A business setup in Dubai can be a lucrative opportunity to make profits, grow internationally, and create a reputed brand name. At BCM Corporate Services LLC, we have years of experience nurturing businesses across all scales and industries for a hassle-free establishment in Dubai.
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As a leading audit firm in Dubai, we at BCM Corporate Services LLC seek to help our clients comply with all domestic and statutory audit regulations in the UAE. Whether it be an entrepreneurial SME or a corporate establishment, audits are required for all types of businesses due to a variety of reasons – for financing needs,
lender requirements, sale or purchase of a business, to formulate a business plan, or as a contractual and third-party requirement. Not only does auditing of accounts provide business owners with valuable and reliable information, but it can also be the starting point for an ongoing and constructive conversation about the future of your business.Here at BCM Corporate Services LLC, we can provide you with a service that is far more than just a simple business audit. We are one of the best audit firms in Dubai and take pride in our top auditors who strive to work closely with you to identify issues within the existing system and ensure that your business remains compliant with sufficient checks and safeguards in place.
Our highly experienced and professional team of auditors in Dubai follow all the protocols and practices mandated by the international standards and other local laws and regulations followed in UAE. In addition to helping you determine the type of assurance that your business needs, we can also help you improve on your financial and operational structures to achieve your business objectives. To learn more about our audit and assurance service for firms in Dubai and across UAE
BCM is an approved auditor across various free zones (JAFZA, DMCC, RAKEZ, DSO, SAIF, DTEC, DIC, DWC and various other free zones) and we also have affiliates all over UAE to carry out any kind of service. We are also an approved auditor by major banks in the UAE
Auditing is not just about numbers; but much more than that. The auditing arena is undergoing a rapid transformation with various changes in regulations and technologies. Auditors in Dubai play a constructive role in society by delivering added value to clients and critical insights to enhance the performance of the company.
Businesses need auditors who understand their industry, geography, political and economic policy challenges, their long-term strategy, including any risks that need to be assessed and managed. They need advisors who can use this crucial information into the audit process in the most accurate manner
Auditing is the act of evaluating and determining if financial, operational, and strategic goals and procedures in businesses comply with stated principles as well as organizational and, more crucially, regulatory obligations. Indeed, compliance with regulatory norms, rules, and regulations is one of the reasons behind auditing and has been the primary reason firms have their financial statements, operational processes, and strategic imperatives audited historically and traditionally.
The purpose of periodic external audit is to enable the auditor to express an opinion on the financial statements of the company that are prepared by the company’s management and presented for audit. External audit is usually carried out for statutory purposes in compliance with the prevailing law and can be conducted only by registered audit and accounting firms.
An audit report is aimed at highlighting whether the financial statements prepared by an organization present a true and fair picture, and if they have been prepared in accordance with the appropriate reporting framework.
Through comprehensive planning, we devote time to fully understand each client and the business. By this, we can identify the key areas and risks to which the businesses are exposed and hence focus our audit effort thereon. We plan our engagements based on an assessment of internal controls and resources at client organizations, which in turn helps us to provide cost-effective external auditing.
Auditing services in Dubai. Our recommendations allow our clients to make practical business decisions leading to improvements in operations and thereby reducing inefficiencies.
In UAE, for organizations to function, submission of audit reports every year is made mandatory. BCM offer cost-effective and quality audit outsourcing services to all. We provide auditing services within the country as well as across the globe. A majority of our clients are from the UK and US.
Our professionally qualified and skillful auditors have deep knowledge in the field and offer world-class auditing services to our clients. Our auditors can easily analyze the working of your organization with their extensive expertise. All the queries related to the functioning of your entity can be answered by our experts:
Auditing is the independent examination of financial statements to prevent errors and fraud and to maintain accuracy in the data. The significance varies from type of audit conducted: Third-party assurance on financial statements add confidence to the management that their reports are free from material misstatements, therefore they could make quick decisions
The significance of Audit is increasing with the passage of time because there are always more and more things to reconsider and whistle when things are different. The businesses become more multifaceted and the management of the companies are playing different methods to beat the market.
When the countries or societies are rolling at greater speed with technological developments, new ways of doing things are arising. In order to cover such activities, accounting and auditing have to grapple with the market movements and ensure that stakeholders’ interests are well sheltered.
a) Evaluates the Risk of Misstatement
Without an audit system, a company would not be able to create reliable financial reports for internal or external purposes. Consequently, it would be unable to conclude how to allocate its resources and to know which of its segments or product lines are profitable and which are unprofitable. So, an audit system is crucial as auditors weigh up the risk of material misstatement in a company’s financial reports and help the company overcome the stumbling block.
An effective audit system is significant for a company because it facilitates the company to chase and accomplish its various commercial objectives. Business processes need various forms of internal control to smooth the progress of supervision and monitoring, to thwart and perceive irregular transactions, to gauge ongoing performance, to keep up adequate business records and to endorse operational productivity. Internal auditors reassess the design of the internal controls and casually propose improvements, and document any material irregularities to enable further investigation by management if it is necessary under any circumstances.
The cost of capital is significant for every company, in spite of its size. The cost of capital is largely the risk associated with an investment. A better audit system can lessen various forms of risk in an enterprise.
Internal audit doles out an important role for companies in fraud anticipation. Frequent scrutiny of a company’s operations and maintaining painstaking systems of internal controls can avert and spot various forms of fraud and other accounting irregularities. Audit professionals help out in the design and alteration of internal control systems to assure fraud prevention
BCM Accounting and Bookkeeping Services LLC offers strategically designed auditing services in Dubai for business and it involves various phases. Given below are the processes involved in the audit process of CDA.
Planning includes:
The amount of audit needed
The understanding of the organization and the businesses related to it
The tasks and procedures performed in it
The assessment of the risk of mistakes in the financial statement
Identification of the time limit required for the completion of this process.
It includes:
the information about the organization
the tests that are being used
the details of financial statements.
the weaknesses in the internal control processes or any issues which still need elaboration.
submission of the audit report to the higher authorities after completion.
It involves:
the understanding about the organization by applying different audit tests
the review of the invoices that are associated with all the expenses
review to clarify that the expenses are classified correctly and the vender actually exists
It includes:
checking all the details of the account and its accordance with the information present in the documents.
documentation of the reasons behind the changes in the accounts since the last audit
research and information gathering to justify those changes
It involves a review of the controls over software development, data processing, and access to computer systems. The aim is to spot any issues that could damage the ability of IT systems to provide accurate information to users, as well as to ensure that unauthorized parties do not have access to the data.
Operational audit
This is a detailed analysis of the goals, planning processes, procedures, and results of the operations of a business.
Investigative audit
This is an examination to locate and remedy control breaches, as well as to collect evidence if charges are to be brought against someone
6 to 18 months for new entities
12 to 15 months for Free Zones.
Usually, external audits are conducted annually. If the management of a company needs special purpose audits, it can be carried out for a different period or even number of years.
Any kind of risk can affect the performance of the company. Risk management audit services in Dubai help businesses to identify the risks and threats in order to find out the effective solutions of those risks in time in order to avoid the disasters of the risk and to have complete control of the situation.
Securing IT infrastructure is critical for any organization. Organizations are slowly understanding the fact that merely installing a firewall or intrusion-detection system will not secure their systems & critical data assets from external attack. An IT security audit provides invaluable information about an organization’s security controls. It enables companies to stay ahead of insider threats, security breaches, & various other cyberattacks that may put the company’s security, reputation, and finances at stake.
Financial statement audits, also known as statutory audits, refer to the examination of the financial documents of the company, an action performed by an accredited and independent auditor. The audit of the financial statements is performed to verify if the company presented its financial situation in a fair manner. The audit is done by an audit company in Dubai under the International Financial Reporting Standards (IFRS) and it will provide, amongst others, the following:
transparency between the management of the company and the shareholders;
identify areas which are vulnerable from a financial point of view;
varied measures can be recommended for avoiding the vulnerable sectors in the company.
Don’t let the complexities of your finances burden you any longer. Audits aim to help your brand reach its objectives, identify potential risk factors and enhance the operations of your business. Our audits are conducted in-house, not only outsourced. Statutory audit conducted by CAPEX involves the examination of an entity’s financial statements and accompanying disclosures completed by an auditor.
We perform non-statutory audits for reviewing and verifying an organization’s procedures, internal controls, management reports on financial matters etc. Audit reports issued by us are well received by banks and financial institutions and lend credibility to the clients financial reports.
Our internal audit reports also provide the management with the required assurance about their financial reporting processes. This type of audits assists the organizations in performance improvements and act as an independent check on the control systems for the benefit of the stakeholders.
Attestation procedures involve providing a report on a specific subject or a declaration about a subject matter which is the responsibility of another party. The Client is usually not dependent on the person making the declaration or issuing the report. Attestation can be in the form of certifications, review reports, audits, compilations, agreed upon procedures, and soon
Forensic tests are conducted to identify, collect and analyze information on financial matters in order to reconstruct the financial activities. We work deeply with the clients and their legal counsel to minimize organizational losses and increase the ROI.
We offer consultancy services in areas like fund and assets appropriation, embezzlement, employee theft, insurance fraud, errors in financial records, schemes on investment, securities fraud for various organizations like nonprofit and corporate organizations, legal counsel and small businesses and have an expert team to perform such operations.We at BCM Corporate services LLC, extend our quality services to our client with well experienced & qualified Business consultants with rich expertise in Auditing Services in Dubai so that client’s requirements of Business setup in Dubai. can be completed on time with satisfactory Results outcome. Please feel free to reach us for your Business setup and document attestation Services in Dubai requirements on our email id: info@branches.ae or call us on +971502585921