Audit simply refers to examine and give comments on the items verified. Financial audit implies an examination of the books of accounts and other relevant records. This will provide the auditor necessary information to give opinion whether the accounts are properly maintained and compiled with necessary statutory, accounting or financial reporting and auditing standards.

Our partner firm is approved auditor and authorized to issue audit reports in the following free zones as well as mainland:

  • DMCC (Dubai Multi Commodity Center)
  • RAKEZ (Ras Al Khamiah Economic Zone)
  • DWC (Dubai South or Dubai World Central)
  • JAFZA (Jebel Ali Zone)
  • FFZ (Fujairah Free Zone)
  • DDA (Dubai Development Authority- which comprise Dubai Internet City, Dubai Media City, Dubai Knowledge Park, Dubai International Academic City, Dubai Outsource City, Dubai Production City, Dubai Studio City, Dubai Science Park, Dubai Design District and Emirates Towers)
  • HFZ (Hamriyah Free Zone)
  • Saif Zone

Importance of External Auditing

Beyond the statuary requirement of conducting external audit, companies can expect additional benefits of having an external auditing done. They are:

  1. To comments on whether company maintains the book in a true and fair manner.
  2. Could provide advice on whether the accountant is maintaining proper systems and controls. For example, in some medium sized companies the accountants might handle cash, or might have access to bank accounts to disburse funds. The role of an auditor could be to advise the company to segregate the roles of cash handling and record-keeping in order to prevent frauds and abuse.
  3. In small and medium sized companies the owner or manager might hire an accountant without knowing the competency of the individual. An external auditor will be able to assist in highlighting any shortcomings and sub-optimal controls implemented by the accountant.
  4. Can provide reasonable assurance of the figures on financial statements to owners, managers or any other interested party.
  5. The auditor would be able to comment on the general direction the company is heading once the financial accounts are audited and reports are issued.

We at MNI Accountants through our partner firm, can sit with the business owners and identify the problems they are facing with their accounting and provide solutions through an audit.