An audit is the examination or inspection of the books of a company’s accounts by an auditor. A company audit can be internal (conducted by its employees or a department in particular) or external (carried out by an outside firm or independent auditor). The utility of an audit is to check and verify the accounts of a company to ascertain that all its records are maintained transparently and that there is no likelihood of misrepresentation or fraud. For companies setting up in Dubai or the rest of the UAE, it is common to outsource its auditing function to audit firms in Dubai, which specialize in their investigative procedures and regulatory knowledge.
Payroll management refers to the maintenance of the records and compensations of a company’s employees. It is a vital function closely associated with a company’s HR department. In the UAE, something called the Wages Protection System (WPS) is followed. It lets companies pay the salaries of its employees through banks and other financial institutions authorized by the UAE Central Bank. For scalability, convenience and flexibility, even the payroll processing function of a company may be outsourced in the UAE. There are payroll service providers in the region that can help.
If you are looking to set up a business in the UAE, Commitbiz can help you with your audit, assurance and payroll management. Our team of experts is well versed in the regional know-how and business paradigms. Contact us today.
