A Qualified Team of Professional Auditors in the UAE, at Your Disposal
External auditing is a diligent check of records and/or procedures performed by a company-appointed, outside certified auditor in the UAE. An external audit can be conducted voluntarily, or it can be mandatory. All businesses registered in the free zones in Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain & Ras Al Khaimah are required to perform external audits and present the audited financial statements to the free zone authority. The external audit is prepared to check the accuracy of statements and an organization’s true and fair financial standing.
An external auditor is a professional, independent third party that performs an unbiased review of the financial records of a company. The auditor must assess the organization’s records, including payroll, purchasing records and accounting. He or she also looks at the financial investments and the organization’s loan structure to identify any irregularities.
External Audit Process
An external audit comprises the following stages:
- Appointment of the Auditor by the stakeholders.
- Approval of the Audit Project.
- Planning and audit strategy.
- Collecting evidence.
- Compiling the Audit Report.
Independent expert suggestions
External auditors are trained and certified to evaluate and improve the business process to reduce the risks caused by improper financial data. As they are not related to the organization, there is an element of impartiality to the audit report.
Verification & Validation
A small business owner may not have thorough knowledge of accounting. They prepare simple accounting information, which is later reviewed by the external auditor. The auditor checks the information and provides insights on its reliability and validity. Accurate and valid accounting information can help business owners secure loans from lenders and investors.
Looking out for errors
An external audit helps an organization identify errors in its financial statements. Professional auditors recommend corrective solutions to any errors found in financial statements.
Assurance & Confidence
An external audit report ensures stakeholders that their financial data shows a true and fair view. It also enhances the reliability and credibility of the organization.
No two businesses are alike; they have different structures, different needs and different goals to achieve. At Level, we adapt and customize our services for each individual client, to ensure that they get the best advice and the best financial strategy for their needs. We have a team of highly skilled accountants and auditors in the UAE, and they are ready to share their expertise and wealth of experience to help companies grow. We believe it is the powerful combination of the best people, empowered by market-leading technologies, that enables us to deliver quality and value at a whole new level.