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  • Internal audit

External Audit Services

Our experts at YCA help you meet IFRS & GAAP regulatory standards, strengthen your credibility, and power your business to make smart decisions through performance-driven insights.

External Audit - Understanding Its Purpose

An external audit is a comprehensive financial health check of your company's records and statements conducted by a qualified third-party auditor. They ensure that all documents are accurate and comply with international auditing standards, such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).

External audits also give detailed insights into a business's financial credibility to banks, investors, and regulators - and help them stay right on the books of law.

External Audit - How We Approach?

We follow a simple, efficient, and straightforward roadmap to ensure every audit is valuable and result-driven.

1. Auditor Appointment We ensure that only a highly qualified and certified auditor is assigned to your business.

2. Engagement Letter Find the audit scope, timelines, responsibilities, & documents to review in the engagement letter - so you know what we do, with no surprises.

3. Audit Program Our auditor will collect and assess business documents to identify potential risks and recommend appropriate measures. The details include

  • Basic business details
  • Company payroll, purchases, ledgers
  • Compliance documents with regulatory
  • Files that contain errors or inconsistencies

4. Gathering Evidence Documents that are financially legit, accurate, and meet accounting policies are recorded and presented to the business.

5. Report Submission Receive a 360-degree audit report of our findings and suggestions - ideal for tax filings, license renewals, loan updates, and more.

Documents Required For Smooth Auditing

We generally ask for the following documents for a hitch-free auditing process -

  • Invoices & Receipts Of Assets
  • Bank Statements & Reconciliations
  • Payroll & Tax Filing Records
  • Loan Agreements & Trial Balance
  • Ledgers & VAT

External Auditors- Why Are They A Smart Investment?

Opting for external auditors may help you meet legal requirements as per IAS, IFRS, & other standards - but that's not all the gain. You get:

  • To build a stronger business
  • An open and transparent view of your financial growth
  • Clear and accurate reports
  • Good relationship & confidence from investors
  • To comply with new tax laws and license renewal procedures

Why Choose YCA As Your External Auditing Partner?

From our deep expertise to our commitment to keeping you competitive, several reasons set us apart.

  1. Certified professionals, fully independent from top firms
  2. Auditors highly skilled in IFRS, GAAP, and UAE laws
  3. Customized solutions based on each business's needs
  4. Detailed reports highlighting risks and protective measures
  5. Internal control suggestions to elevate business efficiency

Ready To Talk About Your Next Audit?

Make us your trusted audit partner & get your numbers clear, legit, and in control.

Ring Us

Queries You Might Have In Mind?

1. What is an external audit?

An external audit is an independent valuation of a business's financial records to ensure they are accurate and comply with different accounting standards.

2. Why does my business need an external audit?

You would want to conduct an external audit to build trust with investors, meet legal requirements, and detect financial fraud.

3. Who conducts the external audit?

It is usually carried out by accounting firms like YCA or a licensed auditor who is not employed in your business.

4. How often should you conduct an external audit?

It depends on the law and company type, though it is suggested to be done annually.

5. What do I need to prepare for an external audit?

You must create a checklist with tax returns, internal controls documentation, financial records, trial balances, and more.

6. What is included in the auditor's final report?

The auditor would suggest improvements for business growth, a financial review summary, and their qualified opinion.