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External Audit Manual

External Audit Manual Template for United Arab Emirates

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Key Requirements PROMPT example:

External Audit Manual

"I need an External Audit Manual specifically tailored for our Dubai-based audit firm that specializes in financial services clients, with particular emphasis on DFSA regulations and Islamic banking requirements."

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Document background
The External Audit Manual serves as the authoritative guide for conducting external audits within the United Arab Emirates' regulatory framework. It is designed to ensure compliance with UAE federal laws, including Federal Law No. 32 of 2021 and Federal Law No. 12 of 2014, while incorporating international auditing standards. The manual is essential for audit firms operating in the UAE, providing standardized procedures, documentation requirements, and quality control measures. It addresses specific UAE regulatory requirements, industry-specific considerations, and mandatory reporting obligations. The document is regularly updated to reflect changes in local regulations and international standards, serving as a crucial tool for maintaining audit quality and consistency across engagements in the UAE market.
Suggested Sections

1. Introduction and Purpose: Overview of the manual's objectives and scope, including its role in ensuring compliance with UAE audit regulations

2. Regulatory Framework: Comprehensive coverage of applicable UAE laws, regulations, and international standards governing external audits

3. Independence and Ethics: Requirements for maintaining auditor independence and ethical conduct as per UAE regulations and international standards

4. Quality Control System: Firm-wide quality control policies and procedures aligned with ISQC 1 and UAE requirements

5. Client Acceptance and Continuance: Procedures for evaluating potential and existing clients, including risk assessment protocols

6. Audit Planning and Risk Assessment: Methodology for planning audits and assessing risks in accordance with ISA and UAE requirements

7. Audit Execution Procedures: Detailed guidance on performing audit procedures, gathering evidence, and documentation requirements

8. Review and Supervision: Protocols for review of audit work and supervision of audit team members

9. Reporting Requirements: Guidelines for audit reports and other communications in compliance with UAE regulations

10. Documentation and Record Retention: Requirements for maintaining audit files and records as per UAE law

11. Quality Assurance Reviews: Internal and external quality review procedures and requirements

Optional Sections

1. Industry-Specific Guidance: Specialized procedures for specific industries such as banking, insurance, or real estate, included when the firm has significant industry focus

2. IFRS Implementation Guidelines: Detailed guidance on IFRS application, included for firms dealing with complex IFRS issues

3. Group Audit Procedures: Specific procedures for group audits, included when the firm handles consolidated entities

4. Special Purpose Audits: Procedures for special purpose engagements, included based on service offerings

5. Technology and Data Analytics: Guidance on using audit software and data analytics tools, included based on firm's technological capabilities

6. Free Zone Entity Requirements: Special considerations for auditing entities in UAE free zones, included if applicable to client base

Suggested Schedules

1. Appendix A - Audit Programs: Standard audit programs for different account areas and assertions

2. Appendix B - Documentation Templates: Standardized working paper templates and checklists

3. Appendix C - Report Templates: Standard formats for audit reports and management letters

4. Appendix D - Risk Assessment Tools: Templates and matrices for risk assessment procedures

5. Appendix E - Quality Control Checklists: Engagement quality control review checklists

6. Appendix F - Independence Declarations: Standard forms for independence confirmations

7. Appendix G - Regulatory Compliance Checklists: Checklists ensuring compliance with UAE regulatory requirements

8. Appendix H - Client Acceptance Forms: Standard forms and checklists for client acceptance procedures

9. Appendix I - Reference Materials: Key excerpts from relevant laws and regulations

10. Appendix J - Technical Updates: Recent changes in standards and regulations affecting audit procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Audit Documentation
Audit Evidence
Audit File
Audit Firm
Audit Opinion
Audit Partner
Audit Program
Audit Report
Audit Risk
Auditing Standards
Client Acceptance Procedures
Engagement Letter
Engagement Partner
Engagement Quality Review
External Audit
Financial Statements
Going Concern
Independence
Internal Control
International Financial Reporting Standards
International Standards on Auditing
Materiality
Ministry of Economy
Professional Judgment
Professional Skepticism
Quality Control
Regulatory Bodies
Risk Assessment
Sampling
Securities and Commodities Authority
Standard Audit Procedures
UAE Commercial Companies Law
UAE Federal Law
Working Papers
Clauses
Scope and Objectives
Regulatory Compliance
Professional Standards
Independence Requirements
Quality Control
Client Acceptance
Risk Assessment
Audit Planning
Documentation Requirements
Evidence Collection
Sampling Procedures
Review and Supervision
Reporting Requirements
File Retention
Confidentiality
Data Protection
Professional Ethics
Communication Protocols
Quality Assurance
Technology Usage
Staff Training
Conflict Resolution
Anti-Money Laundering
Internal Control Assessment
Fraud Detection
Going Concern Evaluation
Related Party Transactions
Professional Liability
Record Keeping
Archival Procedures
Relevant Industries

Financial Services

Banking

Insurance

Real Estate

Manufacturing

Retail

Healthcare

Energy

Technology

Telecommunications

Construction

Hospitality

Education

Professional Services

Government Entities

Free Zone Companies

Relevant Teams

Audit

Quality Assurance

Risk Management

Technical Standards

Compliance

Professional Practice

Learning & Development

Methodology

Relevant Roles

Audit Partner

Senior Audit Manager

Audit Manager

Senior Auditor

Junior Auditor

Quality Assurance Director

Risk Management Officer

Technical Director

Compliance Officer

Professional Standards Manager

Methodology Manager

Training Manager

Engagement Quality Reviewer

Industries
Federal Law No. 32 of 2021 (Commercial Companies Law): The primary legislation governing companies in the UAE, including requirements for external audits, appointment of auditors, and their duties and responsibilities
Federal Law No. 12 of 2014 (Auditing Profession Law): Regulates the audit profession in the UAE, setting requirements for licensing of auditors and audit firms, professional conduct, and quality control
UAE Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering: Relevant for auditors' obligations in identifying and reporting suspicious transactions and maintaining proper documentation
International Financial Reporting Standards (IFRS): Mandatory accounting standards adopted by the UAE for preparation and audit of financial statements
International Standards on Auditing (ISA): Professional standards for conducting audits in the UAE, as adopted by the Ministry of Economy
ADAA Resolution No. 1 of 2017: Abu Dhabi Accountability Authority regulations affecting audit procedures and reporting requirements for entities in Abu Dhabi
SCA Board of Directors' Decision No. (7/R.M) of 2016: Securities and Commodities Authority regulations concerning audit requirements for listed companies and financial markets
UAE Corporate Governance Code: Guidelines affecting audit committee formation, internal control requirements, and interaction with external auditors
DFSA Audit Module (AUD): Specific requirements for auditors operating in the Dubai International Financial Centre (DIFC)
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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