External Audits are also referred to as Statutory Audits. These Audits also known as Financial Statement Audits.
The Audit is required by Commercial Companies Law in UAE and Free Zone Laws.
The Audit is performed for all the Limited Liability Companies (LLC) formed in UAE and for Free Zone Establishments/Free Zone Companies setup under various free zones of the UAE.
Companies subject to external audit by Sangani and Company have following advantages over unaudited Companies -
Today’s business environment is becoming very complex due to the following reasons:
Continuous dynamism in the business environment results in various business risks facing the Company. In the quest or sole focus of growing the business, the owner may not identify or address the risks and also neglect the controls/systems in place. This could create obstacles to survival of the business.
Internal audits helps in identification and understanding the business risks facing the company and to understand/evaluate the controls in place to address the risks. Internal Audits are also known as management audits as the findings/results of these audits are for the management only.
Sangani and Company with its specifically assigned internal audit team assist the Company in the following -
Sangani and Company performs revenue audits of retail outlets to ensure completeness and accuracy of the numbers.