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.
Why Should Businesses Conduct Audits?
Specially designed packages to simplify your Account Management
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 companyтАЩs workflow. It is an auditorтАЩs job to deep dive into a businessтАЩ 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 companyтАЩs 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 youтАЩre 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.
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 youтАЩre 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.
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. ThatтАЩs 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.
How Momentum Stands Out as an Audit Firm in UAE
- Experience With Free Zone & Mainland Companies
- Diverse Industry Knowledge
- Compliant With Local & International Auditing Best Practices
- Attentive & Communicative Team
- Structured & Detail Oriented Process
- Unbiased Reporting
Frequently Asked Questions
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 donтАЩt 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 companyтАЩs 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 donтАЩt 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.
