Audit refers to the systematic inspection of a company’s records and accounts by an independent firm, for the purpose of assessment or review of the company’s health, financial or otherwise. Assurance services are audit activities that are carried out for an independent, objective assessment of a company’s compliance initiatives or financial statements. The aim of these audits is 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. Auditing and assurance may be financial, regulatory, compliance-based, consultative or advisory in nature. 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?
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
The credit rating of a company is influenced by audits, or not having one. Banks and trade suppliers rely, in part, on audit firms’ assessment of the company, and tend to look more favorably on companies that have an audit. Moreover, bankers call for audited accounts prior to loan processing.
3. Reassurance to Stakeholders
A company is accountable to its customers, employees, shareholders, vendors, and suppliers. Audit and assurance services not only establish this accountability but also 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 on time and transparently, thus precluding interest or penalties.
5. Company Valuation
Audit and assurance services back the figures of a company. If it is being considered for valuation, an audit might be in place. If an owner is looking to sell in the near future, it may be beneficial to carry out regular audits.
What Audit and Assurance Services Do We Provide?
Commitbiz provides the following audit services in Dubai and the rest of the UAE:
- Understanding a company’s business processes, capital management (fixed and working), industry-specific processes, IT controls management, human resources, revenue cycle and marketing
- 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 in a timely manner, 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 and Control System Review
- 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 and operational restructuring
- Contingency planning
- Corporate simplification
- Financial advice and assistance
- Independent business review
- Optimized exits
- Options review
We help companies ascertain the correct value of their financial assets by providing:
- Business combinations
- Fair value accounting
- Fairness opinions for Mergers and Acquisitions
- Financial instruments valuation
- Share-based payments
We assist buyers and sellers engaged in acquisitions or mergers verify 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
Forensic and Other Investigations
This wing of assurance services helps companies detect any fraudulent or questionable business activities, and avoid pertaining to 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
- 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 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 & Acquisitions
- 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 Audit and Assurance Services in Dubai
Audit and assurance functions are specializations that organizations mostly prefer to outsource to auditing companies in Dubai. This is because when setting up your business in Dubai, handling this function can be challenging if you don’t have prior regional company setup experience. But fret not, there is no dearth of Audit and Chartered Accountancy (CA) firms in Dubai to sail you through your company’s audit and assurance functions.
Our audit and assurance services aim at proactive financial health assessment of a company, so as 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 can help entrepreneurs set up their audit and assurance function in Dubai and the rest of the UAE. Should you decide to open a business here, do contact us - our Audit & Assurance wing in Dubai, UAE would be happy to help!
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.