Auditing Service In Dubai, an external audit is an independent examination of the financial statements prepared by the organisation. It is usually conducted for statutory purposes (because the law requires it).
An audit results in an audit opinion about whether the financial statements give a ‘true and fair’ view of the:
- State of affairs of the organisation
- Operations for the period
In today’s dynamic remote working era, Internal Audit plays a key part in helping your organization maximize on its strategic business objectives. West Fin brings the full range of the accounting and necessary financial skills, and industry experience to deliver the confidence and insights that are much needed to maintain financial transparency at each stage.
Our Internal Audit Methodology is a global approach to providing internal audit outsourcing and co-sourcing services. We are the experienced tax agents in Dubai who follow this risk-based approach that dovetails our clients’ objectives and impediments to achieve those goals. We have been consistent with our execution in every internal audit practice to become the leading audit firm in Dubai.
Type of Audit Service
External Audit Services
An external auditor examines the company’s books carefully and offers advice on how to better manage its finances. When an auditor from outside the audited company performs the auditing process, they are called an outside auditor or third party. Financial statement audit reports, financial statement reviews, advice services, risk assessments, error assurance, etc. are all things that external auditors can help with. Auditors from outside the organization examine its operations and make suggestions for how to boost its performance in a report.
Proper documentation should be submitted to the individual performing the audit procedures to ensure that no financial errors are found, which will result in a good and accurate audit report, as provided by the external auditor, who plays a very important role for the reputation of the company. The company’s standing in the market may suffer as a result of an unfavourable audit report.
Internal Audit
The purpose of an internal audit is to bring value to a business and make sure its operations are running as smoothly as possible. By systematically and administratively assessing and enhancing the efficacy of risk management, control, and governance procedures, it aids an organization in accomplishing its goals. Internal auditing’s primary goal is to help boards of directors and top executives keep tabs on their organizations by ensuring things like operating efficiency, risk management, and legal compliance are being properly monitored. Financial, performance, compliance, system security, and due diligence audits are just some of the many areas we inspect as part of our Auditing Services in Dubai available.
With West Fin Accounting, Internal audit services in Dubai and around the UAE are provided by the team of excellent auditors at West Fin, who are responsible for the careful planning and execution of all internal audit-related services. When it comes to advising businesses on strategic decisions and building highly functional audit functions that propel corporate performance and transform risks into opportunities, we place a premium on honesty and reliability.
Financial Statement Audit
An audit is a thorough examination of a company’s books and other financial documents. The auditing process entails carrying out the audit and offering recommendations for the development of the reviewed organization. In order for the auditor to provide results accurately and complete transparency and give necessary opinions to the company for its betterment, the company must provide the auditor with proper financial records supported by appropriate evidence so that the auditor can understand the current situation of the particular company. An impartial auditor with extensive experience performs this function. To avoid legal fines and penalties, the auditor’s report must be in line with the financial statements and applicable laws and regulations. A strong audit report of financial statements is needed when applying for loans.
Risk Advisory Services
Taking chances is a part of doing business. With the assistance of our professional risk consultants, however, you need not worry about any of these threats. In order to realize your full potential, increase your creation value, and protect your customers’ interests, our advisers will help you better identify and manage risks. Our experts will also show you how to transform potential pitfalls into opportunities for growth and expansion. The goal of risk advisory services in Dubai, UAE is to help businesses better understand and manage the risks they face. A company’s foundations can be strengthened through the efforts of risk advisers since they work in close collaboration with their clients to find effective answers to their challenges. A company’s demise could be precipitated by even minor difficulties in mitigating risk. Mistakes in business leave a negative impression on investors and customers.
Forensic Auditing Services in Dubai
Forensic auditing services are in high demand because of the importance of detecting and preventing fraud. Fraud, financial crimes, and business conflicts are what the forensic audit is tracking and investing in. Financial mistakes, allegations of employee fraud, falling sales, rising expenses, and other business problems are investigated to determine their origins and causes. When a company is the victim of fraud or criminal activity, a forensic audit is necessary. Those involved could be dishonest investors, managers, or partners. Forensic auditing is typically used to detect financial wrongdoing, and it calls for in-depth expertise in accounting and auditing. Companies should hire a trained fraud examiner to undertake forensic audits on a regular basis to look into any suspicions of financial crime. When fraud is suspected, an inquiry must be launched immediately to stop the theft and protect the company’s revenue and good name.
AML/CFT
When it comes to assisting clients in the United Arab Emirates with Anti Money Laundering program implementation, our team of highly qualified professionals is second to none. Our team of professionals is here to assist you in spotting potential financial threats and implementing solutions that will help your business thrive. To put it plainly, money laundering entails moving funds gained dishonestly through legitimate channels, such as international banks. We offer a variety of services, such as reviews of AML policies, audits of such policies, due diligence frameworks and process implementation, financial fraud frameworks, and more. Our AML and CFT compliance service clients in the UAE include banks, real estate brokers, investors, insurers, and many more.
Due Diligence
Due Diligence is a check someone does before entering into a binding contract, agreement, or transaction to make sure the subject matter and persons involved are who they say they are. Putting in some effort now can prevent a major problem later on. Due diligence services are a worthwhile investment for businesses since they help lower the odds of failure during high level transactions and increase the likelihood of a successful outcome. With our Due Diligence Service in UAE in spotting threats, stopping fraud, and guaranteeing a business’s financial stability. Financial Both buyers and sellers might benefit from a thorough due diligence investigation. It will aid purchasers in overpaying or sellers in accepting an offer below their true value. All parties involved in a merger, whether as buyers or sellers, should take steps to ensure the accuracy of the data transmitted. We’re here to help with anything from post-transaction implementation to decision support and regular reporting.
