AUDITING
An audit serves as an independent verification that an entity’s financial statements accurately represent its current financial position. This verification enhances credibility and instills confidence in customers/clients, stakeholders, investors, lenders, and potential buyers. Furthermore, it ensures that the organization fulfills its statutory requirements and adheres to regulations, guaranteeing 100% compliance with current obligations.
Apart from providing assurance, an audit plays a crucial role in detecting and preventing fraud. Skilled auditors possess expertise in identifying weaknesses in an organization’s systems and controls, proposing measures to fortify them and mitigate the risk of fraudulent activities.
Through a meticulous analysis of an organization’s financial transactions, an audit validates the accuracy of its financial statements. This thorough examination scrutinizes various aspects, such as income, expenditure, assets, and liabilities. Business owners can leverage this critical assessment, combined with the financial expertise of auditors, to enhance financial planning, budgeting, and informed decision-making for the future.
In Dubai, UAE, auditors and auditing firms undertake the responsibility of reviewing the accounts of companies and organizations to ensure the validity and legality of their financial records during the auditing process.
MAGNITUDE OF WORK
DETAILS OF THE AREA COVERED
We will audit the financial statements of our client, “the Company,” including the statement of comprehensive income, changes in equity, cash flows, and accounting policies.
Our independent audit will follow International Standards on Auditing and International Financial Reporting Standards. Our goal is to express an opinion on the accuracy of the financial statements, compliance with reporting standards, and proper bookkeeping.
As auditors, we may request specific documents to conduct a thorough examination and ensure the financial statements provide a true and fair view of the entity’s financial position.
Income: Revenue, Profit on sale 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 and notes to the financial statements.
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