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Audit and Assurance

Auditing firm in UAE

audit

1. Financials Statement Audits

We carry out Statutory and VAT Audits to ensure that your financial statements present a true and fair view of financial positions and operational results in accordance with the guidelines issued by the regulations.

Purpose of Statutory audit Reports

• Frequently requested by banks nowadays in order to monitor the transactions of companies in view of new compliances advocated by the Central Bank as well as the legislative requirements posed by the new Anti-Money laundering law.

• Reporting to Investors about the independent financial position of the company and thereby the distribution of accurate dividend or profit share.

• Mandatory for ESR annual filing requirement.

• Mandatory for Free zone entities for license renewal.

• Advised by DED SME, ADNOC as well as various other government bodies for submitting tenders or availing incentives.

• Required by government companies and major corporates to review the financial position before granting any work or business .

• Required by banks and financial institutions for granting finance and other credit facilities.

How we can help

Our sister audit firm Mansoor Mulla Auditing is DMCC, JAFZA, DAFZA approved auditors with license number 738553 and approved by the Ministry of Economy to carry out activities of Auditing.

We are in the process of listing other free zones as well. We are well known to all major banks of UAE and also are listed with some of the prominent banks.

The Audit reports we provide will serve all the purposes enlisted above and you can rely on our prompt and timely delivery of audit services..

2. Stock Audits

The major revenue leakage or loss for any trading entity is the loss associated with the mismanagement of inventory.

Regular stock audits and verification ensures mitigating the risk associated with damage or theft of inventory..

Why Stock audits

• Stock value is a major constituent of the profits of the company. A wrong valuation of stock may result in over or under-reporting of profits thereby totally changing the financial outlook of the company.

• Verify the accuracy of store records.

• It discloses any fraud, thefts, and loss of goods in stock.

• Show weakness in a storage system and internal controls.

• Stock valuation is also required for the calculation of yearly zakat and paying to the Department of Islamic Affairs.

How can we help

Our vibrant audit team will visit your premises and locations where inventory is stored and make an action plan for carrying out physical verification of inventory.

Based on the plan, they will carry out stock counting and verification without affecting or halting your day-to-day business operations.

They classify goods based on aging, identify obsolete or damaged goods and submit a detailed report reflecting the variation of physical stock with book stock if any, and advice for recommendations and improvement.

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3. Impact analysis of adoption and implementation of new/revised IFRS standards

Where applicable, we carry out reviews and provide an impact analysis of reporting under International Financial Reporting Standards (IFRS), Indian Accounting Standards (Ind – AS), or US GAAP. We also ensure that reporting requirements are adequately met. In the current scenario, the insurance companies are in the process of aligning their accounts as per the new IFRS 17 as it supersedes IFRS 4 and is effective for periods.

4. Internal Audit and Controls

We review and evaluate the effectiveness of your organization’s internal controls. Based on the risk assessment, we evaluate the adequacy of existing internal controls and perform checks on whether these are appropriately implemented. The processes, risks, and controls are documented, recommendations are provided for improvement, and we stay involved through the implementation.