Audit and Assurance

Audit and assurance provide an independent and objective assessment of the financial and regulatory compliances of a company for its management to make better-informed decisions. They also reduce the information risk by providing accurate data in proper documentation form.

Assurance in general English means a positive declaration intended to give confidence. The same applies in accounting firms. Assurance of a company can be gained through auditing at any given time. Sometimes it is recommended in situations
like:

  • Acquisition of a company

    When a company is being acquired, it’s always a good decision of buyers to get an audit and assurance of the selling company to know their financial and operational standing. As auditing is done by an external firm, both the parties can be assured of an unbiased report of the selling company by the auditor.

  • A stakeholders or investors’ concern

    An assurance can be asked by an existing stakeholder of the company or investors who want to put money in your business.

  • Government policy

    Sometimes the government can also ask for the audit of the company to acquire knowledge about its financial statements, executions of its laws and regulations and tax payment.

  • Routine review of the company

    it can be done to make sure all the operations of the company are running in an effective manner. When the management of the company decides to implement a new policy or revise an old one. It orders an audit to get the idea of how can it be implemented over all the areas of the company.

  • Risk assessment

    There can be many risks involved with faulty financial reports and inadequate operations and information systems. To assess and minimize the risk of various processes, an audit is ordered to assess it.

  • Management decision

    Sometimes management needs a clear picture with more clarity in reporting system of its organization to make informed decisions for business deals and growth of the company.

  • Public company

    All public companies need to provide audit and assurance reports quarterly or annually to government and its shareholders as it’s the policy.

  • Liquidation of a company

    When a management decides to liquidate a company, it is to the advantage of each stakeholder involved in it to get the books audited. an Audit will provide realistic information on the realization of net assets and liabilities which will help the management to properly manage the funds which is to be disbursed to the relevant stakeholders.

Types of audits offered by our top auditing firm in Dubai are:

      • Financial audit:  this department is the main component of assurance services. An independent audit of a company’s financial statements improves its credibility in the market attracting potential investors and increasing faith of its stakeholders by informing them where the finances are being spent by the company.  It gives a proper information about the financial records of the company and cross-checks the information of internal audit.
      • Compliance audit: the professional auditor of our firm checks whether the company is following all the rules and regulations described by the government. Auditors review security, user management, tax liabilities and risk management procedures over the course of its audit.
      • Information systems: it looks about the overall infrastructure of the company. They include project management procedures, network areas, security controls, data operations to ensure that all the operations of the company are running smoothly and are properly aligned with the company goals.
      • Operational audit:  the work procedures of a company may impact its finance in a direct or an indirect way.  In an operational audit, the company’s operations are scrutinized to provide insights to further improve its effectiveness and in turn, result in the growth of the company. This audit may use the financial data but its main concern is an independent and systematic evaluation of the company’s policies and achievements to present a proper report to the management with recommendations for improvement.
      • Integrated audits: this audit includes a comprehensive list of finance, compliance, information system and operational audits. It is done to evaluate the business or a particular process as a whole. It considers finance, operational and information systems are all interdependent and can lead to the rise and fall of the company. Ultimately it’s the business owners who are responsible for maintaining and implementing all recommendations across finance, operational and information system in an effective and efficient manner.
      • Due Diligence: Concept of due diligence has been lately evolved in the need of increasing exposure of business to financial threats. Due diligence is an audit form in which the main focus of an auditor is to track false behavior, practices etc. and reporting the same to management for their corrective actions. Auditor in due diligence uses his professional skepticism in order to develop material substantiation on misleading/false records and transactions.