External auditors in UAE

External auditors in UAE

External auditors are required to conduct independent audits of the financial statements and other relevant documents. External auditors in the UAE provide a third-party perspective on the company or organisation they are auditing, which can be advantageous in identifying potential issues that may go unnoticed by internal auditors. External auditors may also have connections to the local business community, which can be useful when conducting outreach activities. These auditors offer their external audit services in UAE to large multinational companies or banks, but individual businesses can also employ them on a freelance basis. External auditors are well-positioned to spot any potential problems with a business's finances or operations.

Benefits of hiring external Audit firms in the UAE

1) Gives Credibility to the Company

External auditors will enhance the credibility of a company as they will review and approve financial statements. An external audit helps establish the organisation's reliability in the eyes of the public, financial institutions, and government agencies. A financial report approved by an external auditor is more credible and reliable than one approved by an internal auditor.

2) Impartial Perspective

During an audit, internal auditors are personally invested in the result. It is since the results of an internal audit may affect them in some way or another. In such a case, external auditors in UAE are valuable since they will be impartial in a way that internal auditors won't be. It doesn't matter whether the client company is happy with the report or not; the external auditor is unconcerned with the consequences.

3) You are assured of compliance with the law.

In the UAE, businesses are subject to so much regulation that external auditors are necessary. They serve this purpose due to their ability to strengthen organisational practice within the boundaries of the law. In performing a professional financial audit, an external auditor is responsible for spotting operational non-compliance. Identifying fraud and abuse with regard to the company is also their responsibility.

4) Auditing prevents fraud

The external auditor examines financial reports and bookkeeping records regularly to notify the management if there are any suspicious transactions or activities. As part of its auditing responsibilities, external auditors provide advice and feedback when organisational activities or transactions could potentially expose the company to fraud risks. 

How to choose the best external auditors/firms in UAE

1) Experience

When your external auditor is experienced and familiar with your industry, your audit will be efficient with fewer errors. Moreover, an experienced auditor can provide more relevant services that enable your business to get accurate reports and information about its operations. A professional auditor or an external audit firm in UAE working for you will also offer your internal audit staff an opportunity to learn more about their role.

2) License

It is the law that an audit firm or auditor must be licensed before accepting clients. You should make sure that your auditor has a license so as not to end up choosing an illegal auditor. The UAE's tax and financial laws are highly rigorous, so an entity performing these services illegally can jeopardise the entire company.

3) Professional Service 

Another essential factor to consider is a professional's background, in addition to their skills, certification, and experience. Assess whether they have a good relationship with previous employers regarding communication, teamwork, and meeting deadlines. In this way, you can determine whether they are a good fit for your company.

4) Budget

Lastly, before hiring an external auditor, you should ensure that you get the most value for your money. Budgets also determine whose services are affordable. Several audit firms and auditors are expensive because they provide much better services than other firms. Before searching for external auditors in UAE, assess your budget. By doing this, you'll be able to decide how much you can afford to pay each year for an audit of your book of accounts.

Why Auditfirms.ae? 

On Auditfirms.ae, you can search for UAE auditors by their name or category. It is the most thorough resource for locating the leading external audit services in UAE. The website is highly navigable, and the user interface is very simple. This website only lists auditing firms that carry out audits professionally and ethically. The finest auditing firms listed on this portal are renowned for their impeccable reputation and code of conduct. Auditfirms.ae also give descriptive information about each firm, such as location, contact information, and registration details. By exploring the list of the leading auditing firms, you may begin to control company-related issues such as fraud and tax evasion.