Audit & Assurance

Q: Who will be benefitted from external auditing?

Business owners and shareholders Business owners cannot keep an eye on all matters concerning the business. It is advisable to opt for the best auditors to keep a check on the financial statements of your business. They can ensure that it is running smoothly and profitably. They can also analyze pitfalls and suggest changes. It also helps the business owners to keep the trust of shareholders by sending them regular financial reports verified by a certified auditor in Dubai. Accounting and finance team It is the accountants and the members of the financial team who are responsible for the day to day financial operations of the company. Even though they are well-versed in dealing with general financial issues, they must take guidance from the best auditors to verify the account statements they have published, to help them deal with complex issues, to aid in financial assistance from banks and to keep them up to date about the new rules and regulations put forward by the government of UAE. Most firms have their chief accountant and the rest of the accounting team work hand-in-hand with an external auditor to solve issues on the go.

External Audit Services

AFFORDABLE PRICES

SKM GLOBAL’s associate partners firm check the accounting books independently every year. The value of a business depends on this external reporting process. It’s very important to hire the best auditing firm in Dubai, UAE, whether you’re doing an external audit to meet legal requirements or to satisfy the needs of stakeholders. We’ll make you trust that our team of auditors in Dubai has the best financial knowledge to do external auditing services.

With the introduction of VAT, economic substance regulations, and corporate tax, the UAE’s regulatory system is changing quickly. Accountability must be done with what the law or stakeholders expect. SKM Global experts in external auditing and checks will be extremely competen.

Financial Reports / MIS Reports

what are the benefits of external auditing?

Ensuring compliance with government laws
- The government of the UAE has stringent laws for the financial operations of the small, medium, and large scale businesses. Thus if you are running any business in the UAE, you might need the services of external auditors who can perform yearly audits that are a prerequisite for your annual trade license renewal. Since the government of UAE has introduced VAT tax from 2018 onwards, proper accounting and auditing ensure compliance to laws avoiding the chances for unnecessary legal issues.
Enhances financial credibility
- The best auditors in Dubai are at your service to evaluate the financial transactions of your company and ensure that they are accurate and compliant with the laws of the country. A valid audit report by a certified professional auditor is essential when you apply for loans and financial assistance from banks to establish credibility. So, hire the top auditors in Dubai to leave you devoid of worries in the future.
Ensuring the accuracy of financial information
- Your in-house accountant provides regular financial information that needs to be verified by a professionally certified auditor to help you analyze the current status of your business, whether it is profitable or running under loss, what changes need to be made in the current functioning and so on.
Prevention of fraud and malpractices
- It often happens that fraudsters exist within your company and their antics most often go unnoticed. By the time it gets noticed, it is too late and will have caused irreplaceable losses to your company. Thus employing the external auditing services can help you track any fraud or financial malpractices going on. Regular inspection by an auditor can keep your financial statements transparent and smooth.
The need for expertise
- It may not be feasible for all companies to hire a full-time auditor. Thus most firms here, look for external auditing services. Such auditors can verify your financial statements at regular intervals to ensure compliance and find out flaws if any. They can also suggest making changes in the functioning to improve upon the pitfalls by increasing cash flow, reducing interests, depreciating assets, and so on. They can help in the overall optimization of profit.

Who will be benefitted from external auditing?

Business owners and shareholders
- Business owners cannot keep an eye on all matters concerning the business. It is advisable to opt for the best auditors to keep a check on the financial statements of your business. They can ensure that it is running smoothly and profitably. They can also analyze pitfalls and suggest changes. It also helps the business owners to keep the trust of shareholders by sending them regular financial reports verified by a certified auditor in Dubai.
Accounting and finance team
- It is the accountants and the members of the financial team who are responsible for the day to day financial operations of the company. Even though they are well-versed in dealing with general financial issues, they must take guidance from the best auditors to verify the account statements they have published, to help them deal with complex issues, to aid in financial assistance from banks and to keep them up to date about the new rules and regulations put forward by the government of UAE. Most firms have their chief accountant and the rest of the accounting team work hand-in-hand with an external auditor to solve issues on the go.

Registered Auditor

We are partnered with the Audit firms which are registered in all Mainlands, Offshores.

Our associate Auditors are approved/registered Auditors in following Freezones: –

DUBAI

1) Dubai Multi Commodities Centre (DMCC),

2) Jabel Ali Freezone (JAFZA),

3) Dubai Silicon Oasis (DSO),

4) Dubai Development Authority (DDA),

5) Dubai Airport Freezone Authority (DAFZA)

6) Dubai Design District (D3)

7) Meydan Freezone

8) Dubai International Financial Centre (DIFC)

SHARJAH

1) Sharjah Airport International Freezone (SAIF)

2) Hamriyah Freezone

3) Sharjah Media City (SHAMS)

4) Sharjah Research, Technology & Innovation Park (SRTI)

5) Sharjah Publishing City

ABU DHABI

1) Abu Dhabi Airports Freezone (ADAFZ)

2) Khalifa Industrial Zone Abu Dhabi (KIZAD)

RAS AL KHAIMAH (RAK)

1) RAKEZ

FUJAIRAH

1) Creative City Freezone Authority

2) Fujairah Freezone Authority

UMM AL QUWAIN

1) Umm Al Quwain Freezone

AJMAN

1) Ajman Freezone

2) Ajman Media City

Internal Audit

This is an ongoing review process conducted internally by your organization, often with the support of external Audit firms in Dubai UAE. Internal audits focus on evaluating the effectiveness of your internal controls, risk management practices, and adherence to company policies and procedures.

Are You Looking for the Best Internal Audit Services in Dubai?

SKM Global is one of the top internal audit firms. Having shared decades of expertise in internal and external audits, we help businesses in the UAE strategies and implement control measures effectively. We have seen a growing demand for internal audits in recent years due to government regulations and an increase in the number of investments in businesses. Our team helps you detect lapses within your company’s processes before external auditors discover them.

We meticulously strive to train our team of experts to the highest industry stands for risks, frauds, and compliances using the latest methodologies and information technology. Learn more about how you can transform your business from a reactive to a proactive model through a robust internal control process. Click here to book a consultation today

FRAUD INVESTIGATION AUDIT

A fraud investigation audit service in Dubai is detective work done by specialized auditors. This audit is all about tracking and examining cases of fraud, financial crimes, and business conflicts. It helps identify the reasons behind financial mistakes, employee fraud, decreased corporate revenue, rising costs, and other operational problems.

In today’s business world, where fraud is on the rise, your business must have policies to control fraud risk. Companies need to assess and effectively handle any fraud they encounter. Some businesses, due to increased competition and instability, may resort to unethical practices like dishonesty, criminal activity, misbehavior, or money laundering. Investing in such companies without a proper fraud investigation can seriously harm a brand’s reputation.

Fraud should be treated as a risk that exists for all companies. Managing this risk effectively gives a clear understanding of the organizational and business risks your company faces. A thorough assessment of risk, with the help of Forensic Audit Services in Dubai, allows organizations in Dubai to identify the risks, understand how they might affect business processes, and prioritize risk control based on management’s risk appetite. This ensures a proactive approach to preventing and addressing fraudulent activities within the business.

Relevance of fraud investigation service in Dubai

Services for fraud investigations are essential to Dubai’s standing as a major international center for commerce and finance. They are crucial for the following reasons:

Assures Compliance: Fraud investigations improve security and transparency by bringing Dubai’s financial system into compliance with international standards like AML and CTF.
Preserves Reputation: Prevents financial crimes from harming the reputation of companies and governmental organizations.
Increases Confidence: Promotes a secure business environment by building investor and client confidence.International Cooperation: To successfully identify and stop financial crimes, the UAE FIU collaborates with partners throughout the world.

How Forensic Audits Help in Fraud Investigations

Particularly in an international hub like the United Arab Emirates, forensic audits are essential to fraud investigations. By examining operations, spotting errors, and offering thorough proof for court cases, experts assist in exposing illegal financial activity. Forensic audits prevent businesses from financial and reputational threats by guaranteeing adherence to anti-fraud rules, such as UAE AML regulations. Also, by encouraging transparency and protecting the interests of the public and private sectors, these audits aid in government anti-corruption initiatives.

Benefits of Fraud Investigation Audit Services in Dubai

Improved Fraud Identification and Avoidance
Compliance with Law and Regulation
Improved Internal Controls
Better Data Analytics to Identify Risks
Protecting Customers and Public Confidence
Prevention of Economic Losses
Finding Practical Weaknesses in the System
Assistance with Litigation and Investigation
Defense Against Damage to Integrity
Support for Risk Management in Companies

Types of Fraud Investigated

Investigations into fraud in the UAE generally cover different types of financial misbehavior. Here are the main categories detailed:

The theft of assets: This includes misappropriation or stealing of business property, including payroll fraud, bribery, and expense claim fraud. These situations frequently arise when staff members take advantage of poor internal procedures to steal money or merchandise for their use.
Corruption: Contains illegal acts consisting of bribery, kickbacks, or disputes of interest. For example, a worker can take bribes to influence judgment or unfairly give agreements, putting at risk the company’s or organization’s credibility.
Fraud on Financial Statements:This happens when financial documents are purposefully altered to give a false impression of how well a business is doing. To mislead stakeholders and obtain financial advantages, such as loans or investments, examples include increasing revenues, understating debts, or fabricating accounts.

With strict regulatory frameworks like the Anti-Money Laundering Law and effective financial monitoring systems to stop and identify such actions, the UAE takes a tough stance when it comes to looking into and fighting these kinds of fraud.

Process of Fraud Investigation Audits

Audits of fraud investigations include strict procedures to find fraudulent activity and guarantee compliance. This is the general process they follow:

Examining Documents

Transactional data, operational records, and financial accounts are examined closely for irregularities or discrepancies.

Stakeholder Interviews

Interviews are conducted with suppliers, employees, and other relevant parties in order to obtain information, confirm facts, and spot inconsistencies.

Data Cross-Reference

To find discrepancies or questionable activity, external regulatory and compliance records are compared with internal records.

Utilizing Cutting-Edge Tools

Technologies like forensic software and data analytics are used to swiftly and precisely examine large amounts of data and find connections.

Collaboration with Regulatory Bodies

Coordination with authorities like the UAE Financial Intelligence Unit (FIU), which examines suspicious transactions and assists with law enforcement efforts, may be necessary during investigations

Safeguarding Your Business Against Fraud

Without proper techniques to control fraud risk, your business becomes susceptible to fraudulent activities. Our fraud audit services are designed to help clients in Dubai enhance the sophistication of their audit processes, making it easier to spot wrongdoing. Detecting fraud in crucial business processes involves extending audit methods to commercial transactions.

We assist in establishing effective controls within your organization and setting ethical standards to identify potentially illegal transactions that may require investigation. By enhancing reporting systems’ effectiveness, management can boost internal monitoring in specific areas, adding value to your firm. This improvement is based on a thorough evaluation approach.

It’s essential for companies to engage professional fraud examiners to conduct fraud audits in the UAE. This ensures a proactive approach to identifying and addressing fraudulent activities within your business.

Due Diligence

Company Due Diligence is the examination and analysis of a company documents to assess its financial standing with the help of a due diligence auditor. Most of the time, firms use this service when they merge or acquire other companies. The management will be able to use these services to understand the current financial state of the organisation and to identify any issues. The management will then be able to take appropriate action based on the facts and alter the direction of the company.

Due diligence service can be crucial to the success of a transaction in accurately determining the value of possible purchases and investments. To evaluate risks and ascertain a company’s considerable value, it is important to take a closer look at operations, quality of earnings concerns, market trends, cultural challenges, and other factors.

Conducting a Due Diligence Audit benefits both the seller and buyer of the company. The firm acquiring the company can ensure that there are no swindles involved and the firm who is selling the company can entrust auction it.

Due Diligence

The following are the key objectives of Company Due Diligence:

Verify that the transaction satisfies the investment or acquisition requirements
To conduct thorough research into business matters as a prudent businessperson
To evaluate the opportunities and risks of a proposed transaction
To reduce the possibility of unpleasant outcomes following the transaction
To confirm all relevant business-related data
To prevent a bad business transaction
To establish a relationship of trust between two unaffiliated parties