Auditors in UAE
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An Auditor is a person who prepares and inspects financial records, and conducts an audit to check the accounts of a company. An audit is carried out to inspect the accounts of a company, typically by an independent body to detect and prevent frauds and correct errors. An audit can be of two types, either internal or external. Internal audits are carried out to make sure that the accounts of a company are in good order and correct for both internal uses and for a good review from an external audit. Internal audits help prevent fraud within the company, avoiding loss due to employee theft. Internal audits are carried out in both small and large businesses to prevent any kind of fraud, whether cash theft or misuse of company assets.
While the main purpose of internal audits is to prevent loss due to fraud, the process can also be used to check and correct the working of a company for maximum efficiency. An Internal audit can be performed by any staff, normally assigned to other tasks, or by an expert auditor either through a firm or hired by the company. Unlike an internal audit, an external audit is carried out by a neutral, external third party auditor. External audit firms inspect the accounts of a company to form an opinion that is unbiased and based solely on what is stated in the financial books. The main purpose of this is to assure that the assets and the statements themselves are free from misuse. While external audit firms inspect accounts and statements, they only assure that there is no fraud, and are not bound to fix problems.
Expert audit firms and auditors in UAE can be found across the region. Al Rigga and Business Bay in Dubai and Khalifa Street are a few prominent places where a few renowned audit firms can be found.