The UAE is a perfect country for investment. Thanks to the wide range of options offered to foreign entrepreneurs, setting up a business in Dubai is remarkably easy. However, any company that wants to succeed in the UAE must resort to audit companies in Dubai to check up its processes, keep track of its records and be able to do business with local shareholders.
In this article, you will learn everything about the top 5 audit firms in UAE and the services they offer. Also, discover more about what an audit is and why you should perform one within your company on a regular basis. Furthermore:
- What is an audit?
- Audit stages
- What does UAE audit and accounting firms do in the UAE?
- Best 5 audit firms in the UAE
- Why do UAE companies need an audit every year?
- How can we help you in your company’s audit process?
1. What is an audit?
Multinational enterprises and start-ups require constant monitoring of their activities to make sure everything is working correctly. Business owners and shareholders should perform comprehensive reviews of their organizations’ processes to verify which ones are running, which are not, and which need to be modified. That is to say, an audit is required periodically.
In this sense, audits, internal or external, are processes performed by members of the company or outsiders firms every 6/12 months to ensure the accountability, functionality, and success of every process. To clarify, audits allow diagnosing, verifying, and validating the company’s activities within the objectives, UAE legal framework, and guidelines of the organization.
In the UAE, it is mandatory to perform an audit at least once a year and to submit the accounting books of the last 5 years to the auditor. In addition, it allows monitoring activities that are going well and creating strategies to counteract failures. On the other hand, all audits are objective, systematic, and transparent to improve the company’s products and processes.
1.1. Types of audit in the UAE
There are different types of audits to be performed within companies according to the nature of the organization and the activities it performs. However, the most common are:
- Internal audits: Performed within the company by members of the same company to ensure that employees, machinery, and processes are functioning properly and legally.
- External audits: Requested by the authorities of the UAE and carried out by an external entity. It is regularly done by audit or accounting firms in the UAE.
- Financial audit: Finally, among the most common in the UAE are these types of audits, which help to assess damages and reduce risks to create growth strategies.
Among other common types of audits are the following:
- Comprehensive and IT audits
2. Audit stages
Between the different stages audits have are:
2.1 Planning stage
The first part consists of planning the audit. To do so, it is essential to create a schedule where the different activities to be carried out by the auditors during the audit are written down. Likewise, what the start and end dates will be, as well as the resources, the format of the findings, and the results and observations of the audit in order to produce a final audit report.
2.2 Preparation stage
During this phase, the auditor creates a checklist format to perform diagnostics, evaluations, and annotations. With this format, the auditor will record and evaluate the quality of the company’s processes and activities.
2.3 Execution, completion, and follow-up stage
Finally, it is time for the development of the audit itself. During the audit, the audit work team develops the activities of the schedule, evaluates the activities, writes them down in the checklist, and presents an audit report with the observations, failures, improvements, and possible problems.
In the same way, at the end of the audit, the audit and accounting firm deliver a complete final report, with annotations, suggestions, and possible strategies to the audited company to help them improve their processes and activities.
3. What do UAE audit and accounting firms do in the UAE?
UAE audit firms are conglomerates of foreign and local professionals in the area of corporate audit, taxation, consultancy, and accounting within the Emirates. UAE audit companies enjoy a good reputation and have an in-depth knowledge of the country’s laws and framework, helping companies to establish themselves and ensure that their processes can achieve their objectives quickly and efficiently.
Some of the services offered by the vast majority of UAE audit firms include:
- Administrative services
- Tax advisory services
- Audits (quality, product, process, energy, and more)
- Financial advisory
- Risk management
4. Best 5 audit firms in the UAE
In the same vein, there are multiple audit companies in the UAE that can help you with the supervision of your company’s processes after settling down in the Emirates of your choice.
Each one offers different characteristics, charges and services to foreign and local clients. So, it is easy to find one that suits your company’s needs, vision and budget. Among the best known are:
- PricewaterhouseCoopers (PwC)
- KPMG (Klynveld Peat Peat Marwick Goerdeler)
- Ernst & Young (EY)
- Xact Auditing
All of these audit companies in Dubai offer high-quality, premium services. In addition, they have impeccable reputations, with global fame, and multicultural, highly prepared teams.
If you want to establish a company in a Free Zone or Mainland and need an audit team, these are the top UAE audit and accounting firms options:
With around 225,000 employees, Deloitte is one of the most recognized audit companies in Dubai and worldwide. It has one of the best-trained teams in the audit world with different branches around the globe, operating in around 100 countries.
Also, investment experts recognize this audit and accounting firm as a top recruiter of financial talent. Among the main services they offer are audits, risk management, business advisory, and tax management.
Nonetheless, being a world-renowned company, Deloitte services are not cheap. Their services are recommended to large companies with high purchasing power due to the high charges for each service.
4.2 PricewaterhouseCoopers (PwC)
Operating since 1998, PricewaterhouseCoopers, (PwC) is the UAE’s number one audit firm par excellence, providing services to several companies in the Global Fortune 500 top list.
PwC specializes in assisting the vast majority of the private sector in the Emirati market and the world, focusing on providing premium advisory, tax, and assurance services. On the other hand, their reputation precedes them
That is to say, being one of the auditing firms with an extensive list of famous national and international clients, large organizations, banking firms especially, usually hire them with their eyes closed.
However, PwC’s audit services could be expensive for small organizations or start-ups. Therefore, it is usually the large companies that contract PwC’s professional workforce.
4.3 Ernst & Young
Ernest & Young, EY, is among the top-rated audit companies in Dubai that offer high-class audit assurance, consulting, transaction services, and tax advisory. EY’s team members, on the other hand, are professional, integrated, efficient and culturally diverse.
EY’s main purpose is to provide quality service at its headquarters and branches around the world. Likewise, since their main clients are multinational companies, the prices for their services are high. To clarify, they focus on helping large clients.
4.4 Klynveld Peat Peat Marwick Goerdeler (KMPG)
Klynveld Peat Peat Marwick Goerdeler (KMPG) is a UAE audit firm recommended for large organizations. Working since 1987, it is one of the oldest audit and accounting firms within the Emirati market. Also, KMPG enjoys an impeccable reputation, with a presence in over 155 countries.
KMPG’s skilled workforce offers premium services of:
- National and foreign taxation advisory
KMPG’s main purpose is ensuring efficiency, time-saving, and a myriad of resources to assist its extensive list of clients during their auditing processes.
4.5 Xact Auditing:
Last but not least, Xact Auditing is a renowned independent firm that is well-known for its affordable prices and high-quality services
They focus on auditing, VAT registration, tax services/advisory and accounting for large or medium-sized companies and SMEs. With a staff specialized in the Emirati market, Xact Auditing provides high-level options. To clarify, ensuring quality, good strategies, and excellence to each client
5. Why do UAE companies need an audit every year?
Audits are an essential part of a company’s development in the UAE territory. Through it, enterprises can observe in detail each process and activity of the organization. On the other hand, audits are a primal legal requirement for keeping its accounting books, tax processes and maintaining financial control of the company.
Audit companies in Dubai allow companies large and small to gain an in-depth understanding of the performance of their activities. In this way, it is possible to make effective decisions that counteract the harmful effects of errors or defects within each department.
In the same way, audits allow access to an audit report. This is a detailed report of the errors, performances, and improvements that should be made. Therefore, it allows to take a closer look at the capital flow and to create an action plan around possible investments that can be made in the company.
- Audits provide reliable information to senior management, owners, and shareholders of the company so they can build strategies and make effective decisions regarding the growth of the company.
- It allows improving the quality of the company’s internal and external processes.
- Increase the sense of responsibility of the work teams within the companies. To clarify, the managers of each department and subordinates have access to a more complete vision of each process to improve productivity and execution of activities.
- Determine if the company’s activities go according to the UAE investment laws and guidelines
6. How can we help you in your company’s audit process?
To summarize, whether you open a restaurant, a start-up, a textile business, or a multinational organization it is essential to hire a company that can perform ongoing audits to monitor, diagnose, and develop effective strategies to help companies throughout Dubai, Abu Dhabi and the rest of the emirates.
Connect Zone is prepared to reach out to you. Our team is ready not only to assist you in finding a UAE audit and accounting firm, but we are also prepared to facilitate the process of VAT registration, taxation, and consultancy. Moreover, Connect Zone staff can advise you and provide you with different PRO services and document clearing to set up your business successfully.
Would you like to contact Connect Zone to help you learn more about audit companies in Dubai? In case you have any questions, call us on +971 43 316 688. Moreover, you can email us at email@example.com, and you will talk to one of our representatives who will answer your questions.
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