Accounting and Audit in Dubai Best accounting services in Dubai

 

Best Accounting service in Dubai, as a profession has come an extended way within Dubai.

The profession has constantly endeavoured to stay at pace with the ever-growing Business services Dubai needs stemming from the many growths within the economy witnessed over the years.

From being perceived as a peripheral service, the profession has evolved to become pivotal, within the line of services. As a result, the amount of accounting firms providing audit and assurance services has been on the increase over the years.

These procedures are generally supported by international standards. As a part of internal control standards, the affiliates are subject to see reviews conducted by their principal on a periodic basis.

Apart from the external audit, many Accounting UAE firms provide assurance services like internal audit Dubai, business valuations, etc. Many medium to large size business organizations outsource their internal audit function to the Accounting Dubai firms so on enjoy values of professional independence.

Need for audit

The Dubai Commercial Companies Law requires all companies incorporated locally, to file audited financial statements on an annual basis with the Ministry of Economy.

 

It also requires the auditor to suit the reporting requirements of the law. Sole proprietorship concerns aren't within the purview of the corporate formation Dubai law. Within the case of listed companies, there are regulations to be complied with, regarding filing returns with the relevant regulatory agency.

The company setups Dubai in various free ports within Dubai is governed by the respective free zone regulations. The free ports have made it mandatory for all entities to submit audited financial statements on an annual basis with the relevant free zone authority within a period of three months from the financial closure date.

Where the activities are leveraged, financial institutions like banks require companies to submit the audited financial statements on an annual basis to increase or renew the facilities.

There are other companies who have operations across the world as a result of which company formation Dubai would require to be audited for consolidation purposes. Similarly, within the case of personal companies, the shareholders might require audits for assurance purposes.

Accounting and audit framework

Although there's no specific financial reporting framework required to be followed by law, the International Financial Reporting Standards (IFRS) is widely used and accepted.

The financial institution of Dubai has made it mandatory for banks to organize financial statements supporting IFRS. Similarly, the listed companies prepare financial statements as per IFRS. within the case of personal companies, the shareholders, banks, and other stakeholders require financial reporting supported by IFRS.

In the absence of any local auditing standards, the Audit Dubai is usually conducted to support the International Standards on Auditing (ISA). Accordingly, the Dubai Accountants design audit procedures and documentation supported ISA.

In the audit the opinion is expressed on the financial statements supporting the procedures administered and whether the financial statements suit the reporting framework.

About Author :

The Virtual Accountants LLC provides professional advisory services within the areas of Accounting Dubai, Accounting Services, Internal Audit Dubai, Audit Services, Audit Dubai, business consulting, business consulting in Dubai, Dubai Accountants, Business services, business valuation, hr consulting Dubai, consulting services, hr consulting Dubai, due diligence, incorporate in Dubai, performance consulting, incorporate in Dubai, process consulting, Incorporation help, and found out services in Dubai, Dubai

 

 

 

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