Why External audit is important in UAE?

2021-08-26 17:02:30

With the current economic situation after COVID-19, one major benefit for external audit is that audited Financial Statements can be major evidence in any legal disputes involving the company. Many companies are failing for various reasons like one of the partners absconded with the money, insufficient cash to pay liabilities, investors withdrawing their funds etc. To build and maintain the trust of investors, it is important to keep the business results transparent and submit financial reports annually. To ensure the long-term growth of the company choose the correct auditor and make it a practice to get your accounts audited annually by an external auditor. Establish your business credibility with financial statement audits which give assurance over financial information analysed by owners, investors and shareholders for better decision-making. MHM is a UAE based Assurance Firm rendering services as Auditors and Accountants, as well as Advisors and Consultants for financial planning, formation of companies and allied commercial and legal matters, providing its services with the following insights: According to Federal Law No. 2 of 2015 or the UAE Commercial Companies Law, every company is required to assign a licensed auditor that is registered under the Ministry of Economy for the auditing of their financial affairs. If you are looking for professional auditors, contact us at MHM Auditing, MHM financial Statement & Internal Control Audit services provide audits and reviews of financial statements and reporting on internal controls in accordance with applicable professional standards. Our audits are planned to be responsive to our assessment of the risk of material misstatement based on the understanding we gain of the organization and its environment, including its internal controls. We utilize this understanding designing the nature, timing, and extent of our audit procedures, while maintaining an objective and independent attitude.

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