It is a great experience to run a business in Dubai. However, can you be certain that the financial documents you are using are in conformity with the UAE laws? It is therefore important to ensure that the rules are adhered to at all times. That is where the professional audit services come in handy. At FAR Consulting Middle East we provide all the audit services in Dubai that you may require for your business needs. Let’s look at how we can assist you.
What Are Audit Services, and Why Do You Need Them?
Auditing is not just about counting the figures. It also makes sure that the financial statements being presented are accurate and clear. In Dubai, businesses must maintain the appropriate records as per the UAE laws. Audits help by:
- Satisfy the compliance requirements of the UAE laws and tax regulations.
- Creates confidence with investors and banks.
- Helps in determining the risks that can be mitigated and enhances the overall processes.
Do you know the various audits that your business might require? Let’s take a look.
Request A ProposalTypes of Audit Services We Offer
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Statutory Audit
At FAR Consulting Middle East we provide the full range of statutory audit services in Dubai which are completely independent. The audit services that we offer are meant to ensure the reliability of the financial statements and also to meet the requirements of the UAE laws. We also make sure that the audit is conducted under the International Standards on Auditing (ISAs) and International Financial Reporting Standards (IFRS).
The auditors in our firm are well-experienced in preparing detailed reports, risk assessments, and compliance checks in order to help organizations become more transparent and make proper choices.
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Internal Audit
Do you think that your business is well organized? An internal audit is the assessment of your processes and controls. We help in:
- Identifying inefficiencies in the system.
- Fraud prevention.
- Enhancing the general performance of the organization.
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External Audit
FAR Consulting Middle East offers the services of external auditing in Dubai. It checks the financial statements to see if they are true. The audits done by the companies are to ensure that they adhere to the set regulations and make better decisions. The process also identifies errors and offers clear communication. It’s all about creating confidence and facilitating improvement.
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Tax Audit
Worried about VAT compliance? A tax audit is a verification of your business to ensure that it is compliant with the VAT laws. We help you;
- To prepare for the Federal Tax Authority (FTA) audits.
- To correct VAT filings.
- To avoid the penalties and fines.
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Forensic Audit
Have you experienced fraud or have you been involved in litigation? A forensic audit establishes the truth and provides information for legal proceedings. We go the extra mile to expose the hidden problems and protect your organization.
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Compliance Audit
Have you been in compliance with the legal requirements in your business? This is what a compliance audit does. From the Anti-Money Laundering (AML) to the Governance Standards, we make sure that everything is correct and law-compliant.
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Due- Diligence Audits:
This audit is carried out during mergers, acquisitions or partnerships to assess the financial status, risks, and liabilities that may be incurred. We help the clients to offer information to make proper decisions.
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Performance Audits:
Our certified auditors ensure that the functions and measures of various departments and processes are assessed. They seek to identify areas for improvement, thereby improving the efficiency of the operation.
How Do Audit Services Benefit Your Business?
Have you ever wondered how audits help? Here’s how:
- Better Decisions: This means that the financial information presented is accurate and thus enables one to come up with better decisions.
- Fraud Prevention: This helps in preventing huge losses that could have been incurred by the business.
- Efficiency Boost: Enhanced processes equal to less costs.
- Investor Trust: When records are made clear, the partners and investors are assured to come in.
Why Choose FAR Consulting Middle East for Audit Services in Dubai?
- As for the availability of accounting services and bookkeeping services in Dubai, Farahat & Co. is one of the best options. Here is why you should choose us:
- Proven Legacy of Excellence: At Farahat & Co. we have been delivering professional accounting and financial services to various businesses in Dubai since 1985.
- ISO-Certified and Regulated Firm: We are an ISO certified company and a proof of the quality of our services. Also, we are a certified auditor and liquidator and approved by several free zones and other institutions of UAE including DIFC and UAE Courts.
- Licensing and VAT Expertise: We are a VAT and tax consulting company, which holds a proper license from the UAE government to deliver the financial reporting and compliance services. From bookkeeping and VAT return to financial audits, we ensure that all the legal requirements are fulfilled.
- Global Network Membership: This puts us in a position to offer the best practices that are compliant with the UAE laws having been members of the Leading Edge Alliance (LEA) Global Network. This makes sure that our clients get financial strategies that are modern and legal.
- Confidentiality and Security: We always ensure that your financial information is safe and secured with us as the main concerns. The information is safe as it is stored and protected by the company’s strict data security policies.
Our Audit Process: What to Expect
- Initial Consultation: The first step is to gain an understanding of your business operations, goals and issues that you are facing. This assists us in determining the best areas to concentrate on when conducting an audit.
- Audit Planning: Audit plan is developed based on the company’s industry, size and need. We consider defining the scope, objectives, and time frame of the audit process.
- Data Collection: All the relevant records such as financial statements, invoices, bank statements, and tax returns are obtained. This data is very vital as it helps in coming up with a proper audit plan.
- Risk Assessment: Some of the risks that may be identified include fraud, inefficiency or non-compliance. This step helps us to focus on the most important issues and concerns.
- Detailed Review: The auditors check financial statements, internal control systems and compliance with the set procedures. The right tools are employed to facilitate accuracy and to spot any differences.
- Preliminary Findings: As soon as the review process is over, we present the preliminary outcomes and discuss them with you. This allows you to expand on or explain certain issues.
- Comprehensive Reporting: The audit findings and conclusions are compiled into an audit report. It entails the recommendations for improvement and the areas that may be of benefit to the business and compliance.