Best Audit Services in UAE | Sarah Ferguson Tax Consultancy

Leading Auditing Services in Dubai

Our auditing services enhance the reliability of financial information, offering assurance that benefits investors, creditors, and other stakeholders. In Dubai, our audit professionals are dedicated to providing valuable insights to help improve operational efficiency.

Leveraging our deep local expertise and a truly global network, we cater to large, medium-sized, growth-focused, and complex organizations across the UAE. Our audit services are grounded in the principles of professionalism, integrity, quality, and thoroughness.

Key Benefits of Conducting an Audit

Regulatory Compliance

Our audit services in Dubai ensure adherence to applicable laws, regulations, and industry standards, minimizing legal and regulatory risks.

Accuracy of Financial Reporting

Top auditing services in Dubai confirm the precision and reliability of financial statements, giving stakeholders confidence in the organization’s financial disclosures.

Fraud Detection

Audits help identify fraudulent activities, including misappropriation of funds and embezzlement, uncovering any financial discrepancies.

Evaluation of Internal Controls

Audits review the effectiveness of internal controls, pinpointing weaknesses and suggesting improvements to protect assets and prevent fraud.

Risk Assessment

Our auditors in Dubai evaluate potential risks—whether operational, financial, or strategic—enabling management to address and manage these risks proactively.

Performance Analysis

Audits assess the efficiency of various departments and processes, highlighting areas for improvement to boost overall operational effectiveness.

Support for Decision-Making

Audits provide management with reliable information and insights, aiding in strategic planning and informed decision-making.

Building Stakeholder Trust

Conducting audits reflects transparency and accountability, reinforcing trust among investors, lenders, and customers.

Contractual Compliance

Our UAE audit services ensure that organizations adhere to contractual obligations with vendors, suppliers, or partners, avoiding potential disputes and breaches.

Encouraging Continuous Improvement

Audits foster a culture of continuous improvement by revealing non-compliance issues, inefficiencies, or operational weaknesses, motivating organizations to refine their processes.

Due Diligence

Essential for mergers, acquisitions, or partnerships, our audit services evaluate the financial stability, risks, and potential liabilities of the target entity.

Meeting Regulatory Requirements

Certain industries and organizations are mandated to conduct audits to comply with industry-specific standards and regulations.

Supporting Corporate Governance

Our audit services in UAE promote sound corporate governance practices, enhancing transparency, accountability, and ethical behavior within organizations.

External Stakeholder Requirements

Audits from top auditing services in Dubai may be required to satisfy external stakeholders such as banks, insurers, or government bodies for purposes like funding, insurance, or compliance.

Mitigating Risks

By identifying and addressing risks and weaknesses, our Dubai-based auditors help organizations strengthen their control environments and implement effective risk mitigation strategies

Advantages of Audit Services in the UAE

Choosing the right tax consultant in Dubai with relevant experience is imperative for you to manage taxes and run a business seamlessly. Sarah Ferguson is a trusted tax consultancy firm dedicated to providing corporate tax services to organizations all across the UAE. With years of experience at hand, our professional tax consultants help businesses comply with both national and international tax standards. Contact us today for more information or to book an appointment.

Audit Requirements and Procedures in Dubai

Registered auditors in Dubai are tasked with examining and reviewing financial statements and must be accredited by the relevant free zone authority. The following conditions apply to these auditors:

Adherence to all national rules and regulations is required.
Our Dubai auditors ensure the accuracy and transparency of financial records.
Financial statements must be prepared in line with International Financial Reporting Standards (IFRS).
Compliance with specific standards and regulations of the free zones must be observed during reporting.

To initiate the audit process, the following documents are required

Bank statements
Verification of credit/debit transactions recorded in the Books of Accounts
Invoices for purchases and sales
Trade License, Memorandum of Association (MOA), and Articles of Association (AOA)
VAT Certificate
Details of expenses
Know Your Customer (KYC) documents

Leading auditors in Dubai gather evidence and make notes based on their observations during the audit. These notes form the basis for their findings and recommendations, which are shared with business owners. Additionally, auditors verify information by consulting third-party sources, such as banks, to obtain evidence and opinions.

The audit encompasses:

The accuracy and compliance of financial statements and records with applicable standards.
Detection of financial fraud, money laundering, creative accounting practices, and similar issues.

Verification of compliance with VAT regulations, Corporate Tax in Dubai, UAE, and the proper maintenance of records.

To initiate the audit process, the following documents are required

Steps in the Audit Process in Dubai

Initial Planning and Preparation

Engagement Meeting: Our auditors meet with the client to understand their business and discuss the scope of the audit.
Scope Definition: We outline the audit objectives, timelines, and deliverables, ensuring alignment with client needs and regulatory requirements.

Document Collection

Request for Documents: We request essential documents, including bank statements, invoices, trade licenses, and financial statements.
Review of Records: Our team reviews the provided documents to gain a comprehensive understanding of the organization’s financial status.

Risk Assessment and Planning

Risk Evaluation: We assess potential risks and areas of concern within the financial records and operations.
Audit Strategy: Based on the risk assessment, we develop a tailored audit strategy and plan the procedures to address identified risks.

Fieldwork and Examination

Data Analysis: We analyze the collected data for accuracy, completeness, and compliance with relevant standards and regulations.
Fraud Detection: Our auditors look for signs of financial fraud, money laundering, and other irregularities.

Reporting

Draft Report: We prepare a draft audit report outlining our findings, conclusions, and recommendations for improvements.
Client Review: The draft report is shared with the client for review and feedback.

Finalization and Submission

Final Report: We incorporate client feedback and finalize the audit report, ensuring all findings are clearly presented.
Report Submission: The final audit report is submitted to the client, along with any necessary documentation and supporting evidence.

Post-Audit Follow-Up

Discussion of Findings: We discuss the audit findings with the client and provide guidance on implementing recommended changes.
Ongoing Support: Our team is available for further support and consultation to address any issues or questions that arise post-audit.

Compliance Assurance and Recommendations:

Verify Compliance with Dubai Regulations : Ensuring that the audit findings align with the legal and financial requirements set by authorities in Dubai, such as tax, labor, and financial reporting laws.

Provide Recommendations for Risk Mitigation : Providing customized suggestions to address any compliance gaps or inefficiencies, helping the business optimize its operations and minimize future risks.

Our structured audit process ensures thorough examination, transparency, and compliance with Dubai's regulatory standards, helping your business achieve greater financial integrity and operational efficiency.

Types of Auditing Services

Objective: To provide an independent assessment of your financial statements, ensuring they are accurate, complete, and in compliance with accounting standards.
Scope: Includes examination of financial records, verification of transactions, and assessment of internal controls.
Outcome: An audit report that provides assurance to stakeholders regarding the reliability of financial statements.

Objective: To verify that your organization adheres to applicable laws, regulations, and internal policies.
Scope: Covers regulatory compliance, industry-specific standards, and adherence to contractual obligations.
Outcome: A report highlighting areas of non-compliance and recommendations for corrective actions.

Objective: To evaluate and improve the effectiveness of internal controls, risk management, and governance processes within your organization.
Scope: Involves reviewing internal processes, assessing risk management practices, and recommending improvements.
Outcome: Insights and recommendations to enhance operational efficiency, safeguard assets, and ensure compliance with internal policies.

Objective: To investigate and uncover financial irregularities, fraud, or misconduct within your organization.
Scope: Includes detailed analysis of financial records, interviews, and forensic techniques to identify fraudulent activities.
Outcome: A comprehensive report detailing findings, evidence, and recommendations for addressing identified issues.

Objective: To assess the efficiency and effectiveness of your organization’s operations and procedures.
Scope: Focuses on evaluating operational processes, identifying inefficiencies, and recommending improvements.
Outcome: Recommendations to optimize operations, enhance performance, and achieve strategic objectives.

Objective: To evaluate the security, reliability, and integrity of your organization’s information technology systems and controls.
Scope: Involves reviewing IT infrastructure, systems, data security, and compliance with IT-related regulations.
Outcome: An assessment of IT controls and recommendations to strengthen data security and ensure the effective use of technology.

Objective: To ensure compliance with tax laws and regulations and verify the accuracy of tax-related records and filings.
Scope: Includes examination of tax returns, supporting documentation, and adherence to tax regulations.
Outcome: A report detailing compliance with tax obligations and recommendations for addressing any discrepancies.

Objective: To evaluate your organization’s environmental practices and compliance with environmental regulations and standards.
Scope: Involves reviewing environmental policies, practices, and impact assessments.
Outcome: Insights and recommendations for improving environmental performance and ensuring regulatory compliance.

Our comprehensive range of auditing services is designed to meet the diverse needs of your organization, ensuring accuracy, compliance, and operational excellence.

Your Trusted Registered Auditors in the UAE

Navigating Complex Regulations Made Simple

As new regulations continuously emerge, the landscape of compliance becomes increasingly complex. Understanding and adapting to these evolving laws can be challenging. Our auditors in Dubai stay ahead of these changes, offering proactive solutions to keep you informed and compliant. We provide our comprehensive auditing services across the UAE, ensuring your business remains aligned with the latest regulatory requirements.

Expanded Services for Your Benefit

We have broadened our scope to serve your needs effectively.

Compliance-Focused Approach

Our commitment is to ensure your adherence to regulations through a dedicated focus on compliance.

Leading Auditors in Dubai

Creating Exceptional Opportunities

Our team of financial auditors and accountants in Dubai brings extensive expertise and experience in accounting and auditing. We excel at interpreting and applying financial principles to address your unique needs.

We prioritize building strong relationships with our clients, offering tailored services that cater to all of your financial requirements.

Our mission is deeply ingrained in our professional approach: We are dedicated to delivering exceptional services and unwavering commitment to your success. With our steadfast support, we work closely with you to ensure your business achieves its goals.

Why do you need our expert consultation?

Collaborative Approach

Our team consists of skilled professionals who excel in training and development. We work closely with your team to ensure the best outcomes for your business.

Expertise at Your Service

Receive expert guidance on reports that meet regulatory and compliance standards. Our qualified and experienced professionals ensure your work is handled with the utmost care and precision.

Confidentiality You Can Trust

Trust is at the core of our firm. We maintain the highest standards of confidentiality, ensuring the security of your data while offering a range of services designed to foster a productive environment.

Navigating Policies & Regulations

Our dedicated team provides comprehensive assistance in understanding policy compliance, asset management, and other audit-related matters. We offer consultations tailored to benefit your organization.

Focus on Your Core Business

By entrusting your financial concerns to us, including auditing and related services, you can concentrate your efforts on critical business areas like operations and administration.

Cost-Efficient Solutions

Outsourcing your accounting needs offers significant financial savings. You only pay for the services you require, without the burden of leave salaries, employee benefits, or hidden costs.

What Our Customers Say About Us

GEORGE T.

The staff at Sarah Ferguson were absolutely amazing. They are professional individuals and love what they do. They take care of their clients and I have no trouble working with them. Highly recommend them for your tax consultancy.

ANNA

Sarah Ferguson consultancy really helped us in our time of need. We contacted them and they were ready to help us at such short notice. Never have I ever seen anyone who was so easy to work with. I've recommended them to a few of my friend's companies to get their VAT registration sorted out. Thank you again.

AHMED G.

Thank you Sarah Ferguson for taking care of registering our company. She looked after us as if it were her own business. Right from the consultation till the end she was available at all times to clear any questions we had. Appreciate it!

JENNY A.

I thankful to an acquaintance for recommending taxconsultancy.ae to register my business for the VAT implementation this coming January. I feel secure that we are in good hands and nothing can go wrong. Thanks to the team for the effort.

Frequently Asked Questions

As per the legislation of Dubai, UAE all companies’ operational there are required to perform audits. It represents that the operations of the company are in tandem with the Commercial law. A professional auditor performs auditing for small, medium and large establishments, who has an idea of the business environment, knows the risk and provides transparency.

Auditing of accounts is mandatory for all forms of business entities in UAE, both mainland and free zone, for small, medium and large scale businesses as per the Commercial Companies Law. the general mandate is to maintain records of not less than 5 years.

Auditing service is the professional service rendered by an external auditor for a company. The external auditor reviews all the financial statement and the filing as per statutory and regulatory compliances.

There are 3 types of auditing done by professional auditors for companies; External Auditing, Internal Auditing and Internal Revenue Service Auditing. External Auditing is when a company’s shareholders choose an auditor to conduct an examination and provide an unbiased and accurate assessment of the financial status of the company in the status quo. External auditing is mandatory for all business entities registered in UAE. Whereas when an audior is appointed by the company to perform auditing and upgrade and enhance the existing operations of the business, with their adept understanding of the business spectrum and various other finance-related processes, it is called internal auditing. Meanwhile internal revenue service auditing involves verifying the accuracy of the taxpayer’s return and specific transactions.

An audit opinion report is a letter that an auditor adds to the statutory audit report inclusive of his opinion on the findings of the audit. An auditor has an option to choose among four types of opinion reports: Unqualified opinion-clean report, Qualified opinion-qualified report, Disclaimer of opinion-disclaimer report and Adverse opinion-adverse audit report

Operational auditing is usually done by internal auditors to examine the manner in which the organization is conducting business, underlying scope of improvement and the financial statements. It is different from normal auditing since it evaluates the control and operations of the business in status quo.

An auditor verifies the work done by an accountant. They check the financial statement made by the accountants and whether it represents the financial position of the business accurately.

Accounting is the process of recording, classifying, summarising and interpreting financial transaction and statements to ascertain the financial position of an organization. However auditing is the process of examining the financial statements prepared by accountants in order to verify discrepancies if any and maintain accuracy.

It is similar to other auditing excursions done by an organization so it does comes at a monetary cost. An external auditor would charge for rendering service if they deem fit to make certain changes in the procedure of the business and train the employees accordingly.

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