The UAE audit landscape has grown potent over the years. As a firm wielding over 30 years of experience in the UAE within the audit, advisory and consulting space, we have had a ringside view to the paradigm shifts that transformed businesses and their compliance regime. Through it all, UHY James has cemented its position as a guiding force in helping businesses change directions to match pace with an evolving regulatory environment.
Backed by solid industry expertise and more than 200 years of leadership-level experience, the firm has been privileged to be the partner of choice for over 1,000 clients who were catered to since the beginning.
The surge in business entities and the rising need for taxation and AML compliance in the UAE’s economic landscape make it almost mandatory for majority of businesses to embrace financial discipline and maintain audited financial reports to be in complete compliance with the established regulatory framework in the UAE.
Interestingly not only has the UAE financial landscape become stringently regulated and compliance-centred but has also taken bold strides in digital advancement in the realm of auditing. Documentation of the audit process has taken the digital route along with key progress in the areas of advanced analytics, artificial intelligence and automation of sampling methods that enhance audit efficiency.
Embracing the wave of change, Big 4 firms and some mid-tier firms have developed customised software that makes the audit process as seamless as possible. Other audit/accounting firms are turning to tech-based solutions available in the market. Caseware, for example, is a tech-based solution that finds resonance among more than 500,000 accounting professionals across 130 countries. Audit Command Language (ACL) Analytics is a data extraction and analysis software used for fraud detection and prevention, and risk management. In an increasingly dynamic business landscape dotted with unforeseen headwinds, it is imperative to strengthen the audit process and procedures to ensure businesses are steered in the direction of continued growth and progress.