Audit Services

We at Vista Corporate Group provide all types of audit services in Dubai. Auditing is essential for businesses to monitor their financial transactions which is the core foundation of every business. Our expert auditors in the UAE produce accurate, thorough, and well-balanced audits, guaranteeing adherence to regulatory requirements. Utilizing reliable audit services in the UAE ensures that your business complies with local laws, regulations, and accounting standards.

Audit requirements in UAE

According to the Commercial Companies Federal Law, No.32 of 2021, all the companies in the Mainland UAE have to get their financial accounts audited. The companies in the UAE have to keep their financial records up to date for at least five years to comply with the requirements. 

Internal Audit

The reasons for conducting an internal audit are as follows:
  • Providing suggestions for improvements.
  • Monitoring efficiency of the business.
  • Guaranteed following of laws and regulations.
  • Examining the financial data.
  • Checking the risk management policies and approaches.

External Audit

The audit done by a third party is known as an external audit. The third party is someone who is not associated with your company, such as auditing firms and tax agencies. An external audit is a way to confirm that the financial records kept in a company are real and correct. It shows a transparent picture of the company’s financial situation.

Tax Audit 

Companies need to prepare themselves for tax audits conducted by Tax Authorities. These audits involve scrutinizing accounting and bookkeeping records as well as VAT return filings to confirm the tax liability of the taxpayer. The tax audit assesses a company’s objectives, planning methods, procedures, and operational outcomes concerning tax compliance, including VAT, Excise tax, and Corporate tax.

 

Our tax audits in the UAE are categorized into three types:

1. Corporate Tax Audit

2. Excise Tax Audit

3. VAT Audit

Benefits of Top Auditing Team in Dubai

Audits are crucial for companies to ensure they are following the correct rules and procedures in their operations and checking if everything meets industry standards. They also help shareholders pinpoint any issues in the company’s control processes. Audits can include financial audits or comprehensive company-wide assessments. 

 

The benefits of having a good team of auditors are

Analysing the Company’s weaknesses:

By carrying out an internal audit, you have the opportunity to understand and address factors that compromise your company's internal controls.

Recognizing fraud :

Auditing also help the companies in recognizing fraud. Thanks to technology and better audit methods, it's harder to hide fraud these days. company-wide assessments.

The audit also covers the following areas:

The importance of conducting audits extends to various aspects, including verifying the accuracy and adherence of financial statements and records to relevant standards.

Why We Need to Audit

Ensuring Compliance:

Audit services follow relevant laws, regulations, and industry standards, minimizing legal and regulatory risks.

Validating Financial Accuracy:

Audits confirm the accuracy and reliability of financial statements, putting confidence in stakeholders regarding the organization's financial reporting.

Uncovering Fraud:

Audits play an important role in discovering fraudulent activities, including fund misappropriation, embezzlement, or other financial irregularities.

Evaluating Internal Controls:

Through audits, the effectiveness of internal controls is assessed, pointing at weaknesses and suggesting improvements to safeguard assets and prevent fraud.

Conducting Risk Assessment

Auditors analyze potential risks faced by the organization, spanning operational, financial, or strategic areas, enabling effective risk mitigation and management.

Assessing Performance:

Audits evaluate the performance of different departments and processes, identifying areas for improvement and enhancing operational efficiency.

Supporting Decision-making:

Audits provide reliable information and insights to management, facilitating informed decision-making and strategic planning.

Building Stakeholder Confidence:

Conducting audits demonstrates transparency and accountability, enhancing trust among stakeholders such as investors, lenders, and customers.

Ensuring Contractual Compliance:

Audit services ensure organizations comply with contractual agreements with vendors, suppliers, or partners, preventing breaches and disputes.

Conducting Due Diligence:

Audit services are essential during mergers, acquisitions, or partnerships to assess the financial health, risks, and potential liabilities of the target company.

Tax Audit 

Companies need to prepare themselves for tax audits conducted by Tax Authorities. These audits involve scrutinizing accounting and bookkeeping records as well as VAT return filings to confirm the tax liability of the taxpayer. The tax audit assesses a company’s objectives, planning methods, procedures, and operational outcomes concerning tax compliance, including VAT, Excise tax, and Corporate tax.

Tax agents registered with the Federal Tax Authority (FTA) in the UAE provide businesses with tax audits to ensure correct VAT compliance. It is advised not to engage with tax agents who are not registered with the FTA.

 

Our tax audits in the UAE are categorized into three types:

  • Corporate Tax Audit
  • Excise Tax Audit
  • VAT Audit 

Conclusion

Audits are carried out to check if the business is following industry standards and detecting any possible event of frauds. The audits are in the company’s favor as they help in minimizing risk and mitigating loss by analyzing the company’s weaknesses. Availing services from top auditing companies in Dubai ensures the rules and regulations are followed.

It is an examination of a company's records to ensure compliance with industry standards.

Licensed auditing firms can carry out the audits for the businesses. These auditors are approved by respective authorities.

The cost is dependent on the various factors, type of business activity, and location. The auditing companies offer a quote before the actual audit.

Typically financial audits, compliance audits and periodic internal audits are conducted.

An audited company increases investors confidence. Areas of improvement can also be identified by doing audits.

Typically the audits are annual, however some specific activities may require an interim audit.

External audits are conducted by a third party auditing company while internal audits are done by the internal audit team.