News Alert:

Avoid AED 10,000 penalty by registering for Corporate Tax today!

Audit & Assurance

Understanding and Managing External Audit and Assurance Checks

Businesses are always expected to keep pace with the evolving regulatory landscape and rapid technological advancements. Recent trends in the fields of law and technology indicate the significant changes the audit landscape has undergone over the years. Internal audits have become increasingly complex and any issues of non-compliance detected can be heavily penalised, affecting the overall profitability of the organisation. MBG Corporate Services improves stakeholder trust in your business and drives value in its daily operations.

With in-depth insights on the Middle East-specific risks, we offer tailored audit and assurance services across all business disciplines, accelerating your company’s business performance. We provide auditors with effective Data and Analytics (D&A) routines that facilitate a better understanding for stakeholders and ensure that our strategies align with your business values, such that they enable smarter decision-making capabilities.

Importance of having the Right Auditor

Auditor’s play an important role in corporate governance of any company. Transparency of finance function in a company is a fundamental requirement, to protect the interest of its shareholders and stakeholders. Non-compliance with corporate laws & accounting standards can easily lead to corporate frauds.

Major benefits of having the right Auditor

  • Compliance with the international accounting standards, laws and regulation
  • Detect & prevent frauds and unusual activities
  • Suggest corrective measures & Implement quality control
  • Enhance the credibility of the Company
  • Enhances trust of shareholders & all stakeholders

 

FAQs for Audit & Assurance

FAQ

What is an external audit, and why is it essential for businesses?
An external audit is an independent examination of a company’s financial statements, ensuring accuracy, transparency, and compliance with regulations. It is essential for building trust among stakeholders and maintaining financial integrity.
How often is an external audit required for businesses in the UAE?
The frequency of external audits varies based on factors such as company size, industry, and regulatory requirements. Generally, annual audits are common, but specific circumstances may necessitate interim audits.
What are the key benefits of undergoing an external audit?
External audits enhance financial transparency, mitigate risks, strengthen investor confidence, and facilitate compliance with regulatory standards. They also provide valuable insights for strategic decision-making.
How does an external audit differ from an internal audit?
External audits are conducted by independent third-party firms, while internal audits are performed by a company’s internal team. External audits focus on financial statements, while internal audits assess internal controls and operational processes.
How can an external audit help our business comply with UAE corporate tax laws and free zone regulations?
External audits ensure that financial records align with tax laws and free zone regulations, offering a comprehensive understanding of compliance requirements and helping businesses navigate complex legal frameworks.
What is the typical duration of an external audit process?
The duration varies based on the size and complexity of the business. Generally, smaller businesses may complete the process in a few weeks, while larger corporations might require more time.
How can we prepare for an external audit to streamline the process?
Prepare by organizing financial records, reconciling accounts, and addressing any outstanding issues. Open communication with the audit team and providing necessary documentation in advance can significantly streamline the process.
What is the cost associated with hiring external audit services?
The cost depends on factors like company size, complexity, and industry. Transparent discussions with us can help outline the scope of work and associated costs.
Can an external audit uncover fraud within the organization?
While not the primary focus, external audits may identify red flags or inconsistencies that could indicate fraud. However, a forensic audit may be necessary for a more in-depth investigation.
How does MBG ensure data confidentiality during the audit process?
We have strict confidentiality policies and procedures in place. We adhere to these standards and have a track record of safeguarding client information.
Can an external audit identify opportunities for improving business processes?
Yes, external audit often provide valuable insights into improving internal controls and operational efficiency, contributing to overall business improvement.
How does MBG stay updated with changes in regulations affecting our industry?
We at MBG invest in continuous professional development for our teams, ensuring that auditors stay abreast of industry-specific regulations and changes in accounting standards.

Our Audit & Assurance services include:

Electrical Tariff Incentive Program ETIP

FATCA and CRS Compliance in the Middle East

Emirates Post Certification

Stock Audit Services

Asset & Transaction Tracing

Audit Readiness

Audit Remediation

Accounting Closure Assistance

Quarterly Review Reporting

Statutory Audit

Management Reporting

What can we help you achieve?

Stay one step ahead in a rapidly changing world and build a sustainable future with us.

Get a quote

We're here to help you.

Submit your enquiries to MBG Corporate Services. We will respond as soon as possible.

Call us at: +971 52 640 6240

Open chat
Hello
Can we help you?