EXTERNAL AUDIT SERVICES IN DUBAI, SHARJAH, ABU DHABI – UAE
The Numbers Don’t Lie!
Auditing is far too important to be left in the hands of amateurs, first year graduates, or foreign accountancy firms who do not grasp the finer points of UAE laws and regulations. Auditing is an intricate process that requires knowledge, experience, and meticulous effort to meet the stringent requirements of the UAE. The policy objectives were designed to benefit you by providing a level playing field for all participants, complete with financial and regulatory transparency.
The UAE is one of the most sophisticated, well-developed financial markets in the entire world, whose robust market relies on strict regulation. While demanding, its requirements make it desirable and fair for all companies doing business here. This is why it is always advisable to obtain the services of expert local auditors in Dubai.
The UAE has accomplished this goal. This is evidenced by the speed and sheer number of multinational companies that are expanding their operations into our area. This is why demand is so high for highly qualified auditors in the UAE.
Why You Need Us
In order to be fair, everyone must operate under the same ruleset. One of the most important rules in the UAE is that every single company must go through an extensive external audit annually. The results of that audit must conform to the International Financial Reporting Standards (IFRS) so that they are relevant, comparable, and consistent with any similar report in the world.
You’ll find many financial statement auditors that can competently apply the IFRS because it is an international standard, but it takes one of theaccounting firms in the UAE to find all the important parts that shouldbe reported. A foreign-based auditor might not know all the subtle aspects of our law. If they overlook something—an oversightwhich could put you in conflict with UAE legal reporting requirements—you could face stiff penalties.
Once complete, the audit is made available to relevant government authorities and financial institutions (e.g. banks, investors, etc.) and the results of these audits determine who is willing to do business with you in the UAE. The value of that audit is tied firmly to the reputation of the auditors that provided it, which is why you will want to stick with only the best auditing firms in Dubai.
Nadeem and Umendra Chartered Accountants has over two decades of accountancy experience, as a leading,world classaccounting firm in the UAE. We provide an extensive range of audit and assurance services to businesses, SMEs, and Large Enterprises operating across many different industries.
We are registered with all of the Free Zone Authorities, banks & other financial intuitions, RERA (Real Estate Regulatory Agency), the Court system, and other government authorities to perform auditing services anywhere in the UAE.
You never have to wonder if we are connected to the area where you need advice. We assure that we are integrated with all areas of trade, growth, investment, or law. You will find that we are always ready with the expert advice that you need.
Trust & Confidence
Your annual audit report is one of the most important items in your financial toolbox. Everyone with whom you hope to do business is going to refer to it, and they will make judgments based on its integrity.
One of the best ways to excel is to associate your business audit with Nadeem and Umendra Chartered Accountants. You will experience External Audits with our premier team, known and respected for its professional objectivity, integrity, and independence.
We provide crucial understanding of your business model and identify your risk areas. We fulfil the requirements of due diligence so there is never any question about the results of an audit.
With more than 3,000 delighted clients in the UAE, our reputation as one of the best audit firms in Dubai insures that you receive faultless work and complete reliability. It lets your partners know that they have chosen precisely the right company to work with: yours!
When you have enquiries, we promise a response in 30 minutes from one of our Audit Partners on any query. In business every second counts so we try not to waste a single one!
Our Audit Partners make it a point to meet with every client and discuss their business needs and issues in detail. This is the best way to assure that we perform your audit in an efficient and effective manner, and in a way that reflects your business in the most positive light possible.
Even during the course of the audit, our experienced staff identifies control weaknesses and performs risk identification and assessment. This has proven to be very useful for most of our clients because their businesses or SMEs don’t normally possess a separate internal auditing department in the UAE.
How We Help
Beyond auditing, our team also provides onsite training to familiarise a client’s staff with how we perform the audit, and what information and documents are necessary to complete that audit. This creates a better relationship and increases the understanding of our requirements. Consequently, clients are better prepared for the subsequent audits, streamlining the entire process, because they know what we will need.
If you are experiencing your first UAE audit, or even your first audit with our firm, we provide a simplified and concise list of auditing requirements that you can assemble in just hours. In cases where companies have limited resources, we help them with completing the required documents and information collection.
We Can Fix It!
In cases where a client has significant accounting issues, or even no client accounting records at all, our Accounting Services are the best possible remedy. Our accountants are affordable, efficient, effective, fast, accurate, and diligent. We employ only exceptional accountants because accounting is the backbone of any finance department.
We make it a point to help clients with troubleshooting accounting issues in their books. This is a vital step before closing the books prior to audits.
Most importantly, our skilful people do not interfere with your day-to-day operations during an audit. You have a business to run, and we respect that.
Our Professional Ethics and our Code of Conduct are the core values of our business. We are part of many professional networks such as the CFO Conference in the UAE, entrepreneur conferences & group meetings, and we regularly attend events organized by ACCA, AAA, and other professional bodies.
This is essential because it keeps us up to date with the industry, regulatory requirements, and the regional environment. Naturally this dedication to education and improvement leads to broad-based acceptance of any work we produce by all of the banks, Free Zones, and government agencies—precisely what you need to succeed in the UAE!
At Nadeem and Umendra Chartered Accountants you will find experienced chartered accountants for every industry, including banking, trading, manufacturing, investments, real estate, Owners Associations in Dubai, consulting services, petroleum, e-commerce, marketing, and many more!
- We take our responsibilities seriously by engaging in regular training and skills updating so we’re in the best position to help you;
- We have dedicated partners for auditing clients’ portfolios. They become familiar with each of their clients to improve response times that reflect your specific needs when you call;
- We have 3 Partners and 2 Directors who oversee a range of audit clients in the UAE, and our clients get full support from those senior partners;
- We have over 50 fully-qualified Chartered Accountants ready to serve you, in three conveniently located offices.
Our Auditing Services
- We perform annual Statutory Audits to comply with UAE regulations;
- We perform Statutory Audits, Internal Audits, Interim Audits, and Liquidation Audits at any time to confirm financial statements and declarations by a company. Our Audits are well-received by financial institutions when they require independent confirmation of a company’s status;
- When a business has reached the end of its useful life, it is time for a Liquidation Audit, so that you know what value exists in the company. This is a legal requirement for any company ending its business in the UAE. Without this, presumed value is just guesswork, and you might not obtain full value upon dissolution or sale of assets;
- If Acquisition (or Merging) is your goal, we can confirm the financial status of your “business of interest” with a Due Diligence Audit before you complete the offer. This provides independent confirmation, so you know what you’re getting yourself into;
- And if something has gone awry? We can manage an Investigation or Forensic Audit to discover where things started to go wrong. There will be no mysteries remaining when we are done.
- If you deal with RERA (Real Estate Regulatory Agency), such as when regulating or licensing real estate activities or licensing Agents, managing developers’ Escrow Accounts, regulating or supervising Owners’ Associations, rental agreements, or advertising real estate in Mass Media, then you will need a RERA Audit for reporting purposes;
- We even prepare Sales Certificate Audits for shops in the various Malls all across the UAE. These are a legal requirement for stores to renew their annual Tenancy Agreements;
- Of course you shouldn’t overlook our Accounting and Bookkeeping Services for tracking day-to-day activities. You can be more focused on the vital aspects of growing your business when you let us handle this;
- Don’t forget to ask us about CFO Outsourcing and our Tax Consultancy/VAT services—great for saving you time and keeping you informed about your potential options;
- Are you working with companies outside of the UAE? We collaborate with our Peer Auditing Firms in order to perform international audit assignments with the same attention to detail you would expect from us. We are your complete solution.
Our Audit fees are very competitive because we tailor our auditing approach such that most of the work is performed in our own offices; online auditing is the newest way to cut costs. Conversely, if you require most (or all) of the audit work to be performed on your own premises, we can adjust our auditing strategy accordingly. We can always make it work to suit you and your requirements.
Types of Opinions
Our Audit Opinion is based on an objective assessment of your accounting records. There are essentially four possible results:
Often referred to as a Clean Audit Opinion, the Unqualified Opinion is the best possible result. When we issue an Unqualified Opinion we are saying that the financial statements provided by the audited company provide a fair and true view of the company’s performance and financial position according to International Financial Reporting Standards (IFRS).
This means that we have no reservations about the veracity of the numbers or the matters provided in the financial reports. It should be noted, however, that the auditor’s opinion is not an assurance of the company’s health, integrity, or investment worthiness.
When the auditors issue a Qualified Opinion, they have determined that there may be an issue with reporting such as an account balance, transaction record, or a disclosure note. This means that the audit did not uncover sufficient evidence to prove or disprove the statement’s validity.
In this case, the audit report will include a description of the specific matter or matters leading to the qualified opinion. The qualified opinion applies only to the matters described in the Basis for Qualified Opinion paragraph.
If the audit of the Financial Statements results in an Adverse Opinion, then the auditors have discovered evidence of misstatements that are pervasive in nature and have significant impact on the accuracy, completeness and reliability of the Financial Statements.
The auditors believe the misstatements are sufficiently pervasive that the financial statements do not conform to IFRS standards. Banks and other investors will react negatively to an Adverse Opinion.
Disclaimer of Opinion
A Disclaimer of Opinion is the most negative type of audit report. All stakeholders in the company will react negatively to this type of report. This opinion will be issued under four possible circumstances:
- The auditor has discovered information that the audit firm may not be fully independent, or that a conflict of interest exists;
- A Going Concern refers to a company that has the financial resources to continue in operation for the foreseeable future. If the auditor has uncovered evidence of significant Going Concern problems in the company, a Disclaimer of Opinion will be issued;
- High levels of uncertainty about a company, other than Going Concern, can also result in issuance of this type of opinion;
- When there are limitations upon the scope of the audit for any reason, this can prevent the formation of a reasonable audit opinion. The problems are identified in a separate paragraph; based upon the identified problems, the auditors may simply refuse to issue an opinion about the financial statements.
We extend all possible assistance to our clients to issue an unqualified audit opinion. We achieve this by working closely with our clients to build a strong mutual understanding. This allows our staff to work with clients in resolving any and all audit queries that might result in anything less than the ultimate goal: an unqualified opinion.
While there are many auditing firms in the UAE, few can offer the decades of experience provided by Nadeem and Umendra Chartered Accountants. Even fewer, we feel, provide the dedication to personal service that will maximize your operation’s efficiency, and find solutions to make you a success in the UAE.
We want you to succeed, and we possess the knowledge and experience to help you navigate and conform to all the legalities for a properly run business in the United Arab Emirates. From Abu Dhabi to Dubai to Sharjah, or any of the Emirates, we offer the experience that you need to succeed!
You want answers, and we’ve got them! You want expertise and experience—we’ve got that, too! A smaller outfit might promise you the world, but not be able to deliver. A bigger auditing company might not dedicate the time, resources, or people to serve you effectively.
The best decision you can make is to select a right-sized Auditing Firm to serve you, and that Auditing Firm is Nadeem and Umendra Chartered Accountants!
We are located at:
Al Khaleej Centre,
Office 510, 5th Floor,
Bur Dubai, Dubai, United Arab Emirates
Please feel free to give us a call at +971 50 395 8931 for a direct and personal conversation with one of our Audit Partners. If you like to write your thoughts down, we have an online contact form which you can use to leave us a message or, of course, just plain old e-mail available at email@example.com for any enquiries you have.
We would love to hear from you and share the many ways that our team of professionals can improve your financial reporting.Start a conversation with us today—your company’s future and your personal success depend on it!
We look forward to serving you and your needs!