External Audit Services in UAE

Adding pace to your business

Our independent auditors undertake the external audit services of companies in the UAE and express their opinion on financial statements prepared by an organization. The external audit is also known as a statutory audit.

N R Doshi and Partners has a team of highly qualified and experienced external auditors who have served across the UAE. These statutory auditors have dealt with various clients from different industries. They know how to customize their audit methodologies depending on the external audit services in UAE requirements and the client environment.

Our firm has earned an excellent reputation due to our unbiased opinion and extreme dedication. We are objective and independent in our approach and provide significant value to our audit and assurance clients.

What is the Statutory Audit/External Audit?

An external audit or statutory audit is an independent examination of the financial statements of a company. It is conducted by an external auditor to give his opinion on whether the financial statements represent the true and fair view. Report of its state of affairs and profitability or not.

The external audit services are different from internal audits. It is different as the stakeholders of the company appoint an external auditor, whereas the company management appoints an internal auditor.

Purpose of External Audit Services

  • The primary purpose of conducting external audit services in the UAE is to present whether the financial statements provided by the company are ‘true and fair or not. We perform the audit without being biased. Therefore, we present the stakeholders with the exact position of the company.
  • The external audit services ensure that the financial statements presented are complete in all material aspects and comply with the financial reporting framework. Auditors critically examine the accounting records and internal controls and apply auditing procedures to satisfy themselves as to the correctness and accuracy thereof.

Process of External Audit Services in UAE

1) Appointment:

It’s the stakeholders of the company who propose to appoint us as external auditors.

2) Acceptance of Engagement:

We confirm the external audit engagement if we are fine with the scope of work, and we feel that our independence will not be compromised if we accept the engagement.

3) Audit Requirements:

Our statutory auditors ask the client to provide the necessary information concerning the company to gain a preliminary understanding. Information such as company profile, key employees, memorandum of association, articles of association, past audit reports, internal audit reports, policies, and procedures is studied at length. The company is also asked to keep books of accounts up to date and verified and make sure that supportive evidence is readily available.

4) Audit Planning:

Our external auditors prepare an audit plan after undertaking risk assessment and deciding about the analytical procedures they want to apply. They also understand the regulatory requirements applicable to the entity and decide about the nature, timing, and extent of audit procedures to perform.

External auditors formulate their audit strategy based on the characteristics of audit, reporting objectives, work efforts required, past experience, and resource availability.

Finally, they prepare the external audit program as well as define audit objectives for each area under audit and a guideline for the staff to carry out the audit work. They decide about areas requiring detailed checks and test checks. Moreover, based on their evaluation of the internal control framework of the organization, they also decide on special procedures to be applied.

5) Audit Execution:

In this stage, the actual audit work starts. Based on the audit execution plan, risks and controls are evaluated. The external auditor satisfies himself as to whether the internal controls are operating as intended or not. The external auditor also looks for evidence supporting the transactions under audit and checks overall compliance of the accounting records with accounting standards and statutory requirements.

6) Issuance of External Audit Report:

Based on the information gathered and auditors’ findings, the draft audit report is prepared. The external audit services report is then checked in all respects, finalized, and issued to the client.

7) Audit Follow-up:

Finally, we follow up with the client as to the specific recommendations made in the audit report and verify the corrective measures taken.

Our Methodology of External Audit:

  • Understanding of the client audit environment
  • Understanding of business cycles and processes
  • Identification and study of internal controls
  • Controls risk assessment
  • Detection risk assessment
  • Application of analytical audit procedures
  • Application of substantive audit procedures
  • Documentation and issuance of the draft audit report
  • Management represenation
  • Finalization of the draft audit report
  • Issuance of the external audit report

Benefits of Pursuing External Audit Services from Us

It is necessary to conduct an external audit in Dubai to provide the stakeholders with essential information about an entity’s financial position.

1) Fulfillment of Statutory Requirements:

An external audit ensures that financial statements conform to the statutory requirements and that necessary disclosures required by the law are adequately made.

2) Comparable Financial Statements:

Our Statutory auditors also ensure that financial statements are comparable with the prior periods and with similar organizations in terms of their format and content. If any events have occurred after the balance sheet date, they are appropriately disclosed, and all unusual transactions are disclosed, making financial statements free from material misstatements. External Auditors also identify any material deviation from generally accepted accounting policies and disclose them suitably in their statutory audit report.

3) Ease in Getting Funding for Business Expansion:

External Audit provides assurance to banks and financial institutions, and it helps to secure funds for the company.

4) Unbiased Recommendations:

We provide unbiased recommendations that can help a business improve upon several areas and grow.

5) Validation of Internal Control Framework:

Our Statutory auditors evaluate the client’s internal control framework and accounting methods and check if the controls are adequate and operating, accounting policies are consistently followed, and the financial records match with the financial statements.

6) Strengthening of the Internal Audit Department:

A statutory audit helps organizations strengthen their internal audit function as it evaluates the effectiveness of internal controls and internal audit processes.

7) Higher Operational Efficiencies:

We bring our insights into the functioning of the company, its accounting processes, and corporate governance. It helps to identify internal control weaknesses and achieve higher operational efficiencies.

8) Earn Credibility:

Our statutory audit will present the true picture of the financial position of the company. It helps a company maintain its reputation and brand image.

9) Rectification of Errors:

Our auditors highlight the errors in omissions made in the preparation of financial statements and get them rectified. It helps maintain accurate books of accounts.

10) Get an Uninfluenced Opinion:

External auditors are independent auditors having no financial interest in the company. We do not engage with the company in any other way than performing the audit. Hence, we maintain our independence and impartiality while issuing our opinion on the financial statements.

11) Reduce the Chances of Fraud:

In the absence of an external audit, there will be no check on the financial records generated by employees. The external audit ensures that chances of fraud are kept in check.

External Audit Services

Expertise, Experience, Independence,
professionalism, and rapid response

Key Differentiators

We make sure to follow all external audit principles to deliver the work with significantly optimum accuracy. Further, we take care of conducting the tasks in a highly professional and ethical way.

integrity-icon
Integrity

Our auditors perform the audit process honestly, conducting each task precisely and diligently. We impartially perform the external audit, taking care of the legal requirements.

Confidentiality

We handle your confidential information and sensitive data with proper care. Our auditors exercise discretion for keeping the information safe, which they acquire while performing the audit. We are fully compliant with ISO/IEC 27001:2013 standards for information security.

Fair Presentation

Our company is obliged to present the audit report exactly, reflecting our audit activities. The conclusion is always based on our audit findings. We strive to make communication truthful, timely, clear, and accurate.

Due Professional Care

Our proficient auditors always perform tasks with due professional care. They are familiar with the importance of the tasks they undertake. An essential factor they take into consideration while performing the tasks with due care is making the reasoned judgment irrespective of all situations.

Independence

We know that the audit conducted should be impartial and uninfluenced. Our auditors conduct the audit independently, drawing conclusions on the basis of audit evidence only.

Audit Evidence

Our auditors follow the compliance procedure for collecting the audit evidence before getting started with the audit procedure. By the use of substantive procedures, our external auditors collect evidence associated with the accuracy, validity, and completeness of the data.

Skills and Competence

Our team is competent, skilled, and well-trained in the field of external audit services in Dubai. They own prior experience of external auditing and remain updated with the developments taking place in the field of auditing, legal, and accounting fields.

External Audit Services

Helping stakeholders
see beyond the numbers

Report of External Audit

We prepare the audit report where our auditors provide their opinion stating whether the entity’s financial statements are true and fair.

Our audit report follows the auditing standards, and due care is taken in the preparation of the same.

NR Doshi Icon Why N R Doshi and Partners?

N R Doshi and Partners is a reputed external auditing firm based in Dubai. The company owns its growth as well as reputation due to the faithful and unambiguous service provided to clients. We have approved auditors in Dubai, working in the field of auditing for more than thirty- four years.

During the long span of thirty-four years, we have conducted external audits of several companies from various industries. Besides external audit, we also provide other Audit Services in Dubai, such as Internal Audit Services in UAE, Forensic Audit Services in UAE, IT Audit in UAE, Compliance Audit, and Agreed-upon Procedure Audit.

Companies can also reach out for Accounting Services in UAE, VAT Services in Dubai, Business Setup Services in Dubai, Human Resources, and Management Consultancy related requirements.

FAQs: External Audit Services

What will Happen if an Entity doesn’t Perform External Audit?

According to the Commercial Companies Law of UAE, the statutory audit report is certainly mandatory for all the companies functioning in the mainland.

How Should I Prepare for an External Audit?

You should keep your financial records accurate and up to date. It would help if you verified that you have documentary evidence for all the transactions. You should reconcile your accounts to identify and resolve items well before the external auditors arrive. You should insist on your auditors to provide a checklist of items you should be ready with before they come for external auditing.

You should also identify a place where your auditors have easy access to your staff and the required information. Further, you will be better off if you identify key people from each department to coordinate the external audit. Finally, set an audit date that is mutually convenient to you and the auditor.

What is the Significant Difference Between VAT Audit and External Audit?

In the case of a VAT audit or tax audit, only the tax-related documents are audited. However, in case of an external audit, all the financial records go under the audit process.

We Only Deliver the True Opinion

Because Your Opinion About Us Matters.

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