Auditing Service In Dubai

An external audit is an independent examination of the financial statements prepared by the organisation. It is usually conducted for statutory purposes (because the law requires it).

An audit results in an audit opinion about whether the financial statements give a ‘true and fair’ view of the:

State of affairs of the organisation
Operations for the period

In today’s dynamic remote working era, Internal Audit plays a key part in helping your organization maximize on its strategic business objectives. Risians brings the full range of the accounting and necessary financial skills, and industry experience to deliver the confidence and insights that are much needed to maintain financial transparency at each stage.

Our Internal Audit Methodology is a global approach to providing internal audit outsourcing and co-sourcing services. We are the experienced tax agents in Dubai who follow this risk-based approach that dovetails our clients’ objectives and impediments to achieve those goals. We have been consistent with our execution in every internal audit practice to become the leading audit firm in Dubai.

External Audit Services

An external auditor examines the company's books carefully and offers advice on how to better manage its finances. When an auditor from outside the audited company performs the auditing process, they are called an outside auditor or third party. Financial statement audit reports, financial statement reviews, advice services, risk assessments, error assurance, etc. are all things that external auditors can help with. Auditors from outside the organization examine its operations and make suggestions for how to boost its performance in a report. Proper documentation should be submitted to the individual performing the audit procedures to ensure that no financial errors are found, which will result in a good and accurate audit report, as provided by the external auditor, who plays a very important role for the reputation of the company. The company's standing in the market may suffer as a result of an unfavourable audit report.

Internal Audit

The purpose of an internal audit is to bring value to a business and make sure its operations are running as smoothly as possible. By systematically and administratively assessing and enhancing the efficacy of risk management, control, and governance procedures, it aids an organization in accomplishing its goals. Internal auditing's primary goal is to help boards of directors and top executives keep tabs on their organizations by ensuring things like operating efficiency, risk management, and legal compliance are being properly monitored. Financial, performance, compliance, system security, and due diligence audits are just some of the many areas we inspect as part of our Auditing Services in Dubai available.

With Risians Accounting, Internal audit services in Dubai and around the UAE are provided by the team of excellent auditors at Risians, who are responsible for the careful planning and execution of all internal audit-related services. When it comes to advising businesses on strategic decisions and building highly functional audit functions that propel corporate performance and transform risks into opportunities, we place a premium on honesty and reliability.

Financial Statement Audit

An audit is a thorough examination of a company's books and other financial documents. The auditing process entails carrying out the audit and offering recommendations for the development of the reviewed organization. In order for the auditor to provide results accurately and complete transparency and give necessary opinions to the company for its betterment, the company must provide the auditor with proper financial records supported by appropriate evidence so that the auditor can understand the current situation of the particular company. An impartial auditor with extensive experience performs this function. To avoid legal fines and penalties, the auditor's report must be in line with the financial statements and applicable laws and regulations. A strong audit report of financial statements is needed when applying for loans.

Risk Advisory Services

Taking chances is a part of doing business. With the assistance of our professional risk consultants, however, you need not worry about any of these threats. In order to realize your full potential, increase your creation value, and protect your customers' interests, our advisers will help you better identify and manage risks. Our experts will also show you how to transform potential pitfalls into opportunities for growth and expansion. The goal of risk advisory services in Dubai, UAE is to help businesses better understand and manage the risks they face. A company's foundations can be strengthened through the efforts of risk advisers since they work in close collaboration with their clients to find effective answers to their challenges. A company's demise could be precipitated by even minor difficulties in mitigating risk. Mistakes in business leave a negative impression on investors and customers.

Forensic Auditing Services in Dubai

Forensic auditing services are in high demand because of the importance of detecting and preventing fraud. Fraud, financial crimes, and business conflicts are what the forensic audit is tracking and investing in. Financial mistakes, allegations of employee fraud, falling sales, rising expenses, and other business problems are investigated to determine their origins and causes. When a company is the victim of fraud or criminal activity, a forensic audit is necessary. Those involved could be dishonest investors, managers, or partners. Forensic auditing is typically used to detect financial wrongdoing, and it calls for in-depth expertise in accounting and auditing. Companies should hire a trained fraud examiner to undertake forensic audits on a regular basis to look into any suspicions of financial crime. When fraud is suspected, an inquiry must be launched immediately to stop the theft and protect the company's revenue and good name.

AML/CFT

When it comes to assisting clients in the United Arab Emirates with Anti Money Laundering program implementation, our team of highly qualified professionals is second to none. Our team of professionals is here to assist you in spotting potential financial threats and implementing solutions that will help your business thrive. To put it plainly, money laundering entails moving funds gained dishonestly through legitimate channels, such as international banks. We offer a variety of services, such as reviews of AML policies, audits of such policies, due diligence frameworks and process implementation, financial fraud frameworks, and more. Our AML and CFT compliance service clients in the UAE include banks, real estate brokers, investors, insurers, and many more.

Due Diligence

Due Diligence is a check someone does before entering into a binding contract, agreement, or transaction to make sure the subject matter and persons involved are who they say they are. Putting in some effort now can prevent a major problem later on. Due diligence services are a worthwhile investment for businesses since they help lower the odds of failure during high level transactions and increase the likelihood of a successful outcome. With our Due Diligence Service in UAE in spotting threats, stopping fraud, and guaranteeing a business's financial stability. Financial Both buyers and sellers might benefit from a thorough due diligence investigation. It will aid purchasers in overpaying or sellers in accepting an offer below their true value. All parties involved in a merger, whether as buyers or sellers, should take steps to ensure the accuracy of the data transmitted. We're here to help with anything from post-transaction implementation to decision support and regular reporting.

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Process of Auditing By Risians Accounting

Planning Financial Audit Tests Account Analysis Preparation Of Audit Report

Planning

The process of a financial audit begins with a plan that involves the method of collecting data to form an opinion about the organization or company’s financial status. A way is planned to collect a sample reflecting a point in time in the life of the company or organization. The financial transactions and documents are then looked at. It is noteworthy that the sample should show compliance with GAAP.

Financial Audit Tests

Testing implies checking whether the internal controls are implemented and if yes, are working effectively or not. An auditor requests more information returns to the company for more inspections and watches how financial procedures are being performed. If the evidence demonstrates that the organization is in compliance with the statutory standards, the auditor determines that the company successfully detects and prevents errors.

Account Analysis

In the account analysis process, the auditor will check all the details of the account and its accordance with the information present in the documents. The auditor will document the reasons behind the changes in the accounts since the last audit. The required research and information gathering will also be done by the auditor to justify those changes.

Preparation Of Audit Report

After the testing and the analysis procedure, the auditor will prepare an opinion report. This report will contain all the information about the organization, the tests that are being used and the details of financial statements. It will also contain the weaknesses in the internal control processes or any issues which still need elaboration. The report will be submitted to the higher authorities after completion. The whole process of financial auditing depends on the nature and departments in the organization. After the completion of the report, the auditor from top auditing firms in Dubai UAE is responsible for getting the signatures of the management on the reported information and financial statements.

Areas of Focus

For many organizations seeking auditing firms in UAE, the best way to have a full scope internal audit function within the specified budget envelope demands a wide range of skills to review different areas and risks. We do this by leveraging our full managed service as we coordinate with specialists in well-designed package led by a compact core team equipped with latest financial software and tech expertise.

Complying with Code of Ethics provisions (integrity, due care, objectivity, professionalism, confidentiality, professional competences and technical standards etc.
Definition of terms of engagement
Planning (obtain knowledge of business
Document the important findings and procedures (analysis, enquiries, observations, inspection etc.
Procedures familiarity with GAAP / IFRSs – assessment of internal control – ensure quality of information
Reporting limited to the compilation of information supplied by the Management).

Why choose our Auditing Firm In DUbai

Have a clear understanding of your financial domain
On-time report delivery
Experts advise at every step
A critical analysis of the business financial front
Tailor-made solutions
An in-depth analysis of your company’s finance
Filing tax obligations
Total adherence to existing governmental law
Verification of interior controls

CONTACT OUR EXPERT

+971 52 808 5066 enquire@risiansaccounting.com

Frequently Asked Questions on Auditing in Dubai

Is statutory audit compulsory in Dubai?
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A legal procedure, a statutory audit helps ascertain and understand the correctness of the financial records and statements of an organization. Since all government departments and organizations need to report their performance, it is mandatory that they must conduct statutory auditing from time to time. Often, statutory auditing is conducted for the public to determine whether or not the business is providing accurate information to the public. Due to the extensive and highly intricate nature of statutory auditing, only an experienced and trained auditing firm can execute the same.
How auditing will help for tax filing?
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Auditing is essential for ensuring that the firm is maintaining the financial records correctly and there are no mismatches, including mathematical errors. Periodical inspection of financial statistics will prevent any kind of frauds. Help the business firm in filing the correct tax data, and aid in planning. Support from external auditors could be sought to confirm that there are no errors in the financial records. Auditing agencies in Dubai with expertise in the field can help you in this regard.
How internal audit differs from external audit?
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Internal Audit is a constant or continuous audit activity which is performed by the internal audit department of the firm or an organization. External Audit is an examination and evaluation by the third or the independent body, of the annual statements of accounts of the organization or an entity to give an opinion thereon. Internal audit is discretionary, which means there is no compulsion for the same, but the external audit is compulsory. The internal audit report will be submitted to the management. However, the external audit report will be handed over to the major stakeholders such as the shareholders, creditors, debenture holders, suppliers, the government, etc. Internal audit is ongoing and a continuous process, while the external audit is conducted on an annual basis.
How long does an audit typically take?
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Audits are typically scheduled for three months from beginning to end, which includes four weeks of planning, four weeks of fieldwork and four weeks of compiling the audit report. The auditors are generally working on multiple projects in addition to your audit.
How confidential will the information I provide to you and my audit report be?
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Confidentiality is one of the most important of audit’s code of ethics that required the auditors to keep information that they obtain from clients during their audit confidential. In other words, the information should not hand to people that are not authorized to access it. Normally, the auditors could have the right to access most of the information of their client. Some of that information is not sensitive yet some are very sensitive.
Why would you would want an audit for your financial statements?
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The importance of auditing cannot be overstated. A good auditor is not only able to clear your issues quickly, but also helps you improve your company. Although the main reasons for a financial audit have to do with business and legalities, you shouldn’t forget the psychological aspect that is very important when dealing with other entities, such as banks, clients and shareholders. If you conduct regular audits, you will generate more confidence from the people you work with, as well as with government institutions.