Companies established in Abu Dhabi, the UAE capital, must observe the general accounting rules and hire the services of audit firms. It is important to align with the local and international accounting rules, helped by one of our accountants in Abu Dhabi. Our team of specialists is at the disposal of both local and foreign entrepreneurs with businesses in Abu Dhabi. We also present you information about audits in Abu Dhabi.
|Regulatory authority||The UAE’s audit sector is overseen by the Ministry of Economy and the Securities and Commodities Authority (SCA).|
Licensing requirements for audit firms
|Companies must obtain a license from the UAE Ministry of Economy to operate.|
Financial reporting standards
International Financial Reporting Standards (IFRS) for audit firms in Abu Dhabi
|Language of audits||Audits are typically conducted in Arabic and English by our audit firm in Abu Dhabi, depending on the need of client.|
Our audit firm in Abu Dhabi offers financial audits, internal audits, and advisory.
Financial audits are often performed annually, but the period may vary based on requirements.
Auditors are required to maintain independence from the entities they audit.
Our audit firm in Abu Dhabi serves a wide range of clients, from large corporations to SMEs.
|Audit report requirements||
Our auditors issue detailed audit reports containing findings and recommendations.
|Taxation services||Our audit firm also offers tax advisory and compliance services to clients.|
Our audit firm in Abu Dhabi is bound by strict confidentiality rules regarding client data.
Our auditors may provide guidance on corporate governance and regulatory compliance.
|Financial fraud detection||
Part of our auditor’s role is to detect and report any financial irregularities.
|Dispute resolution support||
Our audit firm may provide expert support in financial disputes and litigation cases.
|Compliance with AML Laws||Our auditors comply with Anti-Money Laundering (AML) regulations.|
Table of Contents
Qualification of an auditor in Abu Dhabi
In Abu Dhabi, as in many other jurisdictions, auditors are required to meet certain qualifications and standards to perform their duties effectively and ethically. For instance, auditors should hold a relevant professional certification, such as Certified Public Accountant (CPA), Chartered Accountant (CA), Certified Internal Auditor (CIA), or an equivalent qualification recognized by local authorities. These certifications demonstrate a strong foundation in accounting, auditing, and financial reporting.
Furthermore, auditors must be licensed by the relevant regulatory authority in Abu Dhabi or the United Arab Emirates (UAE). In the UAE, the regulatory body responsible for auditors and audit firms is the Ministry of Economy and the Emirates Securities and Commodities Authority (ESCA). Auditors must comply with their regulations and licensing requirements.
The auditors at our audit firm in Abu Dhabi are qualified and meet these requirements. If you need an audit in Dubai, we also offer services there.
Our accountants in Dubai play a pivotal role in the financial landscape. And our accounting firm in Dubai brings together teams of qualified accountants, offering a comprehensive suite of financial services, including bookkeeping, financial analysis, and compliance with local regulations. You are welcome to consult with our accountants if you are looking for any of these services.
Short facts about audits in Abu Dhabi
Our qualified auditors in Abu Dhabi can be hired for a series of audit procedures that reveal the financial status of the firm among other aspects. It is important to note that our accountants in Abu Dhabi act concerning the IFRS (International Financial Reporting Standards) regulations when performing audits for companies. Here are a few aspects to consider about audits:
1. An audit is performed with complete transparency and objectivity by an experienced auditor in Abu Dhabi.
2. All the financial documents of a firm in Abu Dhabi are verified at the time an audit is performed.
3. Internal and external audits can be performed in a company in Abu Dhabi.
4. An audit report will reveal if there are any issues in the company. The management structure is also evaluated.
These are a few of the procedures of an audit process for companies in Abu Dhabi. For complete details and assistance, you can get in touch with our audit firms in Abu Dhabi and talk to our specialists.
What is an internal audit in Abu Dhabi?
An internal audit for a company in Abu Dhabi is performed by a specialized auditor who will make a series of verifications. All the structures in the company are verified to detect the weak points in the firm among other aspects. For instance, if some sectors need improvements or financial potential is seen in certain company areas, an internal audit report will reveal such information. Information about financial management, and risk management, plus proper knowledge of the financial structure in Abi Dhabi are among the tools used by a professional auditor. More than that, an experienced auditor in Abu Dhabi will propose a series of solutions to improve or solve company issues if this is the case. Our qualified auditors in Abu Dhabi are at your disposal with complete services and solutions if you are interested in internal audits for your business.
Interested in payroll in Dubai? You can collaborate with our local firm of accountants and discover the services offered in this regard. Thus, you will be informed about the procedures for calculating salaries and their distribution in the accounts of the company’s employees. also, if you are interested, you can benefit from management reporting and cost analysis, as well as assistance with financial verification. We recommend that you contact us as soon as possible to benefit from our offers.
Who needs audits in Abu Dhabi?
Small, medium, and large enterprises must align with the accounting rules in Abu Dhabi and solicit complete services from a specialist in this field. This is where you should get in touch with our audit firms in Abu Dhabi and hire our services, regardless of the structure of your company. We can offer solutions, guidance, and assistance, plus tailored and professional services for your firm in Abu Dhabi. Let one of our accountants in Abu Dhabi tell you more about the services we can offer to your company.
Short facts about financial statements of companies in Abu Dhabi
All companies need to submit their annual financial statements to authorities in charge of the verification of such documents. Besides that, financial statement audits can be performed by our auditors before the submission, to detect in time if there are any issues. An accredited and independent auditor in Abu Dhabi can perform such verifications for your company, but you should solicit information on this matter.
Details about financial statement audit in Dubai
Statutory audits are the same thing as financial statement audits. This procedure involves a complete examination of the financial documents of a firm in Abu Dhabi, performed by an independent and accredited auditor. The main target is to verify such important documents and see if the information is accurately presented and if there are no financial errors involved.
The entire process might take some time, depending on the time of the company, whether small, medium, or large. It is important to note that such financial statement audits must respect both the local laws and the International Financial Reporting Standards, also known as IFRS. If there are vulnerable areas in the company, a financial statement audit or a statutory audit will detect such issues. The entire process is performed in complete transparency, yet for extra details in this direction, you can discuss them with our accountants in Abu Dhabi. Our audit firms in Abu Dhabi can be hired for complete accounting services for your company, regardless of the size and activities.
Objectivity and independence – Audits in Abu Dhabi
The audit process comes with an established level of independence and objectivity, coordinated with technical skills and experience, to detect crucial financial risks in any kind of sector. Our audit firms in Abu Dhabi cover a wide range of industries, respecting a few important steps that are explained below:
|The planning step||The audit field||The review||The report|
|Hiring an audit firm in Abu Dhabi||The balance sheet is verified||The audit process is reviewed||The report is reviewed in terms of quality|
|Planning meetings & pre-audit||Inventory observations are noted||Customers are informed by the issues or risks||Enhancements with the help of internal controls are made|
|Presenting the audit plan to customers||A fundamental testing is made||The statutory accounts are drafted||Key performance indicators are presented|
|A preliminary methodical analysis||A series of confirmations are noted||The financial issues are solved||The audit report is concluded|
|The audit planning process starts||The specialists come with their judgments|
|The risk areas are identified|
We believe in a correct audit report, and we want to offer the best possible results to our customers. This is our main target, so if you would like to hire a team of professionals, please feel free to get in touch with our audit firms in Abu Dhabi.
Asking for data analysis in Abu Dhabi
Most businesses that want to develop correctly and fairly are more interested in varied data analyses that can be proposed by our audit firms in Abu Dhabi. Our professionals know the business climate is very challenging and continues to develop at a fast pace, so attention to this matter is required. Technological innovation plays a great role in the growth of a company, so data analytics will reveal the exact aspects and areas to improve, in connection with prescriptive, descriptive, and diagnostic analytics. These are strongly related to the financial department, so our accountants in Abu Dhabi will know what type of service to provide, to optimize specific fields. If you would like to know more about data analysis for companies in Abu Dhabi, please feel free to discuss it with our accountants.
Choosing our auditors in Abu Dhabi
Audit services are important to any kind of company, regardless of the operations developed in Abu Dhabi. Instead of hiring a whole accounting department or the services of an accredited auditor, it is recommended to externalize such services and to understand the benefits involved. A dedicated team of auditors, working closely with specialized accountants can stand by your side right from the beginning of the activities in Abu Dhabi. Audits are extremely important to businesses in Abu Dhabi, and the legislation is strict in this sense. You can rely on complete professionalism and confidence when working with our audit firms in Abu Dhabi and our accredited auditors. Plus, you can benefit from complete accounting services and more if you hire our firm:
- Accounting services.
- Tax advice and compliance.
- Business advice.
- Company administration referring to manager boards, business licenses, business visas, etc.
- Company management and business assistance.
International entrepreneurs interested in forming companies in the UAE, and particularly the capital should also solicit the services of our audit firms in Abu Dhabi.
List of audits we offer in Abu Dhabi
Auditing services in Abu Dhabi encompass various specialized areas to meet the diverse needs of businesses and organizations. Some of the different types of auditing services offered by our auditors in Abu Dhabi include:
- Financial audits: These audits focus on examining a company’s financial records and statements to ensure accuracy, and compliance with accounting standards, and to detect any irregularities or fraud. If you are seeking the services of an audit firm in Abu Dhabi, our services are at your disposal.
- Internal audits: Internal audits are conducted by internal auditors within our audit company in Dubai. They evaluate internal controls, risk management, and operational processes to enhance efficiency and compliance.
- Tax audits: Tax audits are conducted by tax authorities to review a company’s tax returns and ensure that they have accurately reported and paid their taxes in accordance with local tax laws. You are welcome to get in touch with our auditors in Abu Dhabi. They can check your tax detail and whether it complies with current tax regulations or not.
- Operational audits: Operational audits evaluate an organization’s operations, processes, and procedures to identify areas for improvement in efficiency, cost-effectiveness, and risk management. The experienced auditors at our audit firm in Abu Dhabi can perform a detailed check on your company to make sure every operation is risk-free.
- Due diligence audits: Due diligence audits are performed during mergers, acquisitions, or business partnerships to assess the financial health and potential risks of the target company. If you are planning any such thing, please make sure to reach out to our auditors in Abu Dhabi for assistance. Besides this, our accounting services in Dubai are also available.
These are some of the key types of auditing services available from our audit firm in Abu Dhabi. Organizations may choose the specific type of audit that aligns with their goals, compliance requirements, and areas of concern. Please consider consulting our auditors to learn what your company needs in terms of auditing. In addition to this, you can also get assistance from our audit firm in Dubai.
Outsourcing audit services in Abu Dhabi
Outsourcing audit services in Abu Dhabi can be a strategic decision for businesses and organizations for several compelling reasons. Firstly, it brings a specialized skill set and expertise to the table, ensuring a thorough and accurate audit process. This expertise can be particularly valuable in navigating the complex regulatory and financial landscape of the UAE.
Secondly, outsourcing can result in significant cost savings compared to maintaining an in-house audit team, as it eliminates the need for salaries, benefits, training, and overhead costs. Additionally, it allows organizations to focus on their core activities and strategic goals while leaving the audit function to dedicated professionals.
Moreover, outsourcing offers scalability, enabling businesses to adapt audit services to their evolving needs. Lastly, it provides access to cutting-edge audit technology and tools, enhancing the efficiency and effectiveness of the audit process. Overall, outsourcing audit services in Abu Dhabi can lead to improved financial governance, risk management, and compliance while optimizing resource allocation. Our Abu Dhabi auditors are well-versed in the financial regulations and standards that govern Abu Dhabi’s business landscape, ensuring that you remain in compliance and well-prepared for any regulatory changes. Besides in Abu Dhabi, you are also welcome to get any help from our audit company in Dubai.
Is a financial risk analysis necessary for my company?
Yes, such a financial analysis is required for companies in Abu Dhabi, regardless of the activities performed. These are important verifications involving the financial department in the company where internal audits are required. Our audit firms in Abu Dhabi can be solicited for such services, regardless of the business structure or company. We have gathered information, facts, and figures about the business and the economy of the UAE that might help foreigners decide on business in this country:
- around USD 154 billion was the total FDI stock for UAE in 2019;
- according to the 2020 Doing Business report issued by the World Bank, UAE ranks 16th out of 190 economies in the world;
- about USD 13,557 million was the total value of greenfield investments in UAE;
- manufacturing, energy, real estate, IT & communication, and tourism are among the preferred business sectors that attract most of the most foreign investments.
Feel free to discover our accounting services and contact our team. Also, our accountants are instrumental in effectively managing the process of payroll in Dubai. They oversee the calculation of employee compensation, ensuring accuracy and compliance with tax laws and labor regulations.