External Audit Services by External Audit Firms
Our external audit services can help you to determine errors in their accounting process. Errors in accounting information may hinder with the decision making the ability of the business owners. Business owners can also find it complicated to analyze historical financial information and discover trend if issues are in place. Trends allow businesses to plan the upcoming production output and approximate sales for the upcoming months. External audits also give assurance to the businesses who are recording financial transactions according to general customary accounting principles.
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Get External Audit Services in UAE
Our External Audit Firm experts can help the business owners to assess their accounting process and fiscal information. Public accounting firms are typically accountable for performing these audits. Professional accountants will consult the owner, discuss the accounting practice and test the company’s accounting information.
External audits give a purpose outlook on a small business’ accounting procedure. Many small business owners don’t have an in-depth understanding of accounting principles. They simply set up accounting information the best they can as per the basic accounting rules. Expert accountants can evaluate this information and give business owners with an approach to the precision and legitimacy of the accounting information. The right accounting information can help any business owner to secure exterior financing from lenders and investors.
External Audit – Know More!
An external audit is a self-sufficient examination of the financial statements as prepared by the organization. It is usually conducted for legal purposes because it is required by the legal system or legislative law. There is an essential relevance of external audit by reviewing the company and fiscal statements – the practical role of external auditors and special reports created, the possibility of external audit in view of precincts of internal audit and latest findings in external audit.
The main task of the external audit services is to validate the general ledger and make all the important inquiries about company management. An external audit helps to conclude the real company’s market and fiscal situation that gives a basis for additional managerial decisions. This type of audit is obligatory for public companies that assemble their shares with the stock exchange and must be rewarded at the earliest or every company quarter.
The Process for External Audit
An external audit occurs once a year and centers on the company’s presentation and conformity. Accounting records are scanned in an external audit to ensure no errors subsist in the financial statement, which is essential for shareholders and regulatory needs. External auditors have no association with the company, which presents the company an impartial audit.
An external audit has no standard length. The audit can go on until the external auditors have completed. Generally, the audit begins at the end of the company’s financial year, since this is when the accounting books are closed and financial statements are prepared for the year. The external auditors may converse with internal auditors when any question comes up during the process; the external auditors are not influenced by the internal auditors.
In the end, the external auditors prepare and convey the external audit report to the company. The summary report includes details of the conclusion from the audit. This comprises inconsistencies found in the coverage and non-compliance of rules and regulations. The auditor conclusion offers the company a way to correct any inconsistencies and becomes compliant before an authoritarian body notices.
What does Alkhadim LLC External Auditors do?
Alkhadim LLC is a partnership owned by competently capable Chartered Accountants who have an understanding in the areas of Accounting, External Audit, Internal Audit, Business Advisory, Financial Consultancy, and Management Consultancy. Alkhadim LLC has a tactical association with well-known external audit firms of UAE.
External auditors play a crucial role in authenticating your company’s finances. Potential lenders and investors often need superficially audited financial statements before broadening credit or providing funds for your company. If it is revealed that an auditor failed to identify matter misstatements, it shows poorly about the firm and the vocation in general. For this, several accounting bodies liberate auditing standards and expectations to identify the role of external audit firms.
When financial auditors finish an audit, the audit report is created. This audit report pursues an industry and professional customary format for content and outline. Following a known format makes the report easier to comprehend and allows readers to swiftly find the information that interests them.
The customary format of an audited Financial Statements comprises of the Independent Auditors’ Report, Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows, Statement of Changes in Equity, and Notes to the Financial Statements.
How can you become an External Auditor?
Employment of accountants and auditors is predicted to grow 10% from 2016 to 2026, faster than regular for all occupations. In general, service growth of accountants and auditors is predictable to be closely tied to the health of the overall financial system. As the economy grows, more workers should be appointed to prepare and examine financial records.
A bachelor’s or master’s degree in business, accounting, finance or a correlated field is required for any level of a Certified External Auditor. Most public accounting firms need a valid state-issued Accountant license or the learning qualifications essential to attain one upon hiring. Many firms support earning the Certified Fraud Examiner (CFE) diploma as well. Other valuable titles comprise the Certified Management Accountant (CMA), Certified Information Systems Auditor (CISA), Certified Internal Auditor (CIA) or Certified Government Auditing Professional (CGAP).
How much time does an external audit take?
The time to start and finish an audit will differ with the size of the company and the value of its internal book keeping, accounting, and evidence keeping. In general, if a company’s records are in good order, the external audit process should take around from three to six weeks.
As one of the top auditing firms in Dubai, we are competent to help your company meet any audit needs, whether needed by government agencies, company by-laws or other institutions.
External Audit Services by Alkhadim LLC
Our strong point of External Audit is to provide a chance to all our clients to collect feedback on the strengths and flaws of the company which is not partial to financial aspects only but also covers operational and business portions. We give value-added suggestions to our consumers through our External Audit services which facilitate our clients to thrive in their relevant industries. Our Audit Reports are well documented, significant, transparent and impartial and are prepared with the highest level of proficiency and professionalism.
The main purpose of the external audit firms, in UAE or elsewhere, is to begin confidence in the company’s financial reporting. This provides some essential but elusive benefits to all business owners and top managers. In the Dubai, UAE, these subtle benefits are equally valid. Just one of the benefits is that audited Financial Statements can be the main proof in any authorized disputes involving the company. Another aspect is that the audit can benefit the concerned parties accepting the consistency of a company’s financial reports.