AM Audit provides high-quality audit services to clients in UAE. Our experienced and trusted audit firm understands the importance of ensuring financial statements are accurate and reliable.
Bank approval is a requirement in Dubai, indicating the importance of having a qualified and trustworthy auditor.
There are several reasons why this requirement exists in Dubai.
Ensuring Professional Standards
First and foremost, it ensures that only qualified and experienced professionals are conducting audits in the city.
Banks require auditors to demonstrate expertise and a strong track record before they will approve them.
This ensures the credibility of a company’s financial statements and the highest quality of audits.
Adhering to DFSA Standards
In addition to requiring bank approval, auditors in Dubai must also adhere to strict ethical standards.
Dubai Financial Services Authority (DFSA) has established a Code of Conduct for auditors, outlining the expectations of professional behavior.
This includes principles such as
- Objectivity
- Confidentiality
- Professional skepticism
Which are essential for protecting the interests of investors and other stakeholders.
The DFSA also maintains a register of approved auditors, which lists the names of all auditors who have been approved by banks and have demonstrated their compliance with the Code of Conduct. This register is available to the public and can be accessed by anyone who wishes to verify the credentials and qualifications of an auditor.
Fostering Confidence
Enforcing these ethical standards is crucial for maintaining the integrity and credibility of the financial system in Dubai. By ensuring that auditors are held to high standards of professionalism and integrity, the DFSA can help to promote trust and confidence in the financial system.
Transparency
Another important reason for requiring bank approval is that it helps to promote transparency and accountability within the financial system. By requiring auditors to be approved by banks, it becomes easier to track the quality and consistency of their work. This can help to prevent fraud and other unethical practices, which are a serious concern in the financial industry.
In addition, having bank approval can also be beneficial for the auditors themselves. It can help to enhance their reputation and credibility, and can also provide them with access to valuable resources and support from the bank. This can be particularly important for smaller or less established firms, which may not have the same level of resources and support as larger firms.
At AM Audit, we are proud to have been approved by some of the leading banks in Dubai, including Dubai Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank, and Khalifa fund for enterprise development. This approval is a testament to our expertise and commitment to providing high-quality audit services.
AM Audit is Reliable
Auditors must be approved by banks in Dubai to ensure financial statements are accurate as well as provide valuable support and resources to auditors, which promotes transparency and accountability.
At AM Audit, we are proud to have been approved by some of the leading banks in Dubai, and we continue to strive for excellence in all of our audit services.
