing your audit plan, we ensure a multidisciplinary team in place who can understand complex transactions using the latest industry standards. We believe in tailored services and provide you with our subject matter experts, who have experience working in the UAE and the middle east. Auditors on our team have experience with the Middle East and worldwide industry insights.
We invest in technology.
Protax are on track with the latest digital technology and provide the correct exposure and latest tools available. We are consistent with our approach, and our investment in technology helps our team to provide better insights into a company’s risks, failures, and opportunities. We invest in training our staff so they bring out their brightest self during external audit engagements.
Accuracy and Efficiency
Protax have been known for their undoubtedly accurate external audit methodologies and a comprehensive understanding of businesses in the middle east for several decades. We have always held the value of transparency in our audit engagements through confident and accurate reporting on your business information.