Financial Audit Services in Dubai
MASAR offers the best financial auditing services in Dubai to ensure the integrity and transparency of corporate finances. A Financial audit in the UAE is the assessment of a company’s financial statements. The result of the financial audit is an audit report certified by the auditor, which demonstrates that the company has presented fair, authentic, and impartial financial statements.
The goal of a Financial Audit is to add credibility to a company’s financial position and performance. Through financial audit services, a company can unlock valuable and valuable information about the business.
A financial audit helps identify internal management issues and critical information that can help the company address present and future threats and challenges and make decisions accordingly. Masar Auditing is one of the best auditing firms in Dubai.
Types of Audit:
MASAR is comprised of an expert team and professionals who will understand your business needs. And will accordingly provide the necessary auditing services. Here are some of the diverse types of audits:
1
Internal Audit
An internal Audit in UAE is an activity that can be carried out by external parties or by an employee of the company. This activity includes an independent and objective review of all financial data of the company. A proper assessment will help management understand where the company is today and how it will fare in the future.
This is an essential function that must be performed in a company. Because it serves as a tool to keep the company on the right path of growth and development. An internal audit will also add value to the company by discovering any fraudulent activity taking place in the company. Internal control is carried out by people who work on behalf of the company’s management.
2
External audit
An external audit in UAE is the company’s audit, which is carried out by a third party. This third party is in no way associated with the company. This will ensure that the auditor prepares the audit report without bias or pressure.
An external audit is usually done once a year so that the company can obtain the correct and accurate company records. There is very little difference between an external and an internal review, which can be seen here in detail.
3
Legal review
There are often situations where the government or authorities require a company audit to ensure that business records are accurate. This is known as a statutory audit. In this type of Audit, all transactions are taken into consideration, including accounting records, the bank balance, and all financial transactions of the company. The Company / Auditors must submit the audit report to the government / competent authorities and help the government/authority understand. That the company has no fraudulent activity and determine the correct profit and calculate the taxes owed to the government. It also helps in collecting accurate economic statistics of the country.
4
VAT verification
This Audit deals more with VAT services than with the examination of company records. A VAT audit is a review of all of the company’s ledgers and tests of financial statements by approved tax agents. These are mainly done to check whether the company has calculated and provided the VAT accurately. And to ensure that the company is compliant with the changes made.