An external audit is an independent examination of the financial statements prepared by the organization, It is usually conducted for statutory purposes. An audit results in an audit opinion about whether the financial statements give a 'true and fair' view of the:
- State of affairs of the organisation and
- Operations for the period
External auditors are accountants who work independently of a particular company. They examine company records and operations to ensure financial statements are accurate. External auditors are important to establishing your small business' credibility and to ensuring compliance with local & tax laws.
In UAE business environment, following are most common audits which organizations seek from independent auditors.