An audit is the systematic inspection and examination of the company accounts, vouchers, and documents by an independent body to ascertain how the financial statement of the company is presented in a true and fair matter as required by the law
Article 27 of the Federal Law No. 2 of 2015 on Commercial Companies, states
This law applies to any companies which practice any commercial, financial, industrial, agricultural, real estate or other kinds of economic activity on the mainland except the following:
Through the audit process, we can also reduce financial risk to our clients through exposure to fines due to non-compliance.
Alongside meeting legal requirements, audits can benefit a company in the following ways:
For companies operating in Free Zones, the laws which are applied vary dependent on the governing body so audits may not be necessary. It is always wise to check with professionals to see if your business is subject to a mandatory audit rather than fall foul of the law and the various financial penalties that will be imposed
As one of the top accounting and auditing firms in Dubai, Finapt Consultants not only prepare impartial and accurate records for submission but can help our clients to improve their business practices and increase the bottom line. We can also identify challenges that our clients' businesses are facing and identify potential solutions to overcome these pain points.