External Audit Services in Dubai – UAE
The Importance of Audit of Books of Accounts and Records.
The importance of audit is increasing with the passage of time – as there are always more things to review and whistle when things are deviating. The businesses becomes more complex and the management of company a re playing different methods to beat the market. When the countries or societies are progressing at greater speed with technological developments, new ways of doing things are arising.
In order to cover such activities, accounting and auditing have to cope up with the market movements and ensure that stakeholders’ interest are well protected. There has been an ongoing series of disclosures of fraudulent reporting by major companies, this will also point out the need for an effective audit.
The Purpose of Conducting a Financial Statement Audit.
Having an expert opinion independently from the management of the company is highly essential to ensure that what is reflected through the balance sheet/statement of financial position or profit or loss account is reliable or not. The purpose of the financial statement audit is to add credibility the the reported financial position and performance of the business. Tax authorities need the confirmation of sales and income, lenders typically require audit of the financial statement of any entity to which they lend finds. Suppliers may also require audited financial statements before they will be willing to extend the trade credit.
The External Audit Procedures.
A well planned verification is necessary to cover all the financial items with audit materiality. An audit involves the collection and evaluation of evidence in support to the conclusions arrived. The procedure which will assist the auditor in this direction are:
-
-
-
-
Planning and Risk Assessment – Involved gaining an understanding of the business and the business environment in which it operates and using this information to assess whether there may be risk that could impact the financial statements.
-
Internal Control Testing – Involves the assessment of the effectiveness of an entity’s suite of controls, concentrating on such areas as proper authorization, safe guarding of assets, and segregation of duties.
-
Substantive Procedures – involves a broad array of procedures, of which a small sampling.
-
-
-
Why MHR CA for Audit in the UAE?
For the past 10 years, MHR Chartered Accountants has been a trusted presence in the market, offering exceptional services with a focus on professional quality, real-time assistance, and upholding ethical values.
Other Audit Assurance Services:-
-
-
-
-
-
Internal / External Audit
-
Business Valuation
-
Due Diligence Valuation
-
IFRS Impact Assessment
-
Company Liquidation
-
-
-
-