Audit Firms in Dubai

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.

Excel Auditing & Accounting (EAA) is registered statutory audit firms in Dubai, UAE. With the help of our experienced statutory auditors, you can have a fair and complete analysis of your company accounts and fulfil the statutory requirements of auditing. Statutory audit reports help in enhancing the credibility and reliability and help the clients in making a decision to start doing business with a specific company.

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.

A due diligence audit in a process of assessment of an organization to evaluate its financial health and performance. It helps to understand the company competencies, the target market, potential customers and profit-making capabilities. In general, companies want the due diligence audit firms to prepare an audit report at the time of merger & acquisitions of business. It helps is decision making, keeping all risks and opportunities on front. Due diligence audit can be a legal obligation, but it commonly applies to voluntary investigations.

Forensic audit or fraud investigation is not a new concept, the demand for fraud prevention & examination services is getting high because of the modern world crime. A forensic audit is a process of tracking & investigating the matters related to fraud, financial crimes & commercial disputes. It also determines the root & causes of financial errors, alleged employee fraud, reduction in company revenue, increase in cost & other operational matters.

Companies need certified fraud examiners to investigate the fraud by conducting a forensic audit in the UAE. If you notice suspicious activity in your company, you must act quickly to prevent the fraud and loss of company revenue and reputation.

Excel Auditing & Accounting (EAA) is a Forensic auditing firm in Dubai, UAE listed with free zones & banks. We offer fraud investigation & forensic auditing services to assist companies in investigating financial fraud with documental evidence.

As per the Tax Procedures Law (Federal Decree-Law no. 7), a tax audit is a process carried out by the Federal Tax Authority (FTA) to examine the commercial records or any information or data of the taxable persons conducting a business in the UAE. The FTA carries out the tax audit on a taxable person to ensure that the taxable person is complying with the provisions of the UAE VAT Law as well as the Tax Procedures Law. By conducting a tax audit the FTA ensures that the taxable person has paid all the liability and every tax due is collected and provided to the government within the given time-frame. Tax agents in the UAE who are registered with the Federal Tax Authority assist the companies with pre-audit and post-audit support to ensure VAT compliance. The companies should not approach the tax agents who are not registered with the FTA.

Excel Auditing & Accounting (EAA) are registered VAT Consulting Firm that offers Tax Auditing Services in Dubai & across UAE. It is always advisable to be ready for FTA tax audit by hiring tax agents to conduct pre-tax auditing.

The officials entrusted by the FTA are in charge of conducting a tax audit in the UAE. The FTA’s tax auditors will inspect the tax returns and other related information while conducting a tax audit in the UAE. As per the Tax Procedures Law, the FTA can carry out the tax audit for any reason at any time.

Even though the FTA doesn’t require a particular reason to conduct tax audits in the UAE, the Authority usually sends a notice to the taxable person or business at least five days before the scheduled date as per the Article 17 of Tax Procedures Law. According to Article 19 of the Tax Procedures Law, a tax audit is normally conducted during normal working hours of the FTA. Yet, the FTA Director-General can authorise tax audits outside the Authority’s working hours if it is an exceptional case.

The tax procedures law requires the company, their legal representatives and tax agents in Dubai, UAE to provide all possible assistance to the FTA tax auditors. The tax auditors can initiate a re-audit if they find some irregularities or suspicious information during the tax audit. To ensure compliance the companies can seek the advice of registered tax agents in Dubai, UAE.

The taxable entities are required to keep certain records to facilitate the tax audit. Article (78) of Federal Decree-Law on Value Added Tax mandates the tax registrants to keep the following records and present them to the tax auditor during the audit:

As per Chapter 2 of Federal Decree-Law no. 7 of 2017 on Tax Procedures and Title eight of Cabinet Decision No. (36) of 2017 on the Executive Regulation of Federal Law No. (7) of 2017 on Tax Procedures the tax auditors have the following rights and powers:

The taxable businesses are required to understand the major aspects that go under the FTA radar during a tax audit in the UAE. The following is a list of things that get reviewed during a UAE tax audit: