Financial statements audit services - UAE - Dubai

Financial Statements Audits Service

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:

  1. 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).
  2. 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.
  3. Main suppliers in UAE will ask you for audited financial statements to study the possibility of approving the credit facilities required by your company.
  4. 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)
  5. 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.
  6. 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.
  7.  Audited financial statements can help the management, the owners, the external and the internal parties to determine the reliability of the company’s’ financial position.
  8. Audited financial statements provide a high level of assurance that the financial statements follow the (IASs) and the (IFRSs).
  9. 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:

Abdelhamid & Co Certified Public Accountants & Auditors 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 client’s 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.
  • Our reports accepted by the power of law since we are licensed auditors by UAE Ministry of Economy.

 What is our fees structure system for the financial statements audits service?

Our fees structure system for the audit services consists of two types of fees systems that can fit all types and sizes of businesses and ensure that our client will have more options and more flexibility to select what he need according to what he can pay with a guaranty of providing high quality services.

  1. Fixed fees system
  2. Flexible fees system

 Under the fixed fees system we are quoting our audit service based on:

  1. size of the business

The following table will explain how we are determining the size of the entity:

 

 Micro-Size Entity

 Small-Size Entity

 Medium-Size Entity

Minimum Turnover

-       

3,000,001     

12,000,001     

Maximum Turnover

3,000,000     

12,000,000     

18,000,000     

Note: for the entities achieving more than 18,000,000 AED the flexible fees system will be applied

The advantage of the fixed rate system is elimination of the other factors that will cause raising the audit service fees

Under the flexible fees system we are quoting our audit services based on:

  1. Purpose of the audited financial statements
  2. Volume of transactions done during the year
  3. Availability of the accounting system
  4. Availability of the supporting documents
  5. Location of the company

The advantage of the flexible fees system is that the entity’s financial statements audits service fees will be vary from one year to another according to the volume of the transactions and the purpose of the audited financial statements.

 How many professional hours it will take to finalize the audit engagement for one fiscal year?

As a part of the dealing transparency concept with our clients we are disclosing the maximum professional hours should be applied for any audit engagement according to the fixed fees system applied.

The professional hours consider an integral part of our offer of the fixed fees system , so in case of comparison with other service providers’ quotations please ask the following question to them “How many professional hours your firm will spend to finalize the audit engagement?

The following table will explain the estimated maximum professional hours should be spent for any auditing engagement.

 

 Micro-size entity

 Small-size entity

 Medium-size entity

Planning stage

5     

10     

14    

Work-field stage

25     

45     

67    

Reporting stage

5     

10     

14    

Total professional hours per year

35     

65     

95     

Note:

(1) For the flexible fees system there is another professional hour’s matrix designed will be applied

(2) The planning stage and the reporting stage will be in our office

 

For any inquiries you can chat with us using WhatsApp or Telegram or fill the following form and we will get back to you as soon as possible:

Mobile: +971- 050-7948028

 

 

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