Find confidence and financial stability in the UAE for your company with CDA’s expert advisory and tax-related services.
Leave it to CDA’s experts to review your company’s financial health with the utmost proficiency and efficacy.
At CDA, we house the most able professionals to help you straighten out your financials, and retain your best clients.
Find the best experts- from bookkeeping-related services to taxes and internal audit, in one place. Why go anywhere else?
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The construction industry is one of the booming industries in the UAE, which includes a high volume of cash transactions and transfers, which increases the importance of auditing to track the usage of funds and ensure the accuracy of all records.
Yes, the auditors at CDA have a thorough knowledge of all the IFRS standards and their applicability; hence, we can assist you in the implementation of such standards and ensure accurate preparation of accounts.
Yes, you can acquire assistance with regard to the application of corporate tax in your firm, as our team of auditors is well versed in the new tax regime, and you can get advice on the implementation of the new regime in your business.
Our team is always on standby to provide assistance; you can approach us at anytime to get advice or our services. We are always open for you. You can contact us personally, via email, etc.
Yes, the audit reports will provide you with more clear insights about the present performance and the expected performance in the future, based on which you can prepare the budget for your firm.
Reach out to UAE's most reliable Auditing Services for MEP Companies
The UAE’s stringent laws have already made it mandatory for companies to get their financial accounts audited for the financial year. The introduction of the new corporate tax regime has also boosted the importance of auditing. Especially for MEP companies, which are multifaceted by default, they need to run extensive financial audits and process reviews. Since compliance with market laws ensures smooth operations and future growth possibilities- it becomes imperative to bring in experienced audit professionals like CDA to get the accounts and records audited.
Auditing companies are wired to look for possibilities for any kind of discrepancy and for effective processing and review of the financials of your MEP company. CDA’s professionals are some of the leading people in this league.
Since audit reports portray a clean picture of a company’s financial and operating health, they ensure the reliability of statements of financial position and add credibility to the financial performance of your MEP company in UAE.
MEP companies cater to the mechanical, electrical, and plumbing needs of an organisation or a structure from the initial buildup process. This entails a lot of planning, going through different designs, stages of finalisation, and procurement of materials. With the general operational procedure being so elaborate, auditing sure is bound to take a longer route to get completed. But with CDA’s expert professionals by your side, this would be like another day at work.
With the UAE’s stringent company laws and building regulations, it is important to comply with the given laws at any point in a financial year. MEP companies are involved in a lot of building projects, and their work is just as important as that of construction companies. So, it becomes extremely important to run audit reviews and run checks on the operational procedures and internal controls of the company.
Adherence to company and corporate laws is a given; however, for MEP companies, they also need to stay within the radar for safety protocols, safe procurement of materials, delivery of standard work in each project, and more. Audit reviews become extremely important to ensure each and every regulation is adhered to and that the operational procedures corroborate with the financial findings.
Here are a few reasons why audit reviews are extremely important for an MEP company:
CDA has some of the best in-house financial experts, specialising in conducting audit reviews and preparing reports for different companies:
CDA audit experts can help your MEP company identify and address vulnerabilities and risks in its internal controls. Identifying financial issues that need immediate address and smoothing up financial wounds can help reduce the risk of fraud and error.
Audit reviews help your MEP company identify opportunities and improve business processes. Since most reviews are done with respect to internal controls, this can lead to increased efficiency and profitability.
With respect to stakeholders, investors, and potential clients, CDA can help either retain their confidence in the company’s proceedings or attract newer potential clients. With respect to maintaining trust and efficacy in financial findings and reports, it is imperative to bring in trusted professionals to carry out the major part of the hard task- auditing.
By having their financial statements and internal controls audited by seasoned auditors like CDA, MEP companies can demonstrate their commitment to compliance, quality, and transparency.
The auditing process for MEP companies is similar to the auditing process for other types of construction companies- since both entities are not independent of each other. However, there are some specific areas that auditors need to focus on for MEP companies:
MEP companies are subject to a variety of regulations, such as building codes and electrical codes. Auditors will need to assess the company's compliance with these regulations and also the company’s adherence to the company laws in the UAE, which our auditing team is always known for.
MEP projects involve complex technical work. The auditor team needs to have a good understanding of MEP systems and technologies- to effectively assist you in maintaining transparency and clarity in your company’s risks and controls. Our team of experienced auditors is well aware of all the technical aspects of the MEP industry.
MEP projects are typically complex and multi-faceted- each stage breaks down into multiple stages and processes. It is crucial to assess and review the company's project management process and internal controls to identify any potential risks or discrepancies in the operational procedures.
MEP companies need to have robust quality control procedures in place to ensure that their work meets all applicable standards. With tight laws in the UAE surrounding construction and building laws- it is imperative to assess the company's quality control procedures and identify areas for improvement or any risks related to quality control.
In addition to the above, auditors of MEP companies may also need to consider the following:
MEP projects often have safety risks and concerns associated with them. The auditing team will need to assess the company's safety procedures to identify any potential safety risks as well.
Many MEP companies are now starting to focus on sustainability. The auditing team needs to check the company’s alignment with sustainability laws and standards in the UAE and rectify the same if any potential vulnerabilities arise.
Get all the above said qualities under one roof from the well experienced auditors at CDA, who have all the robust auditing qualities required for auditing MEP businesses.
Here is a general overview of the audit process for an MEP company:
CDA’s auditors will start by consulting management to understand the company's business, the goals it is facing for the current financial year, and the associated risks. The planning stage is crucial, as it sets the pace for the entire audit process. Previous reviews, financial statements, and operational procedures are also taken into account to review- and a time frame for the entire process is estimated.
Second to planning, financial tests are run on various facts about the company. CDA’s auditors make sure that each and every operational system and management are included in this. After verifying the internal controls and legitimacy of vendors and clients, as well as stakeholders, the audit report can be proceeded with.
Account analysis is mainly done to verify the company’s financial statements’ accuracy and to identify any underlying risks or vulnerabilities with the same. This entire process includes sifting through existing documentation, conducting investigative audits, and observing the financial flow of the company.
In the final stages of auditing, CDA’s professionals create a financial report for the running financial year. This report includes each and every financial finding, operational vulnerabilities, safety risks, and recommendations or alternatives for improvement. This report will be presented to the firm's management and, perhaps, to the firm's board of directors.
The extensive audit process at CDA can help your MEP company identify and address weaknesses in internal controls and business processes and ensure that the company is in compliance with applicable laws and regulations.
With the minimal time for an audit process in the UAE ranging from about 6 to 15 months- depending on the age of the company, it is important to have a trusted financial partner by your side during the financial year.
With safety protocols and tight regulations for MEP companies, there can be a lot of business risks and vulnerabilities. Having a good audit partner means a smooth walk through all the bumps along the financial year.
At CDA, we value transparency, safety, and sustainability- if you wish to see the same reflected in your financial positioning, head over to our website!
