External Audit

It is a myth that audits of companies should only be conducted because they are required by law. Regular audits and management of accounts are conducive to the success of a business. The lack of proper accounting and regular audits often leads business owners to continue running a business under the assumption that it is profitable, when in fact it is loss-making.

Discoveries come too late and the resulting damage is often irreparable. This is where a pragmatic approach by External Audit Services In Dubai becomes essential. Every company needs a professional, qualified, and experienced external auditor in Dubai to examine its accounting issues.

What is an external audit?

An external audit is a process of ensuring the accuracy of a company's financial statements and transactions through the services of an external auditor. An external auditor is an auditor who works independently of the accounting firm.

External auditors are necessary for all companies to comply with the laws established by the UAE government. They can help resolve problems that arise or are arising, and confirm that an organization's financial needs are correct.

What are the benefits of an external audit?

Ensuring compliance with government laws.

The UAE government has strict laws governing the financial operations of small, medium, and large businesses. Therefore, if you operate in the UAE, you may need an external auditor to conduct an annual audit as a condition of your annual license renewal. As the UAE government has introduced VAT since 2018, proper accounting and auditing will ensure compliance with the law and thus avoid the risk of unnecessary legal problems.

Increasing financial soundness

Dubai's best accountants are at your service to review your company's financial transactions and ensure they are accurate and in compliance with national laws. A valid audit report from a certified public accountant is essential for credibility when applying for loans and financial assistance from banks. So, hire the best accountant in Dubai so that you do not have to worry in the future.

Ensuring the accuracy of financial information.

Your internal auditors will regularly provide financial information that needs to be verified by a professional certified public accountant to help you analyze the current state of your business, whether it is profitable or loss-making, what changes need to be made to the current operations, etc.

Preventing fraud and irregularities

Fraudsters are often present in your business and their numbers usually go unnoticed. By the time they are discovered, it is too late and they have caused irreparable damage to your business. Therefore, using external audit services can help you detect fraud or financial errors. Regular audits by auditors can keep your accounts transparent and up-to-date.

The need for expertise

Not all businesses can employ an accountant full-time. Therefore, most companies use external auditing services for this purpose. Such auditors can audit your accounts periodically to ensure compliance and identify any deficiencies. They can also suggest changes in business practices to correct difficulties, increase cash flow, reduce interest rates, depreciate assets, etc. They can help in the overall optimization of profits.

Who benefits from an external audit?

Business owners and shareholders.

Business owners cannot audit all aspects of a business. It is advisable to choose the best accountants to keep an eye on the business accounts. They can ensure that it runs smoothly and profitably. They can also analyze the pitfalls and suggest changes. It will also help the business owner to maintain the confidence of the shareholders by submitting regular financial statements that are audited by certified accountants in Dubai.

Accounting and Finance Team

Accountants and members of the finance team are responsible for the day-to-day financial operations of the company. Although they have expertise in general financial matters, they need to seek out the best accountants to review the financial statements they prepare, help them solve complex problems, help them obtain financial support from banks, and inform them of new rules and regulations proposed by the UAE government. Most companies have a chief accountant and the rest of the accounting team works with an external auditor to resolve issues.

Conclusion

It is inevitable for any company in Dubai to hire an external accountant. We, at Hallmark International - Accountants and Auditors, are the best auditing services in Dubai that provide impeccable auditing services to ensure the functioning and profitability of your business. With a long history of providing the best auditing services, we are the most sought-after auditing firm for companies from all sectors and industries.

Why Hallmark?

The best auditors on board

At Hallmark International, we have only the best. Professional accountants chartered accountants and all the experts needed for financial audits in Dubai work for Hallmark and provide specialized services to our clients.

Years of experience in the industry

Finance is an industry where experience is key. With decades of experience in accounting and auditing in Dubai, you can fully trust us with your business.

Affordable costs

At Hallmark International, we make sure that our accounting services in Dubai don't leave a hole in your pocket and are affordable even for small businesses.

Compliance with international standards

With a permanent client base in the UAE and the UK, we comply with global accounting standards.