External audit is to enable us to express an opinion on the financial statements of the organization that are prepared by the management and presented to us to express an opinion. External audit is usually carried out for statutory purposes in compliance with the prevailing/applicable law for the organization to be audited. An audit report is aimed to whether the financial statements prepared by an organization present a true and fair view, and if they have been prepared in accordance with the appropriate reporting framework and in compliance with the prevailing/applicable law. As per the Commercial Companies Law applicable to the mainland entities, requires having their financial statements to be audited and to maintain their financial records for at least five years. Further, certain entities that are registered in the free zones are also required to be audited and require entities to submit an audit report in prescribed timeframe.
What we do:
We devote time to understanding the client and the business to identify the key areas and risks to which client's business is exposed and hence focus our audit effort thereon. We plan our engagements based on assessment of internal controls, which helps us to qualitative external auditing services. We do regular communication with our clients which ensures quick resolutions on the audit findings, thus ensuring issues do not become problems, leading to delivery of desired results. Audited financial statements are an assurance to the stakeholders, lenders, regulators and other readers regarding the health of the organization.
Advantages of External Audit in UAE:
It improves the credibility of the organization because when the audits have been conducted the
financial reports are
free from error, fraud and misrepresentation, and inaccuracies;
It helps to provide the confidence to the stakeholders that the organization’s management is taking
due care in the
overall functioning of the organization;
It minimizes the risk of fraud within the organization;
It helps investors in assessing the organization’s financial position;
It helps to improve the management to perform their job efficiently;
t improves the effectiveness and efficiency of the internal control system within the organization.
How MAC & ROSS can help:
We have a proven track record over 12 years in delivering assurance services to clients ranging from
businesses to large multi-national groups from diversified industries and sectors which helps
organization to adherence
on the law compliances and to achieve management goals.