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CDA Services

External Accounting Services in Dubai, UAE

An external audit is the independent examination of financial records conducted routinely to maintain accuracy and transparency. It enhances the financial statements compliance with the standards. The external audit is organised to see the precision of the statements and the financial position of the company.An external auditor is an expert and independent third party who performs a dispassionate review of the financial records of a company. The auditor looks into the financial investments to identify any irregularities. External auditing points on the financial standing of the business organisation in this competitive market. External auditors review their work unbiasedly and present reports with high accuracy. The external audit ensures the completeness and accuracy of the accounting records within the accounting framework eradicating errors, frauds and misstatements. CDA offers seamless external audit services in Dubai and across the UAE to help both the private companies and government to check accounting documents.

External Audit Procedures

External auditing procedure involves various steps right from appointing an auditor to submitting the reports. Given below are the following stages covered in external auditing in Dubai. 

  • Auditor appointment:

An independent auditor with chartered certification is appointed for external audit. Hiring someone who is an outsider to the organisation is advisable. Shareholders of the company select the auditor based on skills, qualification and experience at annual general meetings under their power.

  • Engagement letter acceptance:

The auditor confirms through the letter regarding their acceptance of the appointment. The scope of work and responsibilities are mentioned clearly.

  • Audit program:

At this phase, the auditor will collect, assess, and interpret data for better understanding. Auditor identifies and assesses risk, suggests measures. It includes:

  • Collect details of the company and its manoeuvres 
  • Decide whether the company is honestly following the International Financial Reporting Standards (IFRS), according to the Financial Accounting Foundation 
  • Thorough examination of the validity of the company’s financial records 
  • Careful examination of the company’s accounting books, payroll, purchasing records
  • Scrutinise the records for financial misstatements due to mistake, deception, or misappropriation 
  • Collection of evidence:

Gathering the evidence to enhance the materiality and confirming compliance with accounting policies, standards, and verifying assets.

  • Report Submission:

Auditor submits the audit report to the management after thorough examinations and suggests qualified opinion on the organisation's future.

Documents Required For External Audit

To prepare an accurate and independent audit report, the External Auditor requires the following documents in general: - 

  • Details of the fixed assets purchased 

This includes the invoices and receipts. It helps the auditor prepare an exact balance sheet and other essential financial documents.

  • Details of bank accounts 

The External Auditors require the bank transaction details of the company. It should be under the name of the company.

  • Details of payroll reports 

Details of the payroll reports help the auditors understand the tax liabilities, expenses and salaries in the company.

  • Details of company’s loans 

These documents will help the auditor to make the exposure of payments precisely.

  • The ledger and trial balance 

The External Auditors require the general ledger and trial balance in the preliminary phase of the auditing to inspect the debit and credit balances.

Why Do Organisations Hire External Auditors in Dubai?

External audit is necessary for all the companies registered in the UAE. It is a significant document as it is processed as per the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). It can be used as an important financial document when you want to renew your license or for getting a loan, etc. In the light of new VAT implementation in the UAE, External Audit Report gives more credibility in the financial report of every company. As an independent audit report, it helps the investors or third parties to the business in knowing if there is any fraud or misstatements made in the in-house financial statements. It enhances the credibility of the financial records. Major reasons to hire external auditors in Dubai are:

  • Unbiased valuation of the company’s financial position.
  • Precise data needed by the company in evaluating their profit or loss.
  • Give businesses the assurance and guarantee that their information and the way they conduct business are authentic.
  • Reduce the risks caused by indecorous financial data

Uniqueness of CDA

CDA experts are qualified and certified professionals to assess and advance the business process to lessen any risks caused by indecorous financial data. As they are not a part of the company, they provide an unbiased audit report. Our services include:

  • Assurance: We deliver significant and valued intuition into the data prevalent in the company. Our audit procedures give companies the assurance that their evidence and the manner in which they conduct their businesses is legitimate. 
  • Authentication: Our team endorses the cogency and accurateness of the accounting reports prepared by the firm. This authenticates the financial position of the company and attracts additional finance for the firm.
  • Integrity: It is an added benefit for the company as the public and the authorities would be under the impression that the business is a confirmed and unswerving organization in the market.
  • Circumvents Mistakes: Our experts are more cautious and there is the least possibility of mistakes during the preparation of the company’s accounts. This allows the company to make competent decisions about the future of the business as well as not to repeat them again.
  • Restricts Deceptions: There is no assurance that the internal audit of a company is error free and has no misleading information. This will lead to deceptions and money laundering. Conducting an external audit by our experts will prevent any such irregularities in the company.
  • Offers solutions and Impartial recommendation: CDA experts are a squad of skilled, competent and certified auditors. So, they provide reliable and dispassionate solutions for the benefit and advancement of the company.

Why CDA for External Auditing in Dubai?

CDA is a squadron of accomplished, capable and certified auditors who are proficient in external auditing. Our expert external auditors provide consistent and unflustered solutions for the benefit and advancement of your company. CDA external audit services are tailor-made to meet the requirements of the clients and to comply with the audit laws of the UAE. We provide legitimate conclusions to your business that help to keep a better position in the competing market. Our team is experienced in Big4 and leading auditing firms in Dubai. The team has good experience in a wide portfolio of industries. Our multi-tasked team who are working as CFOs for different MNCs will help internally for the decision making as well.In addition to external audit services in Dubai and UAE, CDA also provides Business strategy & CFO services, Accounting Services, Auditing & Assurance Services, Vat & Tax Consultant Services, Implementation of Accounting Software Services andDue Diligence Audit Services.

If you need any help with external auditing service in Dubai, feel good to contact us. Our expert auditor will call you back immediately, and will offer you one-hour free consultation.

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