Audit and assurance services are critical for ensuring the integrity of your financial reporting and compliance with regulatory requirements. They provide an independent evaluation of your financial statements, enhancing their credibility and reliability.
Here’s a closer look at the two major types of audits we offer:
An external audit involves an independent examination of a company’s financial statements by auditors not affiliated with the organization. This process aims to provide stakeholders with a true and fair view of the company’s financial health, ensuring transparency and accountability. We offer extensive external audit services as they are essential for meeting regulatory requirements and instilling confidence among investors, creditors, and other stakeholders.
Internal audits are conducted by a company’s own internal audit department or outsourced to a professional firm like Silver Bricks. Unlike external audits, internal audits are continuous and focus on evaluating and improving the effectiveness of risk management, control, and governance processes. We help businesses identify areas for improvement, ensuring that they operate efficiently and comply with internal policies and external regulations.
Operating a business in Dubai comes with its own set of regulatory requirements related to audit and assurance. We help companies in the following ways by offering the following audit and assurance services.
All companies registered in the UAE must maintain proper accounting records and undergo an annual audit by an independent auditor. We offer the best compliance services.
With the introduction of VAT in the UAE, businesses must ensure accurate recording and reporting of VAT transactions. We guide businesses through all the necessitates/audits to avoid penalties and ensure compliance.
Companies engaged in relevant activities must meet ESR requirements, including filing annual reports and conducting audits to demonstrate substantial economic presence in the UAE. Our ESR service to every business is par-excellence aptly taking care of all the regulations.
Businesses must implement robust AML policies and procedures, subject to regular audits to ensure adherence to regulatory standards. Our AML compliance help businesses ace this aspect with flying colors for smooth operation.
Failure to comply with audit and assurance regulations in Dubai can lead to severe consequences, including:
