Financial Audit Services in Dubai

For business and non-profit organizations operating in Dubai, professional financial audit services are one of the most sought after services a company can have. The financial statement audit in Dubai is conducted by Certified Fraud Investigators (CFE) to detect fraudulent transactions and/or improper accounting practices. To prevent such problems in the future, financial auditors in Dubai specialize in training programs and examinations on how to properly conduct an accurate financial statement audit. In order for a company to receive its certification as being “audited”, it is imperative that they have undergone proper training as well as examinations that test management’s awareness of current accounting practices, management fraud prevention methods, as well as company controls and procedures.

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The Dubai government requires that all companies submitting reports to them have undergone a cash flow statement audit from an independent firm. This is because only through a cash flow statement auditors in dubai can a CFE accurately determine whether a company’s cash flow meets the definition of a “good” financial report under the Companies Act of Australia. While every company requires a cash flow statement before applying for a license or certificate of registration with the Dubai stock exchange, this requirement applies to foreign companies as well. All foreign companies wishing to file a registration with the Dubai stock exchange must undergo a financial statement audit of their business affairs by a certified Fraud Examiner (CFE).

A financial statement audit in Dubai focuses on several different areas of business operations. First, an examiner will review and gather information regarding the year-to-date financial records of the company. This includes information relating to net profit and loss, cash equivalents, and inventory balances. The investigator will also review documents related to the financial institution where the company keeps its accounts, including bank statements. If necessary, the investigator will also request other financial documentation, including bank statements, from other financial institutions.

Based on the reviewed information, a forensic accountant will then create a report that will be sent to the company in question. The CFE will then review and validate the contents of the report. Upon its completion, the CFE will provide a copy of its findings to the company in question, along with their response, which will then be forwarded to the Royal Bank of Dubai.

During its examination of a company’s financial statements, an accountant may also request additional information from the company in question. For example, if a company requires a product produced by a particular vendor, the accountant may ask the vendor for documentation of its contract with the company. Such information could include, but is not limited to, statements from the vendor itself, copies of signed orders, and/or records showing that the vendor has engaged in business with the Royal Bank of Dubai. This information may also be required if the company requires assistance from an international tax professional or other outside party. In these instances, the accountant will again request all of the information outlined above, as well as a list of any tax returns filed by the tax practitioner or company for the previous calendar year.

An important point to note before making a request for an accountant to assist with a particular transaction is that the accountant’s fee is often determined on a case-by-case basis. Should the request for an accounting service prove fruitless, it is advisable to wait and/or try to appeal the outcome to a higher authority. Should a company wish to cancel a deal due to poor workmanship, fraud, or other negative impacts, they should ensure that all documentation pertaining to the cancellation is properly documented. Once the accountant’s investigation is complete and there is no further need for his services, the company may begin discussions with the selected independent accountant on a mutually agreeable compensation arrangement.

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