Regular auditing and proper maintenance of accounts have a significant impact on the success of a business, and it is a misconception that auditing is only required by law. Business owners who do not maintain proper books of accounts and have regular audits often continue running their ventures, assuming they are profitable when they are actually running at a loss.
Unfortunately, this realization often comes too late, resulting in irreparable damage. This is where the pragmatic approach of external auditing services in Dubai becomes crucial. To look into their accounting issues, every business needs the services of professionally qualified and experienced external auditors in Dubai.
External Audits increase the credibility of a company through independent unbiased audit of financial statements, records and business processes. Not only do they increase the credibility but ensure stakeholders and investors that the company is financially healthy and compliant. In addition, external audits serve as a great way to explore discrepancies in processes and correct them on time whether it is about implementing governance controls or becoming compliant. Additionally, companies seeking external funding or investment may also require audited financial statements as part of due diligence by potential investors or lenders.
External audit services are crucial for companies seeking credit approval from banks and financial institutions in the UAE. Most banks require audited financial statements to assess the credit-worthiness of a company. Similarly, the same requirement must be met for most other bank facilities approvals. It is essential for businesses to have their financial statements audited by qualified auditors to increase their chances of securing credit from banks and other financial institutions.
Audited financial statements provide a comprehensive view of a company’s financial performance and position, which helps stakeholders make informed decisions about the company. Companies can expect the following contents from audited financial statements
This is a statement by the Horizon Biz Consultancy as your company’s external auditor that summarizes the audit process and provides an opinion on the fairness of the financial statements.
This includes the balance sheet, income statement, statement of changes in equity, and statement of cash flows. These statements provide a detailed overview of the company’s financial performance and position.
These provide additional information and details about specific accounts and transactions that are included in the financial statements.
This is a section in the financial statements where the company’s management provides an overview and analysis of the financial performance and position.
This includes information such as related party transactions, cash flow statements, contingencies, and subsequent events that may impact the financial statements.
There are several benefits to hiring external auditors for your business. Some of these benefits include:
External auditors are independent from the company and can provide an unbiased assessment of the company’s financial statements and internal controls.
External auditors are trained and experienced professionals who have a deep understanding of accounting standards and regulations. They can provide valuable insights and recommendations to improve the company’s financial reporting and internal controls.
Having an external auditor conduct an audit can increase the credibility of the company’s financial statements and reassure stakeholders that the financial information provided is accurate and reliable.
External auditors can identify potential risks and weaknesses in the company’s internal controls and make recommendations to mitigate those risks.
Hiring external auditors can be more cost-effective than maintaining an in-house audit department, especially for smaller businesses
External auditors can ensure that the company is in compliance with relevant laws, regulations, and accounting standards. This can help the company avoid legal and financial penalties for non-compliance. Overall, hiring external auditors like Horizon Biz Consultancy can provide valuable benefits to businesses by improving financial reporting, mitigating risks, and increasing stakeholder
confidence.
Horizon Biz Consultancy offers External Audit Services in Dubai to help companies meet their audit requirements in compliance with government regulations, company by-laws, and other institutions. Here are some of the key benefits of our services
Our team comprises of professional chartered accountants. Supported by our 60+ years of experience as Accountants and Auditors, we have seen-it-all and offer only the best solutions to complex problems.
We have decades of experience in accounting and auditing in Dubai, making us a trustworthy partner for your business venture.
We follow IFRS ISA and international accounting and auditing standards and comply with the regulations of both the UAE and another country you have set-up shop in, serving a diverse clientele globally. Our audit reports are unbiased, reliable, and accurate helping you further your business achieve its goals.
Horizon Biz Consultancy recognizes the importance of having reliable external audit services for businesses in Dubai. As an established auditing firm, we strive to provide exceptional auditing services to ensure the smooth operation and profitability of your business. With decades of experience in the field of auditing, we have become one of the most sought-after auditing firms in Dubai, catering to clients from various industries.
Partnering with Horizon Biz Consultancy for your external audit needs will ensure that your business operations are compliant with UAE regulations and profitable too.
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We conduct statutory audits, operational audits, financial audits, compliance audits, IT audits, and more for organizations across various industries.. Companies are looking for risk-based internal audit plans to focus on critical areas.
Our audits meet all applicable standards such as IFRS, ISA standards, AAOIFI standards depending on the client’s needs.
External audits independently verify financial statements, assess internal controls, ensure compliance, and provide an objective overview that promotes growth/efficiency.
For most companies, annual audits are required. But more frequent audits can be useful after major events like acquisitions, investments, restructuring, or expanding to new regions.
Cost varies based on company size, industry, complexity of books, location, audit standards, and other factors. We provide customized quotes suited to each client.