Hussain Al Shemsi Chartered Accountants

Audit and Assurance

An audit firm can assist the organization in keeping the firm operational and well maintained.

Best Audit Firms in UAE

Auditing is a vital function in every business and therefore the Audit and Assurance report is necessary for a variety of reasons. Audit and Assurance is the process of analyzing business accounts and confirming the data in the financial statements with the support of various documents. The risk associated with the business can be detected with the help of audit process. Therefore, the primary goal of audit is to determine whether the financial statement and records of the company are true, which includes presenting accurate information to the public and evaluating the performance of the organization.

It is important to be confident in the report’s objectivity and accuracy. To ensure this, it is crucial to get it done by the best audit firm in UAE. A professional firm will offer systematic financial audits and other services that will provide insights into your business. Being one of the best audit firms in UAE, we provide experienced auditors who will create comprehensive, precise, and balanced audits in compliance with the laws and regulations of the UAE.

As one of the top auditing companies in Dubai, HALSCA aims to provide structured financial statement audits, vital insight into your company, and other accounting services.

What Is Auditing?

Audit is studying a company’s accounts, books, documents, vouchers, and statutory records to evaluate the financial condition of the organization by an independent party. These books help the professionals to assess the existing financial system of the organization and present the fair view of the accounting data.

The goal of an audit is to determine if the data in the financial report, taken as a whole, accurately depicts the organization's financial situation as of a specific date. While inspecting the financial data, it is necessary to follow the accounting standards set by the government/professional body.

After the audit, an audit report is prepared by the auditor explaining what have been done and their insight into the business.

Importance of Auditing in Business

The examination of financial statement of a company independently is auditing. Auditing helps in preventing errors and fraud while keeping all data in check. Several types of auditing are used to assess the financial records of the company, and the auditing services in Dubai comply with the regulations and maintain the confidence of the management. With the implementation of the Commercial Companies Law and Taxation for Corporations and Businesses in UAE, it is highly imminent to get your accounts audited.

  • Stronger Internal Controls
    The first task of an auditor is to evaluate the control environment of your enterprise. The auditor monitors every action, system, and process to ensure they are well-designed and implemented. This evaluation allows them to suggest beneficial improvements that will make the company more efficient and enable them to control their system optimally.
  • Compliance
    Meeting the statutory industry requirement is one of the integral reasons behind an audit. Regular auditing ensures that the company meets the updated standard of the industry and is compliant with laws. This impacts the shareholder’s confidence and prevents the organization from paying hefty fines due to poor compliance.
  • Planning Budget
    The future budget of the company can be developed using the audited information. It also helps the company to have accurate information regarding the cost and allocations of the company.It is important for the auditor to consider the potential risk of misinterpreting the data while auditing the financial statements of the company. Lack of efficient internal control system or audit processes might result in problems that can damage the reputation of the firm and can affect the accuracy of the financial reports. Therefore, audit is a critical part of the business as it helps to assess the chances of substantial misrepresentation in the financial report of the company and in providing insights into the firm.
  • Stronger Internal Controls
    One of the most significant benefits of a regular audit is the prevention and detection of fraudulent activities within an organization. With regular auditing, no fraud will go undetected, and the company can save itself from irreparable damage. Audits from the best audit firm in UAE is also an effective tool in identifying organizational weaknesses and finding solutions to improve them.
  • Provide suggestions
    Thoroughly evaluating the financial accounts helps in identifying the areas that can be improved and provide various solutions to enhance the financial health of the company. The overall performance of the company can be enhanced by recommending strategies and cash flow management procedures.

Different Types Of Audits

Organizations have routine audits to keep their records organized. There are several types of audits, and depending on the type of business, auditing services in Dubai will vary. Some of the most popular types of audits include:

Internal Audit

Internal audits are performed within an organization. The business owner initiates this type of audit, and someone within the business or an external audit firm conducts it. Internal audits are used by organizations with shareholders to update them about the finances of the business. These audits are a handy tool to check the financial goals of organizations and keep them on track. Some of the most significant reasons to conduct internal audits include:

  • To monitor the effectiveness
  • Ensure the business is compliant with regulations and laws
  • Examining operation process
  • Reviewing financial information
External Audit

The external audit is conducted by a third party which includes accountants, tax agencies, etc. The external auditor has no connection with the organization or its operations and must follow the auditing standards laid by the government. The main objective of an external audit is to determine the accuracy of financial records.

Financial Audit

A financial audit is one of the most common types of audits. Most financial audits are external in nature. This means they must be conducted by top auditing company in Dubai. Under a financial audit, the auditor analyses the accuracy of financial records and statements by reviewing procedures, transactions, and balances. After the completion of the financial audit, the auditor releases an opinion about the enterprise to the creditors, investors, and lenders.

Tax Audit

Tax audits are conducted to assess the accuracy of the company's filed tax returns. Under tax audits, the auditor evaluates the tax liabilities of the business and looks for discrepancies to ensure the company did not underpay or overpay taxes. These audits are conducted randomly, and they can be conducted via mail or in-person interviews.

Top Reasons To Hire An Auditing Company In Dubai

An audit firm can assist the organization in keeping the firm operational and well maintained. They can help the organization with monetary and security issues. Listed below are the top reasons why you should employ one of the best audit firms in UAE to assist your enterprise.

Precision in Financial Statements

The financial declarations of the organizations need to be accurate, and auditors can help you with that. They check the accuracy of the company’s economic status and ensure that all the accounts are managed with utmost precision. The financial statements of an enterprise will be much more reliable if they are audited by leading auditing company in UAE.

Better Experience and Knowledge

Audit firms employ professionals who can suggest and analyze the essential information. Their relevant experience in the industry will allow you to meet your financial and organizational goals efficiently.

Total Adherence to Governmental Laws

With an audit firm, you will never fall short to abide by the set policies and laws. They will save your organization from fines and prevent your credibility from getting harmed. Employing the best audit firm in UAE is crucial to maintain compliance with relevant legislation and gain the trust of your clients.