Internal Audit
The company’s internal control is being evaluated by the internal audit. The assessment covers the corporate governance and accounting processes. This type of auditing assists to sustain a precise and timely financial reporting and data collection which guarantees compliance with UAE laws and regulations. Likewise, auditing internal check provide management with tools needed to achieve efficiency on operations.
External Audit
An independent examination of the financial records prepared by the organization is called external audit. Its main objective is to verify that the accounting records are true and to provide an accurate picture of the organization’s finances. Likewise, it also intends to check if the statements are prepared in accordance with the set of laws in UAE and accounting standards
Tax Audit
Basically, a tax audit is a government’s assessment of a company regarding their responsibility as a taxable entity. This is conducted by the Federal Tax Agency (FTA) to ensure that every liability is being paid by the company likewise every tax due is being collected and given to the government within the timeframe given. Also, a company is being assessed by the government to check whether such liabilities are properly arrived as per the provisions of the relevant UAE laws.
Revenue Audit
An examination of the information and figures shown by a taxpayer in their tax returns against those shown in their business records is called revenue audit. A company ought to prepare all books and records related to the tax for the period of the audit. These must be presented to the auditors for scrutinizing purposes on the first day of audit. Generally, auditors in UAE check the returns of income over a one-year period. Nonetheless, they may also review the records for earlier years on the off chance that they notice any inconsistencies.
Interim Audit
Interim Audit is an audit which is conducted by the auditing firms in Dubai and the rest of the UAE between two financial years which aims to conduct a beforehand identification of threats and to prepare corrective measures at an early stage. It comprises the comprehensive and thorough examination of transactions and review of records and accounts up to the date of interim audit.