It’s not about what comes up as a ‘Top Audit firm in UAE’…
For SMEs or startup companies looking for a good auditor for their business might be harder than it seems. Making the right choice from the Google Results of Top Auditors in UAE is very important, click here to see how useful it is to have an auditor that works for you.
Why this is important for you:
Our firm has been in the audit industry for over three decades, making us a pioneer audit firm in UAE. Many small businesses really don’t know what to look out for in an auditor.
This results in most companies seeking out the cheapest option. Keep in mind you are not looking for a commodity, you would not look for the cheapest doctor, would you? In many ways your auditor is like a doctor to your business and a trusted advisor.
A reputed audit firm in UAE will never be the cheapest option, but will not charge you an arm and leg for their services.
However, a smaller and medium sized audit firm in UAE, will normally be more reasonable as compared to the large audit firms, and will be able to provide a more personalized level of service.
So you need to think about why you are doing the audit, if you want to have some value add out of this, it is best to stay away from the cheapest auditors.
So let’s go through some things you should consider, other than budget, before selecting an auditor that works for you.
1. Number of years of experience
A key point to look into is how long the audit firm has been serving clients. The more experienced the audit firm, the more valuable insights and advice you will receive. They will also have a wealth of practical knowledge on how businesses are conducted in your Jurisdiction. Therefore will be able to provide practical solutions for business problems you may face.
2. Experience in your industry
Hiring an audit firm that already has experience in your industry will be incredibly useful. As they would know practically the challenges you would face, and be able to advise you appropriately. Keep in mind most reputed firms will not share their entire client list due to confidentiality reasons. However, they would be willing to share the industries they work with and also few client names, after taking prior consent.
3. Hiring through a Reference
Hiring an audit firm through a referral of a friend or colleague would be the best case scenario. The ability to get feedback from your contact on how good the auditor is will save you a lot of trouble. Keep in mind, hiring an auditor you can trust is very important as they would have access to all your confidential financial information.
4. International
If you have plans to go global, or already have an international presence, trying to hire an auditor with a good international network will be useful. They will then be easily able to provide specialized local advice. You could also then just depend on one network to complete the entire audit for you.
5. Quality
It is also good to see if team members of the firm are qualified and experienced. Most good audit firms have quality control systems in place, to ensure that the audit conducted is of the highest standards. Many have now begun to use technology to improve the quality of their work.
6. End to end support
Find out what services they provide other than just an audit. Most audit firms provide tax, outsourced CFO & accounting, M&A, consultancy, and other advisory services. Also find out the different types of audit services they provide. This way you will know if you can depend on them for any of your future end to end financial requirements.
7. Registered with necessary authorities
To be qualified auditors in any country involves being certified by the local authorities to conduct an audit. For this, the partner of the audit firm in UAE must meet specific educational and experience requirements. Those who haven’t been certified by the relevant ministry (for example – Ministry of Economy in UAE) are not licensed to conduct an audit. Make sure to approach only licensed firms.
If you have a very specific reason for conducting an audit, like submitting to a bank, or a specific regulatory authority, it will be a good idea to verify if they have a specific list of auditors whose report they will accept. Most reputed firms will be listed in most places.
Schedule a quick free consultation for professional advice on your audit requirements.
How to calculate the tax payable? | 9% UAE CT| Public Consultation Document
Here we will discuss how you can calculate your tax liability or the amount of tax payable to the authorities. The UAE UAE CT (corporate
All you need to know about Tax Groups | 9% UAE CT| Public Consultation Document
Here we will discuss the concept of tax groups in the UAE CT (corporate tax) regime as explained in the consultation document, released by the
What are some of the Non-Deductible Expenses & Loss offsetting rules | 9% UAE CT| Public Consultation Document
Here we will discuss the aspects of the CT (corporate tax) consultation document, released by the MOF that discusses, non-deductible expenses, offsetting losses, and the
Exempt Income | 9% UAE corporation tax | UAE Public Consultation Document
We have discussed the basis of the taxable income calculation earlier, now we can get into what income can be exempt from this calculation on
Calculation of Taxable Income | 9% UAE corporation tax | UAE Public Consultation Document
From the consultation document released by the MOF, we have been given a basic understanding of the calculation of the taxable income. We need to
Residents & Non-Residents Corporate Tax | UAE Public Consultation Document
The corporate tax public consultation document provides details on the basis of the taxation. 9% corporation taxation is something we expect to come into effect