What to Look for When Choosing an Audit Firm in Abu Dhabi

When it comes to choosing an audit firm for your company, you must look at many aspects, such as education, audit experience, reputation of the firm, knowledge of local laws relating to audits, and many more. Choosing the right auditing company is challenging, that’s why we have put together below 8 important factors to look for before selecting the auditor. Using these standards, we have also compiled a reliable top 10 list of audit firms in Abu Dhabi to help you make the right decision.

1 – Relevant Experience and Industry Knowledge

When you hire an audit firm, you should check do they have experience in your industry and similar businesses. If they have worked with a business that is similar to yours then they can understand your processes and operations very well. This not only helps to make the audit work easier, but also give you an opportunity to learn from audit firm’s experience dealing with similar businesses as yours.

2 – Accreditation and Registration

Audit firms in Abu Dhabi need to be officially approved and registered with Ministry of Economy. If the firm if providing services to companies registered in free zones, such as Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), DMCC, DSO, etc. they need separate licenses from these free zones to be able to perform the audit for companies registered in these free zones. Another important factor to consider is the qualification of the field auditors, audit managers, and audit partners to ensure you are getting valuable services. The most common audit qualifications are ACCA, ICAEW, and CPA.

3 – Reputation and Client Reviews

The reputation of an audit firm is really important as it clearly shows the reliability of the auditor. Check the audit reviews and feedback from the existing and old clients. You can also request the list of companies’ auditor has worked with and see how these companies are doing. A good audit firm will usually have satisfied clients and strong relationships.

4 – Understanding of UAE Laws and International Standards

In the UAE, businesses must follow International Financial Reporting Standards (IFRS), so it is important to choose an audit firm that understands these standards. Also, the firm must know the local laws about VAT, corporate tax, anti-money laundering (AML), ultimate beneficial ownership (UBO), etc. 

5 – Range of Services Offered

Even if your main goal is to get an audit, it is helpful to pick a firm that offers more than just that. Many leading audit firms in Abu Dhabi also help with taxes, internal audits, risk reviews, business planning, and corporate services. A firm with knowledge and expertise in all these areas can serve you much better due to their broad exposure and experience.

6 – Use of Modern Technology

Leading audit firms now use modern tools like data analysis software, cloud systems, and different systems to find the compliance risks. These firms work faster and cost less due to the systems they use which significantly reduce the man hours. You must check which systems and software the firm and their staff is using to perform the audit and make your selection accordingly.

7 – Good Customer Services

A good audit firm should treat you with respect and always be helpful at every step, so that you do not waste time and money. They should answer your questions quickly and explain everything in simple words so that you do not misunderstand anything. Moreover, they must give you accurate details about your company’s financial health. A good company will always be there to help you out and be there when you need their support.

8 – Cost-effectiveness

The quality of the audit is really important, but finding an audit firm within your budget is also essential. It is important to find a company that gives you the right service at a fair price. This does not mean that you should always choose the lowest price every time. Sometimes, low prices can lead to highly unfavourable outcomes.

Also Read: Common Mistakes to Avoid When Hiring an Audit Firm in the UAE