Auditing services in Dubai, UAE
What is audit?
Auditing is a crucial process that ensures the financial statements of a company are accurate and reliable. Internal auditing is done by the company’s internal staff to assess the effectiveness of its financial reporting, risk management, and control processes. This helps the company identify potential risks and make necessary improvements to its processes.
External auditing, on the other hand, is done by a certified external agency to provide an unbiased and independent assessment of the financial statements. This ensures that the financial statements are in compliance with the generally accepted accounting principles (GAAP) and the International Financial Reporting Standards (IFRS).
One Step is a trusted provider of auditing services in Dubai and across the Emirates. Our team of experienced auditors is well-versed in the auditing process and uses the latest tools and techniques to deliver accurate and reliable results. We provide comprehensive auditing services to help our clients make informed decisions and improve their financial performance. Contact us today to learn more about our auditing services.
Internal Audit services in Dubai, UAE
Internal auditing is performed by a group of auditors appointed by the company and helps to enhance and upgrade the business operations. The auditors have a precise understanding of the business environment and various finance-related processes.
The relevance of Internal Auditing
Enhances overall efficiency
Auditing which is done internally in the business establishment analyses and evaluates the business strategies and procedures adopted by the company on regular intervals. The systematic and precise evaluation helps the business alleviate risks. This enhances the overall efficiency of the operations.
Trade License in Dubai, UAE
Identify and Mitigate risks
Systematic and regular auditing helps the business mitigate risks. Auditing helps identify business risks and take necessary actions to check the same. When the risks are identified and the suitable preventive measures are taken, the company attains more control over the business.
Compliance with rules
Internal audit done in a proactive and systematic manner helps the organization maintain compliance with official rules and formalities. Internal audit equips the business establishment to conduct an external audit.
Internal Auditing is a crucial process for businesses to ensure that their financial matters are in order. While there is no standard procedure, most companies in Dubai follow a similar process, which includes several important steps.
Firstly, the Audit plan is prepared, which includes the scope of the Audit, objectives, and timelines. Next, a meeting is held with managers to inform them about the Audit plan and processes involved. This helps in ensuring that everyone is on the same page and expectations are set.
Then, information is gathered from staff, which includes assessment of the manual and other operating procedures. The concerned departments are also notified to ensure cooperation and transparency throughout the process.
Once the information is gathered, the Audit report is drafted. This report highlights the findings, recommendations, and areas for improvement. The management is then presented with the report and given time to review it.
After the review, the Auditors verify the concluding report and gather feedback from the management. This helps in ensuring that the Audit is comprehensive, accurate, and effective in improving the financial matters of the business.
At One Step, we have a team of experienced Auditors who provide exceptional Internal Auditing services in Dubai and across the UAE. Our professionals follow a meticulous process and ensure that your financial matters are in order. Get in touch with us today for all your Audit requirements.
One Step is dedicated to providing top-notch internal audit services to businesses in Dubai and other Emirates. Our team of skilled auditors follows a comprehensive procedure to evaluate and enhance your organization’s performance. We assess your organization’s risks, operations, and compliance with policies and processes, and provide recommendations accordingly. Our team also closely monitors any financial instability scenarios and provides solutions to alleviate them.
In addition, we verify your company’s system, ensuring compliance with laws and procedures. We work with you to enhance your control systems and optimize your business processes. Trust One Step to provide reliable and effective internal auditing services for your organization.
Internal Auditing offers several benefits to an organization, some of which are:
Improved Performance: Systematic Internal auditing provides a detailed analysis of the organization’s performance, including its strengths and weaknesses. It helps the management to identify areas for improvement, prioritize their actions, and allocate resources accordingly.
Risk Management: Internal Auditing serves as a very effective means of Risk Management. It helps in identifying potential risks and implementing measures to mitigate them. This reduces the chances of future losses and ensures business continuity.
Detection of Irregularities: Auditing helps the business establishment figure out financial instabilities and other operational irregularities. It detects any errors, frauds, or misrepresentations in financial statements or operational procedures, thereby ensuring compliance with regulatory requirements.
Managerial Tool: Internal Auditing is an effective managerial tool that helps the management to stay informed about the company’s financial health and operational performance. It provides valuable insights into the organization’s current state and helps the management to make informed decisions.
External Audit services in Dubai, UAE
An external audit is performed by external auditors who are selected by the company’s shareholders. Conducting an External Audit gives an unbiased and accurate assessment of the financial status of the company. The external audit is mandatory for all businesses registered in the UAE.
Relevance of External Audit in Dubai
Business establishments registered in the UAE must conduct an external audit and it is mandatory. The GAAP and IFRS compliance standards add great relevance to the final report published as the outcome of External Audit.
Unbiased, precise financial report
As the external auditors are not the employees of the company they have no restrictions of any kind. The external auditors come up with an unbiased and precise financial report as they are certified and experienced professionals.
Valid financial report document
The report comes in handy when it comes to applying for a loan or renewing the trade license. The report is a valid document once reviewed by an External auditor.
Mitigates miscalculations
External Auditors help figure out financial irregularities and other faulty financial statements. They offer valuable suggestions and apt corrective measures.
Credibility factor
A final Audit report reviewed by an External Auditor guarantees a feeling of assurance to the shareholders. The report adds great credibility to the financial report. A flawless and credible financial report increases the credibility of the business establishment.
The procedures followed in the External audit assessment are listed below.
- Assigning a professional Auditor
- The assigned auditor takes up the Financial assessment of the organization
- The auditor conducts a Company audit
- The Auditor conducts the verification of transactions and assets of the company for the purpose of collecting evidence.
- Preparing the final report and submission of the same.
When it comes to external auditing in Dubai, we offer the following service to give the company an impartial and honest review of their finance.
- Risk evaluation and offering vital suggestions and corrective measures.
- Cross verification of financial records and statements.
- Detailed performance analysis
One Step Business Setup Services provides business set up and accounting services in Dubai and other Emirates. We have a dedicated team of experienced Auditors to provide auditing services for our esteemed clients in the most professional manner. We assist the clients in conducting detailed and precise performance analysis. One Step offers an accurate assessment of the efficiency of the internal control environment. On the basis of this assessment, our auditors provide the necessary suggestions and tweaks that work towards the betterment of the business. One Step auditing services in Dubai go just beyond mere financial analysis and are tailor-made to meet the business and auditing needs of our clients.
If you would like to revamp your financial strategy and procedures connected with your business venture, please get in touch with One Step team of Auditors at the earliest.
