Audit & Assurance
Importance of Audit and Assurance
An audit delivers a reliable authentication to the company’s financial statements so that it assures that these are true and fair representatives of the company’s current situation.
It provides valuable credibility and confidence to clients, shareholders, investors, and customers of a company.
Second, it assists your company in accomplishing statutory demands and compliance. Hence it assures that the company is 100% complying with all of its existing statutory rules.
Moreover, it is an effective tool to evaluate fraud and the chances of committing deception.
Skilled and professional auditors are experts at identifying weaknesses in a company’s system. As a result, they suggest ways to enhance these to prevent fraud.
Further, an audit confirms the accuracy of a company’s financial statement by evaluating its financial transactions.
As a result, better financial planning, budgeting, and decision-making for the future can be done.
Validity to Financial Records
Above all, the auditors and reliable auditing firms in UAE review the accounts of companies. Hence, it assures the validity of their financial records.
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How do we assist?
Indeed, A E Y Auditing is among the top audit firm in Dubai, and to get the best audit services in Dubai, we are the best choice.
Especially, we are providing reliable audit assurance by all means in Dubai with approved auditors in DMCC. Therefore, It significantly delivers assured credibility to a set of financial statements, therefore delivering confidence that the accounting is fair.
Furthermore, we are in your help to improve the company’s internal controls.
Above all, our goal is to evaluate the accuracy of books of accounts. So, we notably confirm transactions’ authenticity and effectiveness.
Moreover, we also issue a report verified by auditors that also include our opinion.
Areas covered under financial audit:
Income: Revenue of non-current assets, other income.
Expenses: Cost of Revenue, Salary, and Wages, Depreciation, Contractual expenditure, Loss on sale of non-current assets, Bad Debts, Other Expenses
Current Assets: Cash & Bank, Short-term investments, Receivables, and Prepayments, Inventory.
Non-Current Assets: Property, Plant, Furniture, and equipment
Current & Non-Current Liabilities: Creditors and accruals, Loan Borrowings, Provisions for employee entitlements.
Other: Statement of changes in equity, disclosure of contingent liabilities,
Statements of cash flow, accounting policies coupled with notes to the financial statements.
The magnitude of work:
We, in general, audit the company’s financial statements by all means, including the notice of change in equity,
statement of comprehensive income, statement of cash flow, and the
conclusive summary of essential accounting policies with other explanatory notes.
We show our magnitude of work below:
First, we independently audit all the financial transactions according to International Standards on Auditing.
Second, we deliver an opinion and consultancy on whether the clients have managed a proper book of accounts.
We evaluate whether it made the financial statements in all material aspects with the applicable financial reporting framework. Therefore, according to material evidence, the complete financial report delivers an accurate view of the financial position.
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FAQs Of Auditing
The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.
According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.
Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.
However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level.
If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.
Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.
You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.
Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.
The mandatory documents by management are as below:
- Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
- Secondly, copies of vouchers, invoices, receipts, and bills
- Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
- Moreover, maintained reports of all the payroll functions of a business.
- Further, copies of legal documents of the business
- Verifications from clients, suppliers, associated entities, etc.
- Above all, evaluate related parties and transaction examinations with related parties.
- Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
- Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
- Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
- Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
- Firstly, we follow our services’ highest professional ethics and quality level.
- Secondly, our company has a fast-growing team of qualified & dedicated professionals.
- Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
- We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
- A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.
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Small steps taken today in the right direction can produce great results tomorrow.
I’ll be happy to schedule a call with you to discuss further.