Audit and Assurance Services in Dubai

Audit refers to the systematic inspection of a company’s records and accounts by an independent firm to assess or review the company’s health, financial or otherwise. Assurance services are audit activities for an independent, objective assessment of a company’s compliance initiatives or financial statements. These audits constantly check if the company’s financial statements are accurate and if its operations are being performed transparently by the applicable regulations and policies. Audit and assurance services in Dubai may be financial, regulatory, compliance-based, consultative or advisory. More often than not, new companies outsource their audit and assurance functions to audit firms in Dubai.

What Are the Benefits of Audit and Assurance Services in Dubai?

Audit and assurance services in Dubai help you with

1. Proactive Detection of Accounting Oversight

Audit and assurance services help to identify chinks in a company’s accounting systems, if any, and suggest rectifications.

2. Credit Rating

Audits influence a company’s credit rating or not having one. Banks and trade suppliers rely partly on audit firms’ assessment of the company and tend to look more favourably at companies with audits. Moreover, bankers call for audited accounts before loan processing.

3. Reassurance to Stakeholders

A company is accountable to its customers, employees, shareholders, vendors, and suppliers. Audit and assurance services establish this accountability and expose the company to potential investors, as the latter often prefer to review audited accounts before investing.

4. Facilitation of Tax Payment

Regular audits ensure that payment of corporate tax and goods & services tax happens promptly and transparently, thus precluding interest or penalties.

5. Company Valuation

Audit and assurance services back the figures of a company. An audit might be in place if it is being considered for valuation. If an owner is looking to sell in the near future, it may be beneficial to carry out regular audits.

Our Audit and Assurance Services In Dubai

Commitbiz provides the following auditing services in Dubai and the rest of the UAE:

External Audit Services in Dubai

  • Understanding a company’s business processes, capital management (fixed and working), industry-specific processes, IT controls management, human resources, revenue cycle and marketing is carried out under external audit.
  • Identifying the areas for improvement by analyzing business risks, business processes and business performance against management objectives and industry standards and suggesting implementable strategies to achieve organizational goals

Information Systems Audit and Risk Management

  • Designing IT controls to prevent and detect unauthorized transactions
  • Supporting complete and accurate financial objectives
  • Making necessary information available to the company on time, ensuring that confidentiality and integrity remain intact
  • Preventing and reducing the risks of data loss or leakage, poor system management, service disruption, and data tampering

Internal Audit Services in Dubai

  • Internal audit services in Dubai help in assessing internal control structures to improve a company’s performance and operating efficiency
  • Providing comprehensive interim and full-time internal audit services, which comply with UAE laws and regulations, and adhere to operational procedures

Commitbiz provides the following assurance services in Dubai and the rest of the UAE:

Business Restructuring in Dubai

Business Valuation in Dubai

We help companies ascertain the correct value of their financial assets by providing certain business valuation services.

  • Business combinations
  • Fair value accounting
  • Fairness opinions for Mergers and Acquisitions
  • Financial instruments valuation
  • Share-based payments

Due Diligence Services in Dubai

We assist buyers and sellers engaged in acquisitions or mergers in verifying the accuracy of the financial information exchanged and ensure that the company’s risk management and governance objectives are fulfilled. We assist our clients with financial, strategic and operational due diligence, encompassing:

  • Finance and Accounting
  • Human resources
  • Information technology
  • System

Forensic and Other Investigations

This assurance service wing helps companies detect fraudulent or questionable business activities and avoid huge losses. Our services include:

  • Awareness training
  • Handling conflicts of interest
  • Detecting and checking embezzlement
  • Fraud investigation and forensic accounting
  • Fraud risk management
  • Curbing fraudulent financial reporting

In-depth data analysis

Preventing misappropriation of corporate assets

Deterring money laundering

Quantifying losses incurred by the top management’s not-for-profit initiatives

Liquidation/De-Registration

  • Preparing all mandatory documents required for liquidation like the liquidator’s statement, power of attorney, board resolution, audit report, etc.
  • Administration of said documentation
  • Administration of the liquidation process
  • Coordinating with the required legal authorities and government departments
  • Filing re-registrations and other formal notifications
  • Liaising with liquidation accountants
  • Appointing a liquidator

Mergers and Acquisitions in Dubai

  • Overseeing successful financial transactions and deals and creating value through acquisitions, disposals, mergers, and restructuring
  • Identifying issues and points of negotiation and value, developing the appropriate strategy so that the deals execute seamlessly, and implementing changes and improvements to ensure the deal is successful

Pre-Agreed Compilation, Review, and Procedures

  • Assurance other than audits or reviews of historical financial information
  • Drafting assurance reports on controls at a service organization
  • Compiling financial information
  • Conducting a feasibility study (examination) of prospective financial information
  • Performing agreed-upon financial information procedures
  • Reviewing financial statements

Outsourcing your audit and assurance services can reduce the stress involved in your Dubai business setup process.

Commitbiz Provides One of the Best Auditing Services in Dubai

Our audit and assurance services aim at proactive financial health assessment of a company to suggest the most suitable remedial measures and business growth advice. This helps you streamline your business growth and improve your company’s performance by concentrating on core risk areas in business with increased flexibility to respond to requirements.

We at Commitbiz Business Setup Consultants provide the best auditing services in Dubai by helping entrepreneurs set up their audit and assurance functions. Should you decide to open a business here, contact us - our Audit & Assurance wing in Dubai, UAE, would be happy to help!

Frequently Asked Questions (FAQs)

What are assurance services in the context of setting up a company?

Assurance services are audit activities that are carried out for an independent, objective assessment of a company’s compliance initiatives or financial statements, to establish to stakeholders that the company’s financial statements are accurate, and its operations are being performed with transparency, in accordance with the applicable regulations and policies.

Should I outsource my company’s audit and assurance services to audit firms in Dubai?

The decision to outsource your audit and/or assurance functions depends on the scale and kind of business activity your company undertakes. However, if you are new to Dubai or lack dedicated audit expertise and regional know-how, it is recommended that you outsource your audit and assurance services to a separate auditing company in Dubai.

Is outsourcing audit and assurance services mandatory?

No, it is not mandatory. However, it will help ease your finance and accounting complexities.

What is an audit and assurance?

Audit and assurance refer to evaluating businesses and organizations' financial information and reporting to ensure that it is accurate and reliable.