AUDIT & ASSURANCE

Internal Auditing is a sovereign, objective assertion and consulting advisory carried out to add value and optimize an organization's operations. It helps an organization realize its objectives through a systematic and administered approach to evaluate and advance the efficacy of risk management, control, and governance processes. Internal Audit helps management to assess the position of the company periodically. The internal auditor will also point out the management all the short comings in the financial system followed by the company with regard to the statutory, AML and banking regulations. The prime objective of internal auditing is to provide insight into an organization’s culture, policies, procedures, and aid board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with relevant laws or regulations.

An audit is basically an in-depth inspection of account books and other financial records of a company. The audit procedure refers to performing the audit and giving suggestions for the betterment of the company that is being audited. Proper financial records should be provided to the auditor with verified proof, so that the auditor understands the current situation of the particular company, this process is very important so that the auditor provides results accurately and complete transparency and give necessary opinions to the company for its betterment. This process is done by a highly qualified independent auditor. The auditor's report must comply with the financial statements and also with the laws and regulations in order to keep away from the legal fines and penalties. In order to take loans a good audit report of financial statements is very essential. The auditor’s expert advice depends on what is shown through the balance sheets, statements of financial position, statement of profit and loss account’s reliability. Confirmation of sales and income that is required to show to tax authorities so that banks and financial institutions can lend funds to the company with full belief. Even a slight error in the audit report can make a huge difference to a company's position. Resulting in bad effects on the reputation of a company.

Forensic Audit refers to fraud investigation and is quite in demand for fraud investigation and examination services. The forensic audit consists of tracking & investigating the matters related to fraud, financial crimes & commercial disputes. It also looks into the root and causes of financial errors, alleged employee fraud, reduction in company revenue, increase in cost and other operational matters. Forensic auditing is required when there is fraud or crime in the business. This may involve shareholders, management, partners themselves indulging in fraud. Forensic auditing requires deep knowledge in the field of accounting and auditing and is generally applied for financial frauds.

VAT audit is a detailed examination of records and books of accounts of your business. It is an examination by the FTA to assess the risk possessed by an individual or a company. After almost 5 year of VAT implementation in Dubai, it's estimated that 95% of the total registrants have completed 5 years of Tax filings. It's high time for them to get themselves prepared for VAT Audit. Tax audits in the UAE will usually be conducted by the Federal Tax Authority (FTA) Representatives. Not all the businesses registered under VAT will be audited. FTA will pick random companies for VAT audits.

It is an inspection performed by someone in order to assure himself as to the authenticity of the matter and parties under consideration before going in for a legally binding contract or agreement or transaction. A little hard work at an earlier stage saves you from a crucial mishap in the near future. Since business transactions are expensive, companies should engage in due diligence services in order to reduce risks and make sure of positive results. Due Diligence Service in UAE helps you identify risks, prevent fraud and ensure economic viability. Financial Due diligence service is profitable to the buyers as well as the sellers. The businesses involved in mergers should make sure that all the financial and other information exchanged is verified and accurate. Our team can help you with providing regular reporting, facilitating decisions making, and assist you with post-transaction implementation procedures. We also help you with financial and accounting due diligence, strategic due diligence, IT/system due diligence, internal controls diligence, risk management, compliance diligence, etc. The time taken to conduct a complete Due Diligence depends on the scope of work and complexity of the business