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Audits of accounts are necessary for all mainland companies in Abu Dhabi as per the Commercial Companies Law and it is mandatory for companies in the free zones as well as per the rules of respective free zone regulators.
Compliance audit involves examination of policies, procedures and practices in an entity to check whether they are in compliance with the applicable regulatory requirements.
External audit is performed to issue an opinion on the financial statements of the company and internal audit is conducted to check the adequacy of internal control framework and the effectiveness of internal controls.
ICOFR audit refers to the audit of internal controls over financial reporting of an entity and the same is getting mandated by many regulatory authorities globally.
Internal audit is performed to check whether the internal control framework in an organization is designed adequately and the implemented controls are operating effectively or not.
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