We at Fundforth believe that your company should put its best foot forward when presented to banks and investors. An external audit is a yearly examination that is conducted by certified auditors who are not part of the company to be audited.
A statutory external audit involves evaluation of books of accounts, and an audit of material balances in the company’s books as per International Financial Reporting Standards(IFRS) and International Standards on Auditing (ISA), followed in the UAE in the preparation of yearly financial reporting process of entities. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification is required by most investors and lending organizations, and for all publicly-held businesses.
Our team of qualified Chartered Accountants and CPA’s make sure you are following the latest and most relevant accounting and auditing standards keeping in line with industry practices and making adjustments to the books in case of amendments in reporting standards, and then go on to issue an independent and objective audit report on the company’s financial statements.
The external audit is compulsory for all the companies registered in the UAE. The mandatory compliance with International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) has made the external audit report a significant document. The external audit report acts as a authentic and verified financial document at the time of licence renewal, getting a loan, etc. The other benefits of an audit report are:
If your company nature or size does not require you to go for a thorough audit process, but you want to ensure compliance as part of best practice, our team of experts at Fundforth offers review engagements or a mini audit that lets you focus on strategy and eases you of any policy and compliance worries.