What Is an Audit Firm and Top 10 Audit Firms In UAE

WHAT IS AN AUDIT?

Definition:

An audit is the examination of the auditor’s various books of accounts followed by physical verification of the inventory to ensure that all departments are following a system of recording transactions. It is done to verify the accuracy of the financial statements provided by the organization.

Description:

Audits can be performed internally by an employee or head of a particular department and externally by an external company or independent auditor. The idea is for the accounts to be audited and verified by an independent body to ensure that all account books are done fairly and that there are no problems or fraud.

 All listed companies must have their accounts audited by an independent auditor before publishing their quarterly results.

 WHAT IS AN AUDIT FIRM

A company examines operations to identify inefficiencies, reduce costs, and achieve organizational goals. Auditing firms can investigate potential theft or fraud and ensure compliance with applicable regulations and policies. They also help ensure the accuracy of reports. Auditing is an essential part of a company’s efficiency.

HOW TO CHOOSE AN AUDIT FIRM:

What to Consider:

Treat your audit firm as a trusted business partner. He is someone you will work with every year and is essential in laying the foundation for the success of your business.

Therefore, choosing a suitable firm should not be a hasty decision.

When choosing an audit firm in Dubai, your firm should consider the following factors, among others:

 SUITABLE LEVEL:

Of course, check the audit firm’s credentials before hiring them. Ask for their training and experience documentation to certify they perform the assessments your company wants.

They must be certified as external auditors and licensed as Certified Public Accountants (CPAs). It is very rare to find a company that is also FedRAMP 3PAO, ISO Certification Body, PCI Qualified Security Reviewer, CPA, and External Auditor. When you do, don’t let them get away!

A GOOD POSITION

Their value proposition should be clear to you regarding the audit firm. Your check-in process will only go smoothly if you are working with a new company or selecting one that is going through a significant expansion.

Choosing a company with a good reputation and track record of success means working with a company that is likely to play a role in developing standards for testing and evaluation methods.

 EXPERIENCE

Partnering with an audit firm with expertise in your particular field is ideal.

Having a reviewer know the goals and issues facing your industry will make the review process go more smoothly, and your organization will save time, money, and resources in the referral process.

TOP TEN AUDIT FIRMS IN DUBAI 

There are so many auditing firms in Dubai that it can take time to choose the best one for your business. First, choose a company that best suits your financial goals and business requirements.

For every company operating in the UAE, one of the major industrial hubs, an audit is one of the essential requirements of any business. It improves and stabilizes credit ratings and is necessary for evaluating documents and evidence of a company’s economic transactions. Therefore, auditing firms in Dubai play an important role in creating a company’s financial credibility.

Auditing increases profits and ensures the reliability of financial statements for tax authorities, company management and financial institutions. It also reduces the risk and cost for the investor. Tax authorities rely on independent financial audits for the accuracy required for tax analysis.

But how do you know which audit firm in Dubai best suits your business needs and financial transactions?

Finding the right one can be difficult for business owners. Don’t worry. Here are some top 10 auditing firms in Dubai that we have listed that can fulfil all your business and financial requirements.

1) Deloitte:

1. Deloitte is also a famous auditing firm in Dubai.
2. It provides reliable tax reports, audits, financial advice, and risk management,
3. As one of the famous Big4 Accounting Firms In Dubai, having international experience in auditing accounting records of large corporations.
4. Deloitte is a trusted auditing firm recognized by many people worldwide and operates in nearly 100 countries.
5. It generates nearly $50 billion in revenue each year.

 2) PricewaterhouseCoopers:

1. PricewaterhouseCoopers/PwC is one of the best auditing firms in Dubai.
2. It aims to help companies create value and grow their risk capital by providing high-quality tax, insurance, and advisory services.
3. They ensure trust and confidence in the companies that they perform their audits correctly.
4. PwC has had too much of a reputation.
5. Their audited financial statements are reliable and accepted worldwide.

 3) KPMG:

1. As a reputable and reliable auditing firm in Dubai with a perfect brand image.
2. KPMG provides high-quality services to more than 155 countries around the world.
3. Provide services such as Audit.
4. Local and international taxes.
5. Insurance money Advice.
6. Consulting services.

4) Ernst & Young:

1. Ernst & Young is one of the largest professional service networks in the world. They provide services such as:
2. Audit insurance.
3. Taxes.
4. Tips, and Transaction service.
5. EY values professionalism, respect for customers, and integrity in working with a staff that values honesty and hard work, EY is a reputable and trusted auditing firm in Dubai.
6. EY is present in many countries, and annual sales exceed $35 billion annually.

 5) Global Certified Public Accountant of Push Digis:

1. Push Digits Chartered Accountant is one of the world’s top accounting and auditing firms.
2. This Dubai-based auditing firm values every client, big or small, and builds healthy and long-lasting relationships with each client.
3. PGDCA is an ISO-certified accounting, and auditing firm trusted and recognized among financial companies worldwide.
4. This audit firm offers Big4’s level of service at 20 times the cost of many of the companies on this list.
5. Which is especially beneficial for struggling or growing businesses.

6) Crowe:

1. Ranked 6th among the top 10 global accounting firms.
2.  Crowe has more than 220 operating offices in 130 countries.
3. Crowe’s goal is to provide high-quality services to satisfy customers.
4. Their portfolio includes many well-known clients.
5. Crowe generates $4.5 billion in annual revenue.

7) BDO:

1. BDO helps its clients overcome various business problems by offering a very flexible approach.
2. Their annual revenue is nearly 10 billion dollars, earned by helping their clients do international business.
3. BDO is present in over 165 countries. 
4. They are committed to providing the best professional experience and can provide crystallized services for your global business.

8)RSM

1. RSM’s goal is to provide services such as:
2. Taxes advise.
3. Auditing services.
4. They offer their services in nearly 120 countries.
5. Provide professional quality service.
6. Their annual income is $6.7 billion.

9) Thorton Level:

1. Grand Thornton, or GT, is also one of the best auditing firms in Dubai, providing high-quality services in Taxes, Auditing, and Professional accounting services.
2. Having experience in managing clients from many fields, GT provides personalized services to meet the needs of each customer.
3. They generate $2.7 billion in annual revenue.

10) Baker Tilly:

1. Baker Tilly is a well-known provider of accounting and business consulting services. 
2. It is in 10th place as the best audit firm in Dubai.
3. BT paints a picture showing its clients how to predict the future while effectively managing the present.
4. They provide a personalized experience in Insurance money, audits, Taxes, and Consulting services.
5. Their annual revenue exceeded $3.4 billion in 2019.

FINAL WORDS

Choosing a reliable, reputable, and qualified auditing firm in Dubai is the right decision for your business. It is essential to conduct proper research on any auditing firm before hiring them, which should be done carefully. Always appoint an audit firm that will add value to your business and make recommendations to address issues identified during the audit.