Why External Auditors should be Appointed?
With the surge in newly established businesses in the UAE, it is rather evident that businesses are implored ( External Auditors ) to be the backbones of the economy. However, businesses need to be checked constantly to certify that they’re what they say they are. An audit process is mandatory in any publicly-held business. In […]
Internal Audit and Its benefits
An internal audit primary objective is to provide leadership with the highest level of independent assurance and recommendations related to the effectiveness of internal controls, governance, and risk management processes. Take a look at the benefits that Internal Audit brings along. them perform procedures and develop reports that provide findings and recommendations to help improve controls, processes, and procedures. Internal audit can help the new system implementations address any risks or control deficiencies before a system goes live. it help ensure that organizations comply with the applicable laws and regulations. A practical it function can facilitate smoother external financial statement audits. it can be the alliance between management and third parties to ensure that adequate controls are in place throughout an organization’s supply chain. iy function is an essential investment for a. If your organization is exploring the benefits of an internal audit, a significant first step is to consult an auditing firm – AM Audit.
Tips To Support Internal Audits
As a business, quality is one of the things that should dominate your operations. To maintain said quality in business operations, you need a foremost optimal Quality Management Tool – internal audits. This begs the question, what are internal audits and how do you support the internal audits? In this post, you will find the […]
What Are the Seven Parts of An Audit Report?
The concept of auditing has become a crucial aspect of modern business practices. With the increasing statistics of financial fraud, about 49% currently. Auditing helps determine how accurate a business’s financial reports are and points out loopholes in a financial statement. Essentially, auditing provides a ‘truth-test’ analysis of a company’s financial reports. Auditing is an essential […]
Top Audit Firm in Dubai
Every business sector is unique and different, but all the areas needed are expert financial advice and accountancy. Here at AM Audit, the Accounting & Audit firm in UAE with Top Auditors, Accountants, and a specialist service team to provide you with the best services. With practices all over the UAE, our experts will help […]
How to Choose the Right Auditor for your Company ? 4 Things to Consider before Choosing
An auditor is like yearly health check-ups. You presumably don’t look forward to getting one, but they are very crucial for you (and your company) to operate accordingly in the long run. Before choosing a doctor for you or an auditor for your company, you must build your grounds to find the correct blend of […]
3 Principles that Boost the Internal Audit
The challenges of recent instances have highlighted how the internal audit feature remains a trusted consultant for corporations. It have functions which have effectively helped the companies navigate via risks during the pandemic are guided by using 3 key concepts – agility, speed, and the potential to hold value-effectiveness. 1. Speed Internal Audit has traditionally issued audit […]
Which Audit Report You Require for your Business?
Have you ever wondered why you need an Audit report or why your investor or the Bank asks you for an Audit report? Doesn’t this thought of why the Stakeholder is easy with an Internal Audit Report While your Bank will insist on getting an External Audit Report puts you in a conflict? Now, first and foremost, […]
5 Steps to Beat Audit Exhaustion
Bogged down by the time-consuming nature of the audit, your company’s internal auditors even often suffer from ‘Audit Exhaustion.’ But all it takes is to pick the best approach to make a difference by allowing the consistency and smooth flow of the internal audit process. So, for implementing a risk-based method for your Internal Audit, […]
Has Technology Revolutionized the way We Audit?
Data analytics is increasing the accessibility of data; however, human intervention is still required to filter the data and to communicate and advise clients effectively.’ – Hisham Farouk INTRODUCTION Not long in the past, audits could be performed only by teams of accountants manually scouring financial facts reams. However, given the explosion of information in today’s digital […]
Why Auditors Must Be Approved by Banks in Dubai?
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 […]
FTA Tax Audit
As per Federal Decree-Law no. 7 on taxation the Federal Tax Authority (FTA) has the legal right to perform a tax audit on any person to determine their compliance with the relevant provisions of the law FTA can initiate a VAT audit for checking any potential errors or non-conformities. Usually, the FTA schedules audit for […]
Don’t Avoid External Audit – Here is Why?
Annual external audits are a stressful period for the UAE firms, and the audits are frequently a highly tiresome procedure for business owners. Many even ask “it is necessary to audit in the UAE” because the country does not have a corporation tax. As the filing of an audit report is not obligatory, small enterprises […]
External Audit & its Types
An external audit is a financial examination that an independent accountant conducts. The sole purpose of an external audit is to provide confidence and assurance to lenders, stakeholders, or investors about the financial statements issued by their company that they are truly and fairly present their organization’s results and financial position. The primary objective of […]
What is a Forensic Audit?
A forensic audit reviews the accounting statements to collect facts used in a court of trial or civil practice. Among municipal and federal law enforcement, corporate banking, and private investigators, it plays crucial positions. Forensic auditors are extremely valuable after a case has been constructed, from examining and evaluating records to aiding in court. Only […]
UAE Real Estate Internal Audit: Challenges and Compliance
The UAE’s real estate sector is a dynamic and thriving industry, offering lucrative opportunities for investors and developers. However, this rapid growth and complexity also demand robust internal audit practices to ensure compliance with evolving regulations, safeguard assets, and optimize operational efficiency. The Significance of Internal Audit in Real Estate Internal audit plays a pivotal […]
INTERNAL AUDIT CHECKLIST FOR HEALTHCARE INDUSTRY
Internal audits in the healthcare industry are fundamental for maintaining compliance, ensuring patient safety, optimizing operations, safeguarding financial integrity, and fostering a culture of continuous improvement and transparency. They serve as a proactive mechanism to identify, address, and prevent potential issues, ultimately enhancing the overall performance and reputation of healthcare organizations. Empower Your Healthcare: Navigate compliance […]
Internal Audits: A Strategic Imperative for UAE Construction Companies
The United Arab Emirates (UAE) construction industry is a thriving sector, characterized by ambitious projects, rapid growth, and a complex regulatory environment. Amidst this dynamic landscape, internal audits play a critical role in ensuring compliance, mitigating risks, and enhancing operational efficiency for construction companies. The Pivotal Role of Internal Audits in the UAE Construction Industry […]
Internal Audit: Ensuring the Sparkle of the UAE’s Gold and Diamonds Industry
The UAE’s gold and diamond industry is a dazzling hub of commerce, attracting global investors and enthusiasts. This vibrant industry is characterized by its intricate supply chains, high-value transactions, and evolving regulations. Amidst the brilliance of precious metals and gems lies the need for robust internal audit practices to ensure compliance, safeguard assets, and maintain […]
UAE Trading Companies: Empowering Internal Audit for Sustainable Growth
The UAE’s trading industry, a vibrant hub of global commerce and innovation, operates under a dynamic and complex regulatory landscape. In this dynamic environment, ensuring compliance, safeguarding assets, and maintaining transparency are paramount for trading companies to thrive. This is where robust internal audit practices come into play, serving as a critical tool for achieving […]
How to use audit results to improve financial controls and performance
Financial audits are a crucial aspect of ensuring transparency and accountability in organizations, especially in the dynamic business landscape of the United Arab Emirates (UAE). In this article, we will delve into the intricacies of financial audits, exploring how the results can be leveraged to enhance financial controls and overall performance. Introduction Financial audits are […]
The Importance of Internal Audit in the UAE Tech Scene to Kickstart 2024 Right!
In the rapidly evolving tech world of the UAE, financial internal audit is more critical than ever. Here’s why: 1. Spotting Financial Irregularities: In the complex world of technology, financial discrepancies can easily go unnoticed. A robust internal audit system acts as a vigilant guardian, identifying irregularities that might slip through the digital cracks. 2. […]
Pass Your Next Healthcare Auditing With AM Audit
The healthcare industry in the UAE is not only a cornerstone of public welfare but also a challenge, highly regulated sector that demands precise and rigorous auditing. As healthcare institutions strive to deliver top-tier patient care while adhering to stringent regulatory frameworks, the role of the auditor becomes indispensable. A deep understanding of the unique […]
