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External Audit Services

in Dubai

In Dubai, independent or external auditors serve as a reliable bridge between financial information providers and users, ensuring the accuracy and integrity of financial data for informed decision-making

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External Audit Services

An external audit is the independent examination of financial records conducted routinely to maintain accuracy and transparency. It enhances the financial statements comply with the standards. The external audit is organised to see the precision of the statements and the financial position of the company. When it comes to external audit in Dubai, an outside auditor, who is an expert and independent third party who performs a dispassionate review of the financial records of a company.

The auditor looks into the financial investments to identify any irregularities. External auditing points on the financial standing of the business organisation in this competitive market. External auditors review their work unbiasedly and present reports with high accuracy. The external audit ensures the completeness and accuracy of the accounting records within the accounting framework eradicating errors, frauds and misstatements. Litrix offers seamless external audit services in Dubai and across the UAE to help both the private companies and government to check accounting documents.

External Audit Procedures

External auditing procedure involves various steps right from appointing an auditor to submitting the reports. Given below are the following stages covered in external audit in Dubai.

Auditor appointment:

  • An independent auditor with chartered certification is appointed for external audit. Hiring someone who is an outsider to the organisation is advisable. Shareholders of the company select the auditor based on skills, qualification and experience at annual general meetings under their power.

Engagement letter acceptance:

  • The auditor confirms through the letter regarding their acceptance of the appointment. The scope of work and responsibilities are mentioned clearly.
External Audit

Audit program:

At this phase, the auditor will collect, assess, and interpret data for better understanding. Auditor identifies and assesses risk, suggests measures. It includes:

  • Collect details of the company and its manoeuvres
  • Decide whether the company is honestly following the International Financial Reporting Standards (IFRS), according to the Financial Accounting Foundation
  • Thorough examination of the validity of the company’s financial records
  • Careful examination of the company’s accounting books, payroll, purchasing records
  • Scrutinise the records for financial misstatements due to mistake, deception, or misappropriation

Collection of evidence:

  • Gathering the evidence to enhance the materiality and confirming compliance with accounting policies, standards, and verifying assets.

Report Submission:

  • Auditor submits the audit report to the management after thorough examinations and suggests qualified opinion on the organisation’s future.

Documents Required For External Audit

  • To prepare an accurate and independent audit report, the External Auditor requires the following documents in general: –

Details of the fixed assets purchased

  • This includes invoices and receipts. It helps the auditor prepare an exact balance sheet and other essential financial documents.

Details of bank accounts

  • External Auditors require the bank transaction details of the company. It should be under the name of the company.

Details of payroll reports

  • Details of the payroll reports help the auditors understand the tax liabilities, expenses and salaries in the company.

Details of company’s loans

  • These documents will help the auditor to make the exposure of payments precisely.

The ledger and trial balance

  • The External Auditors require the general ledger and trial balance in the preliminary phase of the auditing to inspect the debit and credit balances.

Why Do Organisations Hire External Auditors in Dubai?

External audits are important for all companies registered in the UAE. They are key documents created following Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). These audits are essential for renewing licenses, applying for loans, and more. With the recent VAT implementation in the UAE, an External Audit Report adds credibility to a company’s financial statements. This independent report helps investors and others see if there are any errors or fraud in the financial records. By choosing Litrix for an external audit in Dubai, you can strengthen the trustworthiness of your business’s financial information. Here are some key reasons to hire external auditors in Dubai:

  • Fair assessment of your company’s financial health.
  • Accurate data to understand profit or loss.
  • Confidence that your business practices and information are genuine.
  • Lower risks from incorrect financial data.

Our Audit Services Include The Followings:

Internal Audit
Due Diligence
Statutory Audit
Recovery audit
Operational Audit
DAFZA Approved Auditors
ADGM Approved Auditors
Business Valuation Assurance
DSO Approved Auditors
DIFC Approved Auditors
Stock Audit

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To date we are providing Accounting Services for more than 250 clients
across the UAE in Trading, Construction, Real estate, Healthcare,
Logistics and other services.
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