Auditing Services
Auditing Services In Dubai
Al Forel Accounting and Taxation LLC, a leading firm in Dubai and the UAE. We assist companies in achieving their business objectives by gaining a deep understanding of their organizational structure and internal processes. As auditing companies in Dubai and the UAE, we ensure adherence to UAE laws in maintaining financial accounts.
t is mandatory for every company to engage an approved chartered accountant firm licensed and registered with the Ministry of Economy to audit their accounts in accordance with the UAE Commercial Companies Law/Federal Law No. 2 of 2015.
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External Auditing Service
External audits serve as an impartial evaluation of a company’s financial statements, providing stakeholders with reassurance that the statements are accurate and free from significant errors. External auditors, as unbiased professionals, analyze the financial position and processes of the company. Engaging external auditors enhances credibility and mitigates the risk of improper accounting entries, ensuring the reliability of the company’s financial reporting.
Statutory Auditing Services
A statutory audit is legally required audit that needs to be done to evaluate the company financial position and financial records. Generally, a statutory audit is conducted for the public. Statutory audit firms give review & monitor company accounts & accounting process to present a neutral and fair picture of the financial health of a specific company.
It is mandatory for the government organizations to get the accounts audited by regulated statutory auditors in UAE. The shareholders of a company can choose any registered statutory auditors or audit firms in UAE in general meeting.
Due Diligence Auditing Services
A due diligence audit involves assessing an organization to evaluate its financial health and performance. It provides insights into the company’s competencies, target market, potential customers, and profit-making capabilities. Typically, companies engage due diligence audit firms to prepare an audit report during mergers and acquisitions. This report aids in informed decision-making, considering risks and opportunities. While due diligence audits can be legally mandated, they are commonly conducted voluntarily for comprehensive investigations.
Types of Due Diligence Audit:
- Financial Due Diligence
- Commercial Due Diligence
- Operational Due Diligence
- Legal Due Diligence
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Tax / VAT Auditing Services
According to the Tax Procedures Law (Federal Decree-Law no. 7), a tax audit is conducted by the Federal Tax Authority (FTA) to examine the commercial records, information, or data of taxable persons engaged in business activities in the UAE. The purpose of the tax audit is to verify compliance with the provisions of the UAE VAT Law and the Tax Procedures Law. Through tax audits, the FTA ensures that taxable persons have fulfilled their tax obligations and that all due taxes are collected and remitted to the government within the specified timeframe. Registered tax agents in the UAE, authorized by the Federal Tax Authority, provide pre-audit and post-audit support to companies in ensuring VAT compliance. It is crucial for companies to engage only registered tax agents approved by the FTA to handle their tax matters.
Rights & Powers of Tax Auditors in the UAE:
- Right to Enter Premises
- Right to Obtain, Seize Assets
- Right to Audit New Information
Major Things Reviewed During Tax Audit in the UAE:
- Accounting Software & System
- Output Tax Review
- Input Tax Review
- VAT Returns Review
Fraud Investigation / Forensic Auditing Services
The concept of forensic audit or fraud investigation has been around for some time, but the demand for fraud prevention and examination services is increasing due to the rise in modern world crimes. A forensic audit involves tracking and investigating matters related to fraud, financial crimes, and commercial disputes. It aims to identify the root causes of financial errors, alleged employee fraud, revenue reduction, increased costs, and other operational issues.
To investigate fraud, companies in the UAE require certified fraud examiners who conduct forensic audits. If any suspicious activity is noticed within a company, prompt action must be taken to prevent fraud and mitigate potential losses to company revenue and reputation.
Our Forensic Auditing Services include:
- Corporate fraud investigation
- Asset misappropriation
- Financial reporting fraud
- Suspicious transactions
- Bribery & corruption
- Claims analysis
- Anti-money laundering
- Determination of compliance
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Al Forel is a trusted and reliable financial services firm specializing in accounting and tax consulting with years of industry experience and a team of skilled professionals, we have built a reputation for delivering high-quality solutions tailored to meet the unique needs of our clients.
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