Auditing applies the examination of books of accounts and related documents of an organization in order to correctly estimate their accuracy, completeness and regularity. Such an examination is carried out by a competent and unbiased professional with the help of sufficient appropriate evidences, documents, information and explainations given to them.
We are one of the finest accounting and auditing firms in the UAE, with a team of best auditors and business advisors who maintain up-to-date data about financial statements to help you comply with the requirements of the laws. Among the many services we offer are External Auditing, Accounting and bookkeeping, internal auditing, accounting outsourcing, business setup, business plans, due diligence, feasibility studies, and developing tax strategies that can lower your tax obligations and increase your income. We provide accounting services in every aspect and strive to take into account your company's short-and long-term objectives in order to create a customized package that satisfies all of your needs. We provide accounting and bookkeeping services in Dubai, UAE. We at Oxford Auditing and its group companies are listed with the following freezones:
Dafza, Jafza, DWC, Dubai Silicon Oasis, Sharjah Production City, Ajman Freezone
To ensure that a company's internal and external business processes and controls are reliable and free of fraud, organizations must either develop a strong internal audit team or hire any top Audit Firm in Dubai. Companies must first understand the duties and responsibilities of an audit specialist in order to guarantee the process works smoothly. Companies can then move forward with the subsequent steps.
Auditors are experts with the skills and power to examine, review, and confirm the accuracy of the records kept by your business in order to keep information security and legal compliance. Above all other duties, auditors provide assurance regarding risk management, internal procedures, and oversight. Employing an audit company in Dubai with a staff that is highly skilled in its industry will help you continuously improve and reinforce your company's business operations.
Although internal and external audit duties complement one another and may call for close coordination, their objectives and areas of emphasis are different. The two responsibilities, in accordance with the Institute of Internal Auditors (IIA), do not conflict or contend with one another; rather, they support sound administration.
Internal accountants conduct a comprehensive analysis of their organization's governance, risk, and control systems. (That is, primarily non-financial information). The precision of business records, the organization's financial health, and in some sectors, the organization's compliance with legal and regulatory requirements are the main concerns of external audits.
Purpose of External Audit in Dubai
Providing Guidance on the Audit of Financial Statements: External auditors In Dubai inspect clients' accounting records and express an opinion as to whether financial statements are presented fairly in accordance with the applicable accounting standards of the entity, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Recognizing the Organization and Its Environment: To ensure that data accuracy is not at risk, external examiners frequently assess the computerized bookkeeping information system. They will contrast your business with others in the industry to check for discrepancies brought on by false financial reporting.
Getting sufficient Evidence to Form an Opinion: External accountants depend on the information investigated during the audit for a sizable portion of their judgment. The auditors in Dubai should evaluate your company's risk level to make sure they have collected enough data. The greater the threat your organization presents, the more information they gather before forming an opinion. The caliber of the proof is equally important. To verify your financial details, you must compile evidence from reliable third parties, such as banks and lenders.
Purpose of Internal Audit in Dubai
Monitoring the Risk: By researching the sector and collecting data, internal accountants can identify market patterns and effectively address them. In addition to their experience and skills, internal auditors in Dubai are expected to know how to avoid and manage risk based on their market knowledge. They can foresee possible dangers. They can also benefit the company by helping to avoid injuries.
Identifying fraud and misconduct: Dubai auditors are supposed to examine employee behavior and spot irregularities. Employing dishonest workers can hurt an industry's bottom line; auditing firms in Dubai help such staff members avoid damage.
Reporting on business activity: They may spot employee duplication and point out possible issues with the group's overall perception of the organization. They divulge their findings and procedures for enhancing an organization's or company's operational effectiveness.
An effective problem-solving tool is a skilled auditor in Dubai. They can manage the inconsistencies in the books of accounts swiftly and arrange for the deviations to be corrected after making the necessary arrangements. They assess the regular reports of different customers and are subject matter experts.
Easy bookkeeping and procedures:
You will find it difficult to understand how the accounting and financial processes work. In addition to reviewing your books, a trained auditor from an Audit firm in Dubai will additionally make it much easier for you to acquire them. A reputable auditing firm's auditor will take extra precautions to describe the general situation as well as the justifications for the audit's findings and deviations.
Planning is the primary management component that underpins corporate structure. You can expand your business with the assistance of the right strategy developed by an Audit Firm in Dubai. The fact that Certified Auditors in Dubai can help you create plans shows that they are aware of the need for a comprehensive strategy for planning. They will help you create strategies that are realistic and will allow your company to expand comparably.
As was previously stated, a skilled auditor will be acquainted with promoting interactions. Working with an experienced auditor in Dubai may enable you to gather market information that will aid in growing your clients and your company.
Advances the Process:
A mediator between your company and the government would be an Audit Firm in Dubai with knowledgeable accounting staff. It is well known that an auditor's report is produced after careful research. Getting an evaluation number might help your business improve its reputation with the government.
For an audit operation to be successful, businesses must utilize a group of qualified and scalable auditors. This group should be equipped to assess the organization's risks and offer a reasonable assurance. It is better to delegate it to the best auditors in Dubai, such as Oxford Auditing. We deliver detailed and timely reports, and as a result of the audit firm's prompt communication with the client, the client has a better understanding of the company.
The best external and internal audit services are provided by the highly skilled audit company Oxford Auditing, United Arab Emirates. With years of expertise working in the UAE, the business offers the finest external audit, internal audit, accounting, tax, and many more services.
Please visit the 'Our Services' page to know more about the services we provide and contact us for more details.
External audit is the process by which an independent auditor checks and verifies accounting records to provide an opinion on their correctness (Free from any material error). All external audits are carried out on sampling basis.
Internal auditing is a very important aspect for every company. Internal auditing simply refers to the checking of measures that have to be taken in order to ensure that the company’s operations are running
Statutory audits are those audits that have to be done compulsorily by some companies as they are required by the legal statute. Brokerage firm is an example of companies that are legally required to conduct a statutory audit. Put simply, a statutory audit is an independent assessment of the financial accounts of a company or institution.
A very well-known term in the business sector is of “Due Diligence”. So what does Due Diligence mean? Due diligence is the term that is used to describe the process that needs to be undertaken by a person
Fraud examination is the process of identifying & examining how the fraud has occurred . Further fraud examination is also used to avert any further frauds fortify weak internal controls .