Service Overview
An external audit is a statutory requirement for many businesses operating in the UAE, especially those registered inside free zones (such as DMCC, JAFZA, and DAFZA) or companies requiring audited financials for trade license renewals, bank financing, and investor reporting. Preparing for an audit can be a resource-intensive process that distracts internal teams from daily operations. At ABICO, we act as a bridge between your company and the external auditors. Our audit support services help you organize your financial records, prepare standard audit working papers, and resolve complex accounting issues before the audit commences, ensuring a seamless process with no unexpected adjustments or delays. Our External Audit Support Services include: - Audit Readiness Assessment: We review your trial balance, general ledger, and supporting schedules to identify transaction errors, missing documentation, or classification issues. - Year-End Closing & Reconciliations: We perform complete bank, customer, vendor, inventory, and intercompany reconciliations to verify balance sheet accuracy. - Preparation of Audit Working Papers: We draft standard audit files, including lead schedules, fixed asset registers, depreciation checks, provision computations, and aging reports. - IFRS Compliance Advisory: We ensure that your financial statements align with International Financial Reporting Standards (IFRS) and UAE statutory laws. - Auditor Liaison & Query Management: We handle all direct communications and inquiries from the external audit team, explaining complex entries and providing evidence to resolve queries quickly. - Financial Statement Drafting Support: We assist in compiling the draft financial statements, accounting policies, and notes to the accounts for auditor review.
Key Benefits & Advantages
Our Execution Process
Audit Planning & Scoping
Review trial balance, identify key transaction cycles, and coordinate audit timelines.
Reconciliation & Verification
Execute year-end bank, supplier, client, and internal account reconciliations.
Lead Schedule Preparation
Draft detailed schedules, fixed asset rolls, provisions, and accrual sheets.
IFRS Review
Review accounting policies, disclosures, and verify full alignment with IFRS.
Liaison & Query Resolution
Address all auditor requests, submit working papers, and clarify ledger entries.
Final Report Handoff
Review draft audit report, resolve audit adjustments, and obtain finalized audit statements.