External audit services in Abu Dhabi

Leading External Auditing Firm in Abu Dhabi

An external audit is an independent examination of the financial statements of a company. It is performed by a person who is appointed by the shareholders of the company after careful evaluation to review the financial records of the company, which can be a professional team from auditing firms like CDA.

Abu Dhabi, being one of the easiest places to do business, is home to thousands of businesses. The Commercial Companies Law mandates that these companies get their financial accounts audited. This is why external audits are so important: they protect not only the firms' interests but also those of their stakeholders. Hence, these mandatory requisites can be easily met with the assistance of professionals like CDA, which has been providing auditing services to clients for more than a decade.

Performing external audits with the help of professionals like CDA in Abu Dhabi can help your business be in line with the rules and regulations of the law, such as the UAE AML-CFT laws, VAT laws, etc.

Benefits of external audits for a firm

1. Prevents Mistakes: An external auditor like CDA might point out mistakes that have been made in the financial statements of your business and also find solutions to rectify these mistakes and help avoid them in the future.

2. Builds trust: Getting external audits performed by professionals like CDA can help you gain the trust not only of the government but also of your business’ shareholders, staff, and customers.

3. Provides credibility. With trust comes credibility. External audits contribute to the development of trust in your company by providing clear and unbiased reports to stakeholders.

4. Unbiased insights: The external auditor performs audits on your financial statements and generates insights that are free from any biases. This is possible because the external auditor is not in any way invested in the business for personal or professional gains.

Finding the right body for this external audit service can be a difficult and time-consuming task. However, CDA can make it simple for you and your company!

Our external audit services in Abu Dhabi

CDA owns an experienced team of accounting and audit professionals who perform auditing services in compliance with the regulatory rules of Abu Dhabi. The professionals are qualified and experienced in the Big 4. We have expertise in nine service sectors, which include:

-- Insurance

-- Construction and MEP

-- Event Management

-- E-commerce

-- Manufacturing

-- Marine

-- Oil and gas

-- Real Estate

-- Restaurants

The best part is that Abu Dhabi's significant leading industries are also in these sectors. Businesses like these have a heavy demand for being strong in terms of finance, and an external audit can give you that. As a result, CDA has been meeting the audit needs of businesses in the most personalised way possible.External audits would make your books look more organised and could be performed more fairly by the CDA.

Our strategic approach to external audits

We perform external audits for the businesses in Abu Dhabi as a six-step process:

1. Appointment of an auditor

2. Acceptance of the engagement letter

3. Audit planning

4. Evidence Gathering

5. Report submission

6. Audit follow-up

Appointment of an auditor: At this first stage, an independent auditor with the required qualifications and expertise is appointed to perform an external audit. Hiring someone who is an outsider to the organisation is advisable for generating unbiased and fair insights. This appointed auditor has to be certified by the concerned authority to perform the audit. Our team of auditors is certified by the concerned authorities and also well versed in accounting activities.

Acceptance of engagement letter: In the second stage, the chosen auditor confirms his or her will to perform the audit through a letter mentioning their acceptance of the offer. The scope of work that must be performed and the responsibilities assumed are mentioned in this letter of acceptance.

Audit Planning: At this stage, the initial planning of the audit is performed to smooth the process. Here is a list of things that are performed:

-Scrutinizing existing documents and reports of the concerned firm

-The auditor gains enough background knowledge about the company to perform processes such as internal management inquiries, day-to-day activity observation, and so on.

-Inspection of performances, etc.

-Examines how the recording of data is taking place in the accounts department.

At this stage, the auditing standards are established.

Evidence Gathering: In the fourth stage, evidence is gathered by the auditor before forming any opinion on the financial statements of the company. This evidence is found by establishing relationships, trends, differences, similarities, etc. between financial and non-financial data.

Report Submission: In this fifth stage, the external auditor submits the audit report to the business's management after thorough examinations and offers a qualified opinion on the organization's financial aspects' for future.

Audit Follow-up: At this last stage, the external auditor follows up with the client on the specific recommendations made in the audit report and verifies the corrective measures taken.

What makes our external audit services unique?

CDA is one of the best auditing firms in Abu Dhabi for conducting external audits due to the following qualities:

1. Assurance: CDA always ensures that the client is complying with all the laws and regulations of the land, i.e., Abu Dhabi, and provides all the assistance necessary to follow all the regulations and avoid hefty penalties.

2. Confidentiality: CDA is well known for the confidentiality that it maintains regarding the information of its clients. And it never discloses vital information to anyone other than the core members of the auditing team.

3. Innovative: The auditing procedure applied by CDA is innovative. It always uses new technologies and strategic ways to conduct audits for its clients.

4. Dynamic: CDA always applies dynamic principles of auditing, which can be altered as per the needs of the clients and the changes in the business environment, thereby making CDA’s way of auditing more efficient.

5. Stringent strategies. CDA always stays on the same page with the auditing principles and the laws established by the authorities; hence, it never compromises the accuracy and fairness of the records and follows strict procedures to conduct external audits.

CDA is one of the leading accounting and auditing firms in Abu Dhabi and has been working in the auditing sector for a long time; hence, its team is well-experienced in performing external audits for its clients in the most personalized manner. For more information, contact us soon.