Auditing is a systematic and independent examination of books, accounts, documents and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. The auditor perceives and recognizes the propositions before him/her for examination, obtains evidence, evaluates the same and formulates an opinion on the basis of his judgement which is communicated through his audit report.
Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement.
As a result of an audit, stakeholders may effectively evaluate and improve the effectiveness of risk management, control, and the governance process over the subject matter.
- External Audit or Statutory Audit
This type of audit is done in accordance with specific laws or rules, on the financial statements of a company or organization, and opinion is independent and unbiased of the entity being audited and reports are addressed to the shareholders of a corporation. The manner of appointment, the qualifications, and the format of reporting by an external auditor are defined by statute, which varies according to jurisdiction.
- Concurrent Audit
This type of audit is done in same time with respect to the financial transactions or parallel with transactions thus preventing frauds and ensures timely detection of irregularities and lapses.
- Internal Audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. The scope of internal auditing within an organization is broad and may involve topics such as an organization's governance, risk management and management controls over: efficiency/effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting, and compliance with laws and regulations. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
- Stock Audit or Inventory Audit or Physical Verification
We can perform various methods to do this type of audit which are cut-off analysis, observation of physical inventory count, reconciliation to general ledger, cost review, testing high value items etc.
- Compilation and Review
In Compilation we can prepare financial statements of private entities based on information provided by the entity’s management. Also, review reports can be prepared by applying analytical procedures to financial statements.
- Cost Audit
It ascertain the accuracy of cost accounting records to ensure that they are in conformity with Cost Accounting principles, plans, procedures and objective. And represents the verification of cost accounts and check on the adherence to cost accounting plan.
- Liquidators Report
- We can prepare the liquidators report required to wind up an organization in UAE
It is an independent professional service, with the goal of improving the information or the context of the information so that decision makers can be more informed. Assurance services provide independent and professional opinions that reduce information risk.
- Analyze performance and provide with management reports
- Assurance to the shareholders regarding the performance of the company
- Assurance to the regulators
- Assurance services to shareholders, lenders and regulators
- Examine and attest company’s financial statements
- Verify transactions and report compliance with respect to the company’s policies and procedures