Shuraa Tax provides top-notch financial audit services in Dubai, aiming to guarantee the honesty and openness of a company’s financial records. Conducted in the UAE, the financial audit evaluates the company’s financial statement. The outcome of this audit is a certified audit report, affirming that the company has accurately and impartially represented a fair and authentic financial statement.
What constitutes a Financial Statement Audit Dubai?
Conducted to uphold the standards of reporting and adhere to the guidelines of Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS), and International Financial Reporting Standard (IFRS), a financial statement audit ensures alignment with these regulations. Our meticulous financial auditors diligently examine the financial records, ensuring meticulous attention to detail, and produce a precise and genuine financial audit services in Dubai.
Financial Audit Services in Dubai
The primary goal of a financial audit is to enhance the credibility of a business’s financial position and performance. By availing financial audit services, a company gains access to valuable and meaningful insights into its operations.
A financial audit aids in pinpointing internal management issues and provides crucial profound insights. These insights enable the company to effectively address present and future threats and challenges, facilitating informed decision-making. Shuraa Tax stands out as one of the premier audit firms in Dubai.
Goals of Financial Statement Audits in Dubai
The fundamental purpose of financial statement audits is to enable auditors to assess the accuracy of financial statements prepared by management. It is crucial that these statements comply with recognized accounting policies and relevant statutory requirements. The audit report plays a vital role in disclosing all material matters, ensuring comprehensive transparency.
Purpose of Financial Statement Audits:
Here are the key aspects outlining the purpose of financial statement audits:
Planning and Risk Assessment:
Methodical Audit Planning:
- Thorough planning involves gaining an in-depth understanding of the business and its environment.
- Risk assessment helps analyze the potential for misstatements in the financial report.
- Customized audit procedures are applied based on the organization’s risk level.
Internal Controls Testing:
Second Phase Emphasis:
- Internal control evaluation is a critical phase in financial statement audits.
- Focus on activities and procedures to prevent fraudulent data related to transactions and assets.
- Strong internal controls result in a more streamlined and less detailed audit process.
Substantive Procedures:
Line-Item Evaluation:
- Substantive procedures are tailored for each line item in financial statements or disclosed in notes.
- Shuraa Tax services include various procedures based on business needs.
Cash:
- Review of bank statements, petty cash, on-hand cash, and bank reconciliation.
- Interviews with cashiers and bank confirmations.
Accounts Receivable:
- End balance checks, reconciliation statements, and confirmation procedures.
- Testing of cut-off procedures and year-end sales evaluations.
Inventory:
- Physical stock counts, examination of supplier invoices, and testing of cut-off procedures.
- Verification of inventory lists at other locations and testing of overhead allocations.
Accounts Payable:
- Testing cut-off procedures and confirmation of balances.
Assets:
- Observation of assets, purchase and disposal authorization, and verification of market value.
- Testing for impairment and recalculation of depreciation and amortization.
Revenue:
- Review of sales invoices and subsequent transactions Revenue recognition.
- Sending confirmations to customers and evaluating abnormal transactions.
Expenses:
- Evaluation and review of bills or subsequent transactions.
Why are Financial Statement Audits Important?
Here are the reasons indicating the importance of Financial Statement Audits:
- Process Improvement: A thorough audit process identifies areas for improvement in the company’s controls and enhances the overall quality of its business processes.
- Investor Assurance: Financial statement audits offer a high level of assurance that the statement amounts and disclosures are free from material misstatements, providing confidence to investors.
- True and Fair View: The financial statement presents a true and fair view of the company’s finances in all material aspects, aligning with established accounting principles.
- Consistency Enhancement: Financial audits contribute to consistency in financial reports across different companies, facilitating effective analysis and decision-making.
Varieties of Financial Statements
Shuraa Tax provides financial audit services in the UAE, ensuring adherence to all standards by gathering evidence and offering a high level of assurance. Shuraa offers four distinct types of financial statement audit services:
- Balance Sheet: A balance sheet elucidates the financial position of a company, presenting a snapshot of its assets, liabilities, and equity.
- Income Statement: Also referred to as a profit or loss statement, the income statement outlines the company’s financial performance, indicating net profit or net loss.
- Cash Flow Statement: Describing the movement in cash and bank balances over a specific period, the cash flow statement provides insights into the company’s liquidity.
- Change in Equity Statement: The statement of changes in equity details the alterations in the owner’s equity, presenting a comprehensive view of equity movement.
Audit Services in Dubai
Shuras Tax is offering the best audit services in Dubai that includes:
- Internal audit services
- Tax audit services
- Company liquidation audit services
- Stock audit services
- Risk management audit services
Shuraa Tax Prioritizes Fundamental Principles in Financial Statement Audits
Our emphasis lies on upholding integrity to provide a fair and honest audit report. Confidentiality is paramount, and we commit to not disclosing any information to third parties. With the right skill set and competence acquired through adequate training, we ensure proficiency in our services. Our approach involves effective and timely planning and execution of audits. Additionally, we strictly adhere to audit standards, offering easy support to our valued clients! Call +971 508912062 or send an email to info@shuraatax.com get in touch with us.