Economic Substance Regulations Dubai

Audit and Assurance

Compliance is crucial to a successful business. An organization with an inadequate compliance framework is expected to fail as it becomes more rigid in detecting deficiencies caused by errors or fraud within its Financial and Management System.

Audit and Assurance help monitor and evaluate Company’s Financial Reports and Systems as per Accounting Standards and Principles. It is also one of the main statutory requirements for all companies established in the UAE. It is crucial for companies to perform audits and assurances to ensure their financial records and documents are true and accurate. The Audit in UAE is mandatory to be conducted in line with Federal Law No. 12 of 2014 concerning Auditing Profession Law and the International Audit Standards.

There are diverse types of Audits, depending on the objective and audience:

1. External Audit: Independent external auditors perform Audit procedures to give their opinion on whether a company’s Financial Statements show an accurate and fair view. We Provide Reasonable Assurance, and a sample-based audit addressed to Internal, External, and Connected stakeholders to enable its users to make investments and other decisions when dealing with the company. We perform External audits in line with International Audit Standards (IAS) to maintain the quality and reliability of our Audits.

Compliance is crucial to a successful business. An organisation with an inadequate compliance framework is expected to fail as it becomes stiffer to detect deficiencies within its Financial and management System caused by errors or fraud.

Compliance is crucial to a successful business. An organization with an inadequate compliance framework is expected to fail as it becomes stiffer to detect deficiencies within its Financial and management System caused by errors or fraud.

Laws and regulations are there to ensure robust accountability within the organization. For example, Audits and Assurance help monitor and evaluate Company’s Financial Reports and Systems as per Accounting Standards and Principles. It is also one of the main statutory requirements for all companies established in the UAE.

2. Internal Audit: Internal Audit is addressed to Internal Stakeholders of the company and will be performed on whether Company’s internal controls, Risk Management, governance, and management processes are working correctly. This audit gives an opinion on the effectiveness of a company’s Internal financial framework and controls. We provide internal audits on several internal functions, including:

3. Tax Audit: This is another form of Internal Audit. Where companies are filing their VAT Returns in-house and would require a fresh pair of eyes to review the compliance with FTA requirements in terms of Invoicing, filing, and other functions, we provide a sample-based audit in such cases. This process involves scrutinizing tax invoices, and returns filed following the FTA-issued guidelines and highlighting the areas lacking compliance. The areas which will be reviewed under this service include: