Audit & Assurance Services in UAE
Auditing services in Dubai
If you are an entrepreneur in Dubai, having your accounts audited annually is necessary as it ensures that your business records are clean and in order. It also ensures that the company is running smoothly. Auditors in Dubai will scrutinize your company’s internal controls, current systems and financial reports.
You will find different types of audits; some are conducted by the internal team while some are handled by external audit firms in Dubai. Other types of audits like tax audits are handled by the Federal Tax Authority (FTA).
Audits are basically conducted to ensure that your business is running smoothly as per the existing guidelines. As one of the leading auditing firms in Dubai, we conduct all types of auditing services for all kinds of businesses in Dubai and UAE.
Here are some of the types of audits we provide:
Internal Audit
An internal audit is conducted to identify any weakness in internal controls and look for operational efficiency or regulatory compliance. Internal audits can be conducted by people within the company but many businesses let the best internal audit firms in Dubai carry out the process. An internal audit ensures that the business is on the right track.
Internal audit helps in monitoring the effectiveness of the company, identifying the gray areas that need improvement and ensuring that the company is compliant with the government laws and regulations. We also review and verify financial information, calculate risk management policies and procedures and scrutinize operation methods.
External Audit
An external audit is a systematic evaluation of a company's financial statements that assures stakeholders that the financial records are accurate and free of substantial errors. During an external audit, our auditors will examine transactions, and methods, and in some cases, will seek independent verification from sources such as the bank, customers, and suppliers. An audit report is submitted at the conclusion of the audit. The audit opinion is used by lenders, debtors, and investors to learn about a company's financial health. Companies in Dubai free zones are required to submit an annual audit report while those on Mainland must go for voluntary audits. Reyson Badger is one of the top auditing firms in Dubai and UAE that provide external audits of the company.
Audit in Free Zones
Companies registered in specified areas are instructed by Free Zone Authorities to submit their audit reports annually and present them when their trade license is renewed. Even though the reporting term is ideally one calendar year, a company may go for another reporting period because failure to submit an annual audit report may result in financial penalties. Hence it is best to have your company in free zones audited in accordance with the designated zone's guidelines. Reyson Badger is one of the leading audit firms in Dubai, with offices in all free zones of UAE.
Tax Audit
By conducting a tax audit, the FTA ensures that the taxable person has paid all outstanding debt and that all taxes due are recovered and provided to the government within the given time period. They also ensure that the taxpayer is compliant with the law, such as issuing proper Tax Invoices, receiving eligible VAT credit as per Tax Invoices from suppliers, and so on. Tax agents who have registered with the Federal Tax Authority in the UAE help businesses with pre-audit and post-audit assistance to confirm proper VAT compliance. Do not approach tax agents who are not registered with the FTA.
Audit of Sales
Retail businesses who operate in UAE shopping malls must submit a Statement of Gross Turnover audited by a licensed auditor. This condition is set on the terms in the Lease Agreement. Gross turnover will be as mentioned in the Lease Agreement that allows certain elements of sales to be included and excluded respectively.
We at Reyson Badger conduct an audit of sales that will review the sales collection process to identify control deficiencies and ensure that the tenant is compliant with the lease agreement. It also gives an assurance of reported gross sales to the owner.
Strata Auditing
A strata includes a building or a group of buildings that are divided into sets such as residential units or independent properties. We are one of the top Strata Auditors in Dubai who ensure that the client is compliant with RERA (Real Estate Regulation Authority) rules, regulations, and requirements and ensure that the financial statements, signify a precise record of the company’s financial position, its assets, liabilities and equity as per the accounting principles within the UAE.
Forensic Audit
With corporate fraud on the rise, forensic auditing or fraud investigation became increasingly important. Audit firms in Dubai do forensic audits and investigate fraud, financial crimes, and commercial conflicts. Even when filing a complaint, the UAE Police will ask for the auditor's certificate. The audit also identifies the source and reasons for financial problems, potential employee fraud, a decline in business revenue, increase in expense, and other operational issues.
Forensic audits comprise of a wide range of investigative activities which includes audit to take legal action against a party for fraud, embezzlement or other financial crimes. Apart from financial fraud, forensic auditors in Dubai can also handle bankruptcy filing disputes, closures of businesses, etc. A forensic audit is conducted when there is a chance for the evidence collected can be used in court.
How can Reyson Badger help you?
Regular audits are necessary for business owners to know several aspects of their organization, such as gaps in internal control and financial condition. Audits can help you detect problems early before they turn into serious mistakes. If you don't conduct audits, you risk evaluating inaccurate financial records, which could have a negative influence on your business later. Reyson Badger is one of the leading audit firms in Dubai and UAE that can handle internal audits, external audits, forensic audits, and sales audits efficiently. We examine financial methods and strategies to help companies in Dubai and the UAE enhance their performance and regulatory compliance.