A systematic scrutiny of books of accounts & statutory records to verify the financial position of an organization. It is legally mandated for all free zone companies doing business in UAE to submit their annual audit report with their respective authorities.
Auditors have a vital role to play in a business organization as it indicates the overall health of the business. Investors & management use audit as a tool to assess past performance and formulate future course of action.
Based on the objective for which it is being performed, an audit can be of various types:
Higher management use internal audit as an assurance to check all operations are being carried out effectively. Our competent auditors will provide an independent and objective assessment of your company's operations, specifically the effectiveness of the internal control structure.
Also known as statutory financial audit, a firm doing business in UAE has to submit its audit report 3-6 months within end of the financial year. We are approved with the Ministry of Economy to act as a licensed auditor. We are listed in all major free zone & our audit reports are accepted across UAE.
Today’s multinational corporations are facing the most challenging tax environment in history because of a combination of four global forces converging to create a perfect storm. The unstable environment created by these forces is resulting in a substantial increase in the number and size of tax audits, adjustments, and disputes. This surge is placing significant strain on the traditional methods of resolving tax controversies.
A revenue audit is a two-part process that examines the figures and information on a company's tax returns against those found in its business records. In general, auditors check the returns of income over a one-year period. However, they may review records for prior years too in case they notice any discrepancies.
Most companies, big and small, are subject to an audit at some point. Auditors can focus on one or more areas, such as your financial statements, compliance, tax information or business operations. Basically, their role is to investigate an existing report, system or entity. During a revenue audit, for example, a company's tax returns will be compared to its tax records. This can be done through substantive tests, completeness tests, cutoff tests and other procedures.
An interim audit is part of audit strategy where audit testing is performed on interim financial statements or near the balance sheet date. This is audit strategy is done for more efficient audit execution of procedures at the annual audit or final audit testing.
Frequently, an interim audit is also performed as the result of the request from the client as a response to financial institutions who are requiring their interim financial statements to be reviewed every quarter by the independent audit firm to be submitted to local regulator or authority and banks.