Financial Statement Audit
- Posted by: admin
- Category: Audit
In our financial statements audit, we undertake to gather evidence and provide a high level of assurance that the financial statements follow generally accepted accounting principles (GAAP), international accounting standards (IASs) and International Financial Reporting Standards (IFRSs) as well.
Through our financial statements audit we are searching and verifying the accounting records and examining other evidences supporting the financial statements.
By gathering information about the company and its environment, including internal control; inspecting documents; observing assets; making inquiries within and outside the company; and performing other auditing procedures, we will gather the evidence necessary to issue an audit report.
What create demand for financial statements audits service
Financial statements audits service will be necessary because of the following:
- Most of authorities in UAE will ask you for audited financial statements for the purpose of renewing the licences (Free zones authorities always ask about audited financial statements).
- Most of the banks in UAE will ask for audited financial statements to study the possibility of approving the bank facilities required by your company.
- Main suppliers in UAE will ask you for audited financial statements to study the possibility of approving the credit facilities required by your company.
- Audited financial statements are mandatory required according to commercial companies federal law no. (8) of (1984) for Public-joint Stock , Private-joint Stock and Limited Liability Companies (see articles from 144:151 , 246 , 253 , 270)
- In the new proposed commercial companies federal law draft published in the newspapers and expected to be issued at the end of 2012 or 2013, the managers of LLC will be imposed a fine on no proper accounting records maintained for the period of five years or on any intentional hiding for the real financial position of the company.
- Audited financial statements considered one of the major evidences can support the lawsuits and the legal disputes for or against the company and vice versa.
- Audited financial statements can help the management, the owners, the external and the internal parties to determine the reliability of the companys financial position.
- Audited financial statements provide a high level of assurance that the financial statements follow the (IASs) and the (IFRSs).
- Auditors always considered as a professional advisors to the accounts departments and the management, the accounts departments always asking about the best practice of accounting and internal control.
How we can support you:
Alberts Accounting and Tax Consultants work takes into account all current and where appropriate, prospective auditing, accounting, and reporting regulations and guidance. Our audit clients include many of the U.A.E.s leading corporations, as well as many small and medium-sized companies.
- Compliance with regulations
- Advice on controls and processing system weaknesses
- Confirmation of accounting treatments with respect to complex transactions
- Increased monitoring of prospective accounting and regulatory changes
- Independent review of externally reported information
- Accountants reports
Why we are differ from the other auditors in the market:
- We are using our own developed auditing software AuditingControl that will help us to manage all the audit procedures in the most efficient way and measure the performance of the audit engagement.
- We are synchronizing all the accounting adjustments with our client ledgers during the course of the audit and all the adjustments will be sent to the clients accounts department to reconcile the internal ledgers with the required adjustments done by the us or vice versa.
- All the notes details will be ready and will be emailed upon request after the audit process, so the accounts department always will be updated with all the information about the notes disclosed in our audited financial statements report.
- Our team always advise the accounts department about the best accounting practice.
- We are applying advance techniques for data analysis will help us to detect the possible biases due to the fraud or neglect ion actions.
- We are using statistical methods when selecting samples will be examined.
- We have overall control strategy will help us to make strong follow up with our client.