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External Financial Audit Services in UAE: Ensuring Transparency and Compliance

Welcome to Parker Russell UAE, your trusted partner for external financial audit services in Dubai. Our dedicated team of auditors specializes in providing comprehensive audit solutions tailored to meet the needs of businesses across various industries.

Financial Audit Services 

A financial audit is the evaluation of a company’s financial statement. The outcome of the financial audit is an attested audit report by the auditor, which demonstrates that the company has provided a true, accurate, and unbiased financial statement. 

A financial audit’s goal is to boost a company’s financial condition and performance’s credibility. An organization may be able to gain important and worthwhile insights into the business by using financial audit services.

Parker Russell UAE has earned its place as one of the most trusted audit firms in Dubai and UAE. We will analyse your business transactions judiciously and provide comprehensively prepared observations and conclusions. Besides delivering thoroughly examined and accurate data, we will affirm that the firm is complying with the laid down regulations, policies and laws of the land.

As a member of Parker Russell International, a UK-based international audit firm, we are provided diverse technical skills, advice, and assistance. Also, periodic inspections are done by Parker Russell International to ensure that the quality of the audits done by Parker Russell UAE meets the requirements of Parker Russell International.

Get your Business Audited

Our team of Professional Auditors will gain a thorough understanding of your company and provide you with accurate and timely auditing services.

With years of experience managing hundreds of corporate and personal clients that have trusted our audit opinions.

Parker Russell UAE provides External Audit services in the UAE. Our year-end external audit services are to ensure that financial and other information provided by companies are reliable and conform to statutory and International Financial Reporting Standards requirements.

Types of Financial Statements

Parker Russell UAE provides financial audit services in the UAE by compiling data and demonstrating a high level of assurance that the standards are being followed to during the financial audit operations. The four financial statement audit services we provide are as follows:

Balance Sheet

A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

Income Statement 

An income statement is a financial statement that shows you the company’s income and expenditures. Its also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement.

Cash Flow Statement

A cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.

Change in Equity Statement

Statement of Changes in Equity refers to the reconciliation of the opening and closing balances of equity in a company during a particular reporting period. It explains the connection between a company’s income statement and balance sheet. It includes all transactions not captured in these two financial statements, such as dividend payments, equity withdrawal, accounting policy changes, and corrections of prior period errors.

List of Accreditation and Registration

 

 

DMCC Registered Financial Auditors
DWC Registered Auditors
Registered RERA Auditors in Dubai
RAKEZ Registered Financial Auditors
registered DIFC Auditors in dubai
JAFZA Registered financial auditors
DAFZA Registered Auditors in Dubai
Hamriyah Registered Financial Auditor

Importance of Financial Audit Services in UAE

Conducting financial audits on a regular basis allows you to identify some aspects of the business that have to be addressed. The results of the audit will also determine whether the company’s financial statements are accurate, complete, and compliant with the established norms.

Parker Russell UAE are professional registered auditors in Dubai are dedicated and seek a challenge, and look for opportunity to learn more about business and its procedures in order to uncover significant prospects.

Our Financial Audit Services in UAE

Internal Audit Services
Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection.
IFRS Advisory Services
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardized way of describing the company’s financial performance so that company financial statements are understandable and comparable across international boundaries.
Statutory Audit Services
Every public and private limited company has to undergo a statutory audit. Not taking into account the nature of the business or turnover, these businesses are mandated to get their annual accounts audited each financial year.
RERA Audit
The Real Estate Regulatory Agency (RERA) is a government agency that licenses formulates, regulates, and oversees numerous real estate-related operations in Dubai. As of February of 2022, Parker Russell UAE is one of the 20 approved auditors of RERA. As the auditor, Parker Russell UAE can perform escrow audits for property developers on off-plan sales & budget reviews and financial audits for the Owner’s Association.

Our External Financial Audit Process

PLANNING

We plan and perform our audit so as to obtain reasonable assurance about whether the financial statements are free of material misstatements.

 

  • Signing Engagement Letter
  • Initial Meeting with Client
  • Determining Audit Scope & Objective
  • Planning Resources & Timing
  • Internal Control Review
  • Audit Program

EXECUTION

We examine on a test basis all the amounts and disclosures in the financial statements with the supporting documents. Further, we peruse the accounting policies and procedures to comply with the required legal and other standards.

 

  • Test of Controls
  • Test of Transactions
  • Review & Supervisions

COMPLETION

We prepare and approve the auditor’s report and financial statements and express our opinion on financial statements and we discuss with our clients about the weaknesses that we found during our audit and provide suggestions to overcome those weaknesses and to improve its business and accounting systems.

 

  • Documentation of Audit working papers
  • Draft Reports
  • Draft discussion with Client
  • Release of Final Audit Report

Get your Business Audited

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