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With a team of dedicated accountants located in Dubai, Beaufort Associates has earned a distinguished reputation among the esteemed accounting and consulting firms in Dubai and the UAE.
We can assist you in accessing a comprehensive array of audit and assurance services, assisting businesses in attaining their objectives.
When it comes to maintaining financial accounts in accordance with UAE law, Our auditing support in Dubai and the UAE plays a crucial role.
Every company is mandated to engage the services of an accredited chartered accountant firm in the UAE that holds a valid license and is registered.
With the Ministry of Economy for the purpose of auditing company accounts in accordance with the UAE Commercial Companies Law, Federal Law No. 2 of 2015.
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While audit services in Dubai are often seen as referring to the external audit of company financial statements, there are many different types of audit services, each with its own specific focus and purpose.
Following is a list of some of the most common types of audit services in the UAE:
A financial statement audit is performed by audit firms in Dubai and comprises the auditors’ opinion as to whether the financial statements of the company being audited are presented fairly, in all material respects, in accordance with IFRS Standards and comply with the relevant regulatory requirements.
We assist clients in getting their financial statements audited by auditors of their choice or by auditors from our panel of auditors. In either case, we provide a one-stop shop for our clients which allows them to delegate the entire process, from bookkeeping to compilation of accounts to arranging for audit services to our experienced staff.
For such assignments our work normally involves liaising with the external auditors, obtaining quotations and shortlisting the best audit firms, arranging for the preparation of financial information and the schedules the auditors require and generally assisting them to have the audit completed and the audit report issued expeditiously.
The services we provide are carried out on behalf of the client company and although we assist in all aspects of this work, the company owners remain responsible for the final content of the financial statements, the completeness and proper recording of transactions therein, the signing of representation letters for the auditors and the approval of accounts for the audit.
Audit support services are generally provided as an adjunct to accounting services and may also be provided as a standalone service to relieve client resources from work that may detract from their day-to-day commitments.
These audits are performed to assess the efficiency and effectiveness of an organization’s internal controls and operational processes. Operational audits can be conducted on any aspect of an organization’s operations, such as its sales and marketing processes, its manufacturing processes, or its customer service processes.
Operational audits may be carried out as a one-off review assignment. As opposed to external audits where the auditors are appointed by and are responsible to report to the shareholders, for operational and compliance audits auditors are usually appointed by the company management and are required to report back to them with their findings.
These audits are performed to assess an organization’s compliance with internal controls, policies and procedures as established by the management. Such audits may also be carried out to assess compliance with the applicable laws and regulations. Compliance audits can be conducted on any type of law or regulation, such as employment laws, financial or environmental regulations.
Compliance audits may be considered as a form of internal audit and are often carried out as an ongoing exercise with monthly or quarterly reporting the the management or the audit committee. Such audits are distinct from external audits in that the auditors are required to report to the management or the company directors as opposed to the shareholders.
These audits are performed to assess the security and effectiveness of an organization’s information systems. Information systems audits can be conducted on any type of information system, such as a company’s accounting system, its customer relationship management system, or its website.
Information systems audits are very specialised and technical in nature and are usually conducted by staff trained in information technology review and assessment. Such audits assess the effectiveness and compliance with controls within the company’s IT infrastructure as well as its readiness to withstand challenges emanating from outside the company’s IT ecosystem.
These audits are performed to investigate specific allegations of financial fraud or other wrongdoing. Forensic audits can be very complex and require specialised skills and experience.
A forecsic audit report may be required to establish the nature and the quantum of financial wrongdoing and may also be required to identify and name specific individuals who may be responsible. Such reports may be required for submission to police and/or the court in support of legal proceedings.
In addition, we support our clients with specialized audit and/or review services such as Due Diligence and Agreed Upon Procedures. Such assignments are required in cases where the company requires a specific aspect of operations or financials or a specific area of activity or controls to be audited.
Such assignments are often required to be carried out in connection with the takeover of a business, amalgamation or restructuring or where the management would like to obtain comfort regarding a specific aspect of their company’s activities and operations. The assignment involves agreeing on a bespoke scope of work with the client and presenting our findings to the client after completing work.
We will be pleased to meet with you and to discuss and understand your peculiar requirements. We will then arrange to provide you a service suitable for your needs. Please contact us if you need to get your company’s financials audited by the best audit firms in Dubai and the UAE or any other related service.
In Dubai Mainland, UAE authorities do not normally mandate annual financial audits, but companies often engage external auditors for the preparation of audited financial statements.
Such an audit may be required to ensure the company’s financial statements comply with international accounting standards and to submit such statements to banks and other stakeholders.
Following the implementation of Corporate Tax. however, audited accounts are now required to be prepared for companies operating in the UAE's more than 40 free zone jurisdictions.
Also, Mainland companies that have annual turnover in excess of AED 50 million are also required to maintain audited financial statements.
At Beaufort, personalized assistance and attention are not merely standard practices, they are ingrained principles that we uphold. We invest substantial time and effort in understanding client requirements and in developing a proposal that is tailored to address their needs.
The specific type of audit service that is needed by a company will vary depending on its specific needs at the time. For example, most companies require an annual external audit to be carried out for presenting to the banks, to regulatory authorities and/or their shareholders and partners.
Alternatively, a company that is planning to go public may need to have a financial statement audit performed to comply with securities regulations. A company that is concerned about its compliance with tax laws and other regulations may need to have a compliance audit performed. Also, a company that is investigating allegations of fraud may need to have a forensic audit performed.
If you are unsure of what type of audit service you need, you should consult with Beaufort Associates. We can help you to assess your needs and develop a tailored and cost-effective plan suitable for your requirements.
Internal audit plays a crucial role in identifying weaknesses within internal controls, optimizing operational efficiency, and ensuring regulatory compliance.
Internal audits may be carried out in-house by the company’s own dedicated staff or may be outsourced to third-party firms. Also, the scope and the extent of the internal audit tests can vary significantly depending on the management’s perception of risks and their concerns.
While in-house internal audit departments may provide dedicated resources and more depth in terms of testing coverage, for small to medium-sized companies, outsourcing internal audit services is likely to be more cost-effective and provide better value for money.
This is so because outsourced internal audit firms in Dubai can bring to bear a mix of resources forming teams that include the more senior, supervisory staff as well as junior assistants who carry out the detailed review. Also, such teams can be scaled up or down as per the requirements of the client, and where required, they may assist in implementing the internal audit recommendations.
As a highly regarded Chartered Accountants firm in Dubai, UAE, Beaufort’s unwavering commitment to excellence sets us apart.
Year after year, we consistently provide increased value to our clients by enhancing our financial expertise, embracing technological advancements, deepening our knowledge, and maintaining steadfast dedication.
Our fundamental mission has always centered around tailoring solutions to meet the unique needs of each client. We conduct thorough assessments of all aspects, recognizing the significance of comprehensive analysis.
At Beaufort, personalized assistance and attention are not mere standard practices; they are ingrained principles that we uphold. We invest substantial time and effort in refining our processes, bolstering our delivery network, strengthening our technological infrastructure, and staying abreast of the latest industry knowledge.