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Audit Service in Dubai

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Auditing Service in Dubai

Momentum is a reputed auditing service in Dubai catering to businesses across the UAE. Our audit team is committed to ethical auditing practices and conducts comprehensive audits for both free zone and mainland companies.

External Audits & Internal Audits: What’s the Difference?

Momentum offers two types of auditing services in Dubai: external and internal audits. Both types of audits are necessary for business growth, but serve two very different functions.

External Audit
External audits are mainly requested by parties outside a business. This can be investors, stakeholders, banking service providers, or potential shareholders. It includes a thorough review of the business documents and employee performance. The audit report outlines performance and compliance issues, or lack thereof.
Internal Audit
Internal audits are performed by the business itself. Internal auditors are brought in to improve operational efficiency and maximize revenue potential. Momentum houses expert internal and external auditors who are systematic and meticulous in their process, and can provide reliable reporting to help your business succeed.

Why Should Businesses Conduct Audits?

Build Investor Confidence

External interested parties can sometimes ask for an audit report to check business performance. Good audit results can boost stakeholder and investor confidence as it will influence them to continue to invest in the company.

Enhance Operational Efficiency

An audit firm in UAE can identify weak spots in a company’s workflow. It is an auditor’s job to deep dive into a business’ workings and find areas for improvement. The auditors at Momentum can also suggest solutions for increasing performance to the senior management.

Promote Compliance & Transparency

Hiring auditing services in Dubai is a good way to assess the financial compliance of businesses. Auditors will evaluate a company’s financial documents for any instances of fraud, determine whether their operations are being conducted fairly, and their transactions are being recorded accurately.

Boost Company Reputation

A business that conducts regular audits and publishes the reports will be regarded as being financially transparent and credible. This type of accountability can be attractive to both investors and customers.

Why You Should Hire an Audit Service in Dubai

Every business will need to conduct an audit at some point during their lifespan. In the UAE, the location of your business will determine the frequency of your audits. Momentum can assist you with determining when to conduct your audit and prepare the necessary documents to submit to the authorities.

For Mainland Businesses

If you’re a mainland company who has registered for corporate tax, you are required to conduct an annual audit to maintain compliance if your annual revenue is over AED 50 Million. Hiring an audit firm in Dubai can help you with this. It is also a requirement for Private & Public Joint Stock Companies and LLCs.

For Free Zone Businesses

If your business setup is in a free zone, the rules are a little different. It entirely depends on the type of trade license and the free zone authority. However, for businesses that are classed as Qualifying Free Zone Person (QFZP), annual audits are mandatory. The audited statements are necessary to maintain their corporate tax exemption.

How Momentum Stands Out as an Audit Firm in UAE

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Experience With Free Zone & Mainland Companies

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Diverse Industry Knowledge

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Compliant With Local & International Auditing Best Practices

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Attentive & Communicative Team

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Structured & Detail Oriented Process

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Unbiased Reporting

Need an Auditing Service in Dubai? Choose Momentum

Our auditors are dedicated to maintaining a strict code of ethics and following the global auditing standards. Every audit is conducted with integrity and attention to detail, ensuring complete client satisfaction. That’s what makes Momentum a reliable audit firm in Dubai. We offer internal and external audit services to businesses across the country.

We also offer an additional accounting service in Dubai for companies that need some help with streamlining their finances and recordkeeping, designed to effectively boost profitability.

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FAQ

Are Audits Necessary in UAE?

Audits are compulsory for companies with turnovers over AED 50 Million on the mainland who are registered for corporate tax. Free zone businesses have to conduct audits if they are QFZPs (Qualifying Free Zone Person).
Free zone businesses will need to hire an audit firm in Dubai if they generate qualifying income that exempts them from taxation. Audit requirements differ by free zone authorities.
You should conduct an internal audit if your company is in need of a performance boost or workflow restructuring. An external audit is requested by external parties to determine the potential of their investment in a company.
You can hire Momentum to handle all your auditing needs. Our team can provide both internal and audit services that are reliable and organized.
Every audit starts with the auditor planning out the audit process. Then, they will collect and review all the necessary documents. They may also interview some employees. The audit report will be presented at the end of the audit, containing all the findings.
A business is generally expected to completely cooperate with an auditor during the audit process and hand over any requested documents. They may want documents like bank statements, trade license, company formation paperwork, payroll information, email and memo communications.
If you don’t follow the audit requirements, your business faces the potential of penalties from the government. You may also not be able to renew your trade license to continue your operations. Momentum provides an audit service in Dubai that can help you avoid this.
An audit generally takes a few months to complete. As the process requires detailed examination of a company’s records, auditors may spend a long time working on their assessment and preparing the report.
Companies registered for corporate tax are required to conduct yearly audits and submit their audited statements to the relevant authorities. An audit service in Dubai can help you plan your audit so that you don’t miss the deadline.
If you own a free zone company that is exempt from corporate tax, you need to submit the annual audit statements to the free zone authority to maintain 0% taxation.

Request for Our Free Consultation

We provide business consultancy services in Dubai. We can help you set up your dream business in Dubai.

Choose Momentum for business setup in Dubai or anywhere in the UAE, and get access to seasoned professionals with expertise across free zones, mainland, and offshore. We also offer additional support services like opening a bank account, accounting & auditing, trademark registration, golden visa, and corporate tax registration, making us a reliable and comprehensive solution for your company formation needs.

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ROBIN PHILIP Profile
ROBIN PHILIP
Founder/Managing Partner

From setting a clear vision, making strategic decisions, fostering innovation, to leading a team to achieve goals, an effective leader plays a crucial role in guiding and steering an organization towards success. One such leader is Robin Philip, Founder and Group CEO of A&A Associate LLC. Robin began his career in the finance sector, working at a prestigious bank in India, where he discovered a passion for assisting individuals with their banking needs. Driven by a desire to support entrepreneurs and startups, as well as share his wealth of knowledge and experiences, Robin founded A&A Associate.

Initially, the focus of A&A Associate was on providing accounting and auditing services to companies in the UAE, addressing the increasing demand for such specialized services. Over time, under Robin’s leadership, the company evolved its services to encompass comprehensive business formation solutions in the UAE. This expansion covered a spectrum from licensing to liquidation services, reflecting Robin’s commitment to helping individuals worldwide realize their aspirations of establishing successful businesses in the UAE.

Robin Philip’s journey exemplifies the transformative power of visionary leadership, as he navigated from a banking career in India to founding and leading A&A Associate, playing a pivotal role in the growth and success of the company. Let’s hear from him.

Rohan Malhotra
ROHAN MALHOTRA
Founder / Chief Executive Officer

Rohan Malhotra is the Founder and CEO of Momentum Consultancy and the brain behind setting up a new age concept agency. Rohan comes with over 20 years of experience of working across countries both in the private and public sector.

Rohan started his career in the banking and financial services industry working across departments with some of the finest institutions like the Commonwealth Bank of Australia, ANZ, National Australia Bank and Commercial Bank of Dubai.

Prior to starting Momentum Consultancy, Rohan worked as a Trade and Investment Director with the Australian Federal Government, where he was responsible for attracting and facilitating foreign direct investment in the fintech, energy, mining and sectors between the UAE/GCC and Australia. With vast experience set across businesses and regions, he has helped multiple businesses scale in the region and across continents.

Rohan holds a Master of Business Administration from La Trobe University (Melbourne, Australia) majoring in Management Fundamentals, Marketing and Finance. Born and brought up in a business family, Rohan attained his schooling in Mumbai and Bachelor Degree in Business Management from Mumbai University (India) and he is well connected in the business and showbiz industry.

Together with his wife Francesca Bouwman, they have set up and successfully own other consultancy agencies and are actively involved in managing and running an NGO/boarding home in India. Under the name of Sneha Sadana, the project provides food, shelter, clothing and education to 86 under privileged and orphaned girls.