We work to provide a systematic review of information along with the related documentation to identify gaps and risks that help clients to improve business processes, minimize costs, maximize profitability and achieve their business goals. We help the business to manage risk at an acceptable level. We offer a wide range of financial solutions synced with business processes.
We plan and devise our audit programs both at the micro and macro level of business. We apply stringent controls, analytical and substantive testing that highlights management weaknesses, loopholes in business processes, and risks involved. Our audit practitioners aim to add value by foreseeing problems and providing constructive and realistic solutions.
We believe in quality and economy of service pricing. We have years of experience blended with skills to ensure quality and timely completeness of assignments. We work with client management to plan, control, complete the assignment in a minimum time frame. Our audit and assurance services include a thorough understanding of the internal controls of our client's business and the extent of the risks involved in developing an appropriate approach suited to the client's needs
Audit and Assurance Services
Fraud Investigation Audit
Fraud investigation audit investigates a fraud that is needed to determine the exact depth of fraud committed, areas affected, and loopholes that caused the fraud to happen. The fraud investigation audit would help a company assess the actual loss of a company, both financial and non-financial.
Revenue audit is a limited scope audit where we verify revenue of an organization for a specific period and prepare a report that is either required by a leasing landlord of an organization or this audit may be conducted at the request of Federal Tax Authority. In general, we check the returns of income over a one-year period.
External audit is an independent review of the annual financial statements prepared by the organization. An audit leads to an audit opinion on whether the annual financial statements convey a true and appropriate picture of the situation of the organization.
Internal audit examines controls in the company, including governance systems and accounting systems. It enables you to ensure compliance with the rules and regulations and, helps to keep a timely and accurate financial data.
Information System Audit
Information system audit is part of a more general financial audit that reviews an organization's accounting records and financial statements. Information systems are designed in such a way that all financial transactions can be tracked.
Due Dilligence Audit
Due diligence audit is a careful study of a company's financial position. These reviews are often made prior to a purchase, merger, or other important decision that could adversely affect the finances of one or more companies.
Compliance audit is a comprehensive review of compliance with official guidelines by an organization. Audit report access the strength and effectiveness of compliance precautions, security policies, and risk management procedures during a compliance audit
Tax audit is a process of reviewing a taxpayer's records and documents in order to verify that the taxpayer has properly accessed, reported and paid his tax for the relevant year of assessment.
Frequently asked questions
What is an audit?Auditing is an official, impartial review of an organization's accounting books by an independent body to determine whether they are in compliance with the organization's policies and procedures, regulations, and laws.
What documents are needed by auditors to conduct the audit procedures?The auditor can request the following documents to carry out the audit. Please note that this list is not exhaustive and that additional documents may be requested depending on the type of company activity, company size, scope of business activity, etc. Purchase documents and related information Sales documents and related information Expenses documents and related information Ownership documents of an audited entity Bank statements Verification sample documents Operational information, if applicable Accounting software reports Independent third party confirmations
The audit processInitial meeting with client and audit engagement sign-off. Developing audit program and planning schedule. Visiting client, obtaining audit info. Performing substantive and analytical tests. Sending observations, queries and major issues to client and obtaining client feedback. Incorporating client feedback and submitting audited financials for client approval. Issuing final audit report.
What is the final deliverable at the completion of an audit and what it contains?Once the audit is complete, an auditor will publish a series of financial statements that include: Statement of comprehensive income (commonly known as an income statement) Statement of financial position (commonly known as the balance sheet) Cash flow statement Statement of changes in equity Notes to the above financial statements And Independent Auditor’s Report
What are the uses of an audit report?An audit report can have many purposes and uses. Some are stated below: Required as part of the documentation for immigration purposes UAE Federal Tax Authority (FTA) may request a business to submit audited financial statements as part of their procedure in some cases. Audited accounts are considered more reliable and can be used to settle disputes between Shareholders of a business to resolve disputes, being a third-party professional opinion about accounts. An audit report is accompanied by a “management weakness letter (MRL)” that states major issues and observations Auditors have observed during the course of the audit. This report can help the management to identify pitfalls and opportunities for business process improvement. It can fulfill the statutory requirements to submit audited financial statements i.e. submission of annual audited accounts to Free Zone Authorities in UAE. Commercial banks can ask for historical annual audited accounts as a part of their procedure during an assessment of the financial position of the loan applicant company.
Is every auditor eligible to conduct a particular Free Zone audit?No. An auditing company must meet certain requirements and be registered and listed with each individual free zone authority in order to be able to carry out an audit of companies in that particular free zone. The report of an unlisted auditor will not be accepted by the Free Zone Authority. We at Approved Auditors meet the requirements and are registered and listed to provide auditing services in Dubai, UAE.
Do all companies in the UAE mainland and Free Zone need to be audited by external auditors?No. While the statutory audit is not required by law for all companies in the UAE, there are certain jurisdictions and areas where the statutory audit is required by local regulations.