Auditing is a big requirement when it comes to company management and risk assessment. It plays a big role in keeping companies in Dubai get a good view of their efficiency and service.
With this, many auditing firms have grown and bloomed in the Middle East to provide auditing solutions and plans.
Looking for a way to start your auditing firm? Here’s what you should know.
What Does An Audit Firm Do?
Keeping your finances in check is a must for businesses. They validate your expenses, reduce costs, and ensure your compliance with national and local policies and regulations. Through auditors, companies can assure that the systems in place are working efficiently and effectively.
An auditing team usually consists of licensed accountants and auditors who are well-versed on industries and businesses that they are auditing. They are experts who are working for the good of the company and its clients to ensure the quality of products and services being provided.
Auditors come up with an audit plan which involves the cooperation of the whole management and its people to easily identify the company’s financial position and performance which in turn will help the organization come up with a risk management plan, long term financial plans, forecasting, etc.
Why Are Auditing Firms Important In Dubai?
To ensure accuracy and efficiency of work, companies in Dubai are required to get their finances reviewed by an external auditor. Under the Commercial Companies Law, mainland companies must keep their financial records for at least five years, while most free zone authorities require companies to submit their audited financial statements. In addition, most banks and/or financial institutions require audited financial records in applying for loans and other financial services.
With this, rest assured that your target auditing firm business will surely grow and provide service to the best and progressive companies across the UAE, or even the whole world.
How Can I Get An Audit License In Dubai?
To get an audit license in Dubai, here are the things that you should do:
- Qualify as an auditor in the UAE. In order to become a registered auditor and accountant in the UAE, you must first have an accounting degree or a degree with the same qualification. The Accounting & Auditors Association of UAE sets the qualifications for registered accountants and auditors of UAE to ensure the quality and expertise of each member. You must meet each qualification, pass the exam, and undergo inspection to become a licensed accountant and auditor in Dubai.
- Get a professional license. Since you will be providing consultancy services to businesses in the UAE, you will need to get a professional license. To be able to work with local companies, get your license with the Dubai Department of Economic Development and complete all requirements to start your firm.
- Get an office space and open a corporate bank account. A registered address and bank account is one of the requirements for a mainland company in Dubai. By securing these, you are properly establishing your firm and setting up your systems at work.
- Hire qualified employees and experts. Dubai is home to a strong workforce with various expertise. Apart from career advancement, you will find qualified people who can help you improve your company and give their best in performing their duty for the company.
Setup Your Audit Business In Dubai
Business setup in Dubai is a straightforward process but requires meticulous details and documents. To assist you with your needs and requirements in starting your company, IBG Consulting is here, as a premier business consultancy service provider in the UAE.
We are a group of individuals with various cultural backgrounds ready to help you achieve your dream business. Together, we are a team of experts who can serve you flawlessly.