Our Service
External Audit Services
Why Do You Need External Audit for Your Business?
The industrial financial standing of your company is evaluated by external auditing. External auditors provide accurate reports and conduct unbiased reviews. By eliminating misstatements and identifying frauds, they guarantee the correctness and completeness of accounting records. At RFZ Accounting, we provide top-notch external audit services throughout the UAE.
How is an External Audit Conducted?
It involves the following steps:
Appointment of an auditor
For an external audit, a chartered and independent auditor is appointed. The company may choose the auditor based on their qualifications, experience, and skill set.
Letter of acceptance
Through the letter, the auditor affirms that they have accepted the position. There is a clear statement of the duties and extent of labor.
Risk assessment
The auditor then gathers, evaluates, and interprets data thoroughly to gain a deeper understanding. External auditors identify and assess risks and recommend potential solutions.
Evidence Collection
Auditors then use the data to fortify the materiality, verify assets, and ensure compliance with standards and accounting procedures.
Report Submission
Following in-depth analyses and a qualified opinion on the organization's future, the auditor presents the audit report to the company.
Essential Documents Required
- Fixed assets purchased documents
- Bank account statements
- Payroll reports
- The company’s loan documents
- The ledger and trial balance
Why Hire External Auditors in Dubai?
An external audit is required for any company registered in the United Arab Emirates. An external auditor prepares an audit report per International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). The external audit report provides greater financial legitimacy to businesses. It assists investors in determining whether there has been any misrepresentation in the internal financial statements. An expert external auditor can help your company's financial records become more credible in the UAE.
