Auditing services in Dubai, UAE

What is audit?

To simply put, an Audit is a term used to denote the assessment of the financial matters of a company or business establishment. The financial statements of a business establishment must go through elaborate scrutiny or assessment in an unbiased and objective manner. The auditing is done to ensure the veracity of the financial statements maintained by the business establishment. The financial statements maintained by the business should precisely denote the claimed monetary transactions. This scrutiny is done by accounting and finance professionals termed as Auditors.

The Audit process can be accomplished either internally by the staff employed by the company or externally by a certified external agency. The Auditing done internally is what we call Internal Auditing and that done by an external agency is called External Auditing. We shall go through both the Auditing processes in detail.

Kiltons is one of the leading business setup service providers in UAE, which offers excellent auditing services in Dubai and across the Emirates.

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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

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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.

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.

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.

  • Procedures followed in Internal Audit

    The procedures followed in Internal Audit depends on the requirement of an organization and therefore they may vary. There is no standard, uniform procedure. However, most of the businesses follow the below--mentioned procedure for conducting Internal Auditing in Dubai.

    • Preparing the Audit plan
    • Informing the managers about the plan and the processes via a meeting
    • Gathering information from staff, assessment of the manual and other operating procedures.
    • Notifying the concerned departments.
    • Drafting the Audit report
    • Management gives the report
    • Auditors verify the concluding report
    • Gathering the feedback of the management by auditors.
  • Kiltons Internal Audit service in Dubai

    Kiltons' internal audit services in Dubai are designed to enhance an organization’s overall functioning. We provide the following services in Dubai and other Emirates when it comes to Internal Auditing.

    • Risk Assessment and providing apt recommendations
    • Operations Assessment, understanding the performance of the business in connection with business goals.
    • Assessing policy and process-related compliance. Prompt notification of the management when it comes to lack of compliance.
    • Understanding scenarios related to financial instability and notifying the same to the management.
    • Suggesting measures to alleviate financial instability.
    • Verifying the system of the company, confirming law related compliance, compliance to various procedures etc.
    • Assisting the company in enhancing control systems.
  • Benefits of Internal Auditing

    The major benefits of Internal Auditing are listed below:

    • The organization that conducts systematic Internal auditing attains a precise understanding of the performance analysis.
    • Internal Auditing serves as a very effective means of Risk Management.
    • Auditing helps business establishment figure out financial instabilities and other operational irregularities.
    • An effective managerial tool.

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.

  • Procedures followed in External Audit

    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.
  • Kiltons External Audit services in Dubai

    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
  • Why Kiltons Auditing services in Dubai?

    Kiltons 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. Kiltons 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. Kiltons 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 Kiltons team of Auditors at the earliest.

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