OPINION: Spotlight Series On External Financial Auditing In The UAE Why Your Audit Is Much More Than Just A Tick-Box Exercise

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September 20, 2024 / , ,

OPINION: Spotlight Series On External Financial Auditing In The UAE Why Your Audit Is Much More Than Just A Tick-Box Exercise

In the UAE, while the temptation to choose the lowest-priced auditor due to cost pressures is understandable, caution is advised. Audit firms that meet new regulatory standards, particularly related to Corporate Tax, are likely to be more expensive but offer essential expertise. Ministerial Resolution 111-2 of 2022 requires auditors to pass exams in IFRS, ISAs, and UAE tax regulations. As auditing and accounting practices evolve, businesses must ensure their auditor complies with these updated standards to avoid penalties. Selecting a reputable audit firm with extensive industry experience is crucial for effective and comprehensive auditing.

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