Financial Statement Audit
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Best Financial Statement Audit Services in UAE
After establishing as a registered company, it’s essential to file annual financial statements accompanied and attested with an auditor’s report. According to the commercial companies Law, an audit of accounts is necessary for all the businesses in UAE.
What is a financial statement audit?
A financial statement audit is the independent examination of a company’s financial statements and its concerning disclosures by auditors. This provides a true and fair view of the company’s financial performance. The auditor’s report is accompanied by financial statements when they are issued to the recipients.
What is the purpose of financial statement audits?
Singiri Auditing supports your company’s financial statement audit by adding credibility to the reported financial position and performance of the business.
Security and exchange commission requires that all publicly registered companies must file annual reports for audit. Similarly, lenders require financial statements to which they lend funds. In other case, suppliers also require financial statements before they are willing to extend their trade credit.
What are the objectives of financial statement audits?
- This enables the auditor to express an opinion on the company’s financial statements prepared by the management.
- It’s essential that all the financial statements are prepared as per the recognized accounting policies and relevant statutory requirements. It’s significant that the report should disclose all material matters.
What is the purpose of financial statement audits?
Planning and risk assessment:
We do a methodical planning of how to carry out the audit by gaining an in-depth understanding of the business and its environment.
We do a methodical planning of how to carry out the audit by gaininInitially, we analyze and evaluate the risk of misstatements in the financial report. The audit procedure is completely customized based on the organization and its needs. In the case of high-risk, rigorous accounting procedures shall be applied and in case of low risk, we have lenient audit procedures. g an in-depth understanding of the business and its environment.
Internal controls testing:
Internal control is basically the second phase of a financial statement audit. It refers to the set of activities and procedures integrated into the system to avoid fraud data in relation to the transactions and assets. Segregation of duties, authorization process and safeguarding of assets is the main concern in internal controls. In case of strong internal control, audit turns out less lengthy and detailed whereas a weak internal control systems would require diligent audit procedures.
Substantive procedures:
According to the planning and risk assessment, substantive procedures will be performed for each line item booked on financial statements or disclosed in the notes to accounts.
Our services at Singiri Auditing would include the following few procedures as well as others as per your business needs:
- Cash – Review of bank statements, petty cash, count of on-hand cash, interviewing the cashier, bank confirmations, and review of bank reconciliation statement.
- Accounts receivable – End balance check, reconciliation statements, negative and positive confirmations, testing of cut-off procedures and yearend sale.
- Inventory – Physical stock count, examination of supplier invoices, testing of cut-off, receiving and shipping procedures, obtaining confirmation of inventory list at other locations, testing of computation of allocated overhead etc.
- Accounts payable – test cut-off procedures and confirm the balance.
- Assets – Observation of assets, authorization of purchase and disposal, recalculation of depreciation and amortization, testing for impairment and verification of market value.
- Revenue – Review of sales invoices, sending negative or positive confirmations to customers, review subsequent transactions including sales returns or abnormal cash discounts or abnormally high prices.
- Expenses – Evaluate and review the bills or any subsequent transactions.
What is the importance of financial statement audits?
- Enhance the quality of the business process – A rigorous audit process identifies the areas where the company’s management can improve its controls on processes. This further adds value to the company by enhancing the quality of its business process.
- Assurance to the investors – A financial statement audit provides a high level of assurance that the amounts included in the statement and disclosures are free from any material misstatement.
- Inventory – Physical stock count, examination of supplier invoices, testing of cut-off, receiving and shipping procedures, obtaining confirmation of inventory list at other locations, testing of computation of allocated overhead etc.
- True and fair view -The statement provides a true and fair view of the company’s finance in all material aspects. It’s generally in accordance with the accounting principles.
- Enhance consistency – The audit provides a level of consistency in financial reports while analyzing different companies and decision making.
Singiri Auditing focus on the basic principles governing a financial statement audit,
- We focus on integrity giving a fair and honest report.
- We maintain the confidentiality of the information and don’t disclose such information to a third party.
- Exhibit the right skill and competence with adequate training.
- We plan and conduct an audit in an effective and timely manner.
Apart from the above listed; we adhere to the audit standards and assure complete support to our clients!!
Exclusive Packages
Specially designed packages to simplify your Account Management
BASIC PLAN
- Up To 10 Monthly Transactions
- Get Free VAT & ESR Assessment
- Updating Day To Day Transactions
- Sales
- Purchase
- General
- Monthly Accounting Reports
- Sales
- Accounts Receivable
- Accounts Payable
- Bank Reconciliation
- Balance Sheet
- Income Statement
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ADVANCED PLAN
- Up To 150 Monthly Transactions
- Get Free VAT Consultation & ESR Notification Guidance With Annual Accounting Plan Updating Day To Day Transactions
- Sales
- Purchase
- General Monthly Accounting Reports
- Sales
- Accounts Receivable
- Accounts Payable
- Reconciliation
- Balance Sheet
- Income Statement
- Cash Flow Statement
- -
- -
- -
PREMIUM PLAN
- Up To 400 Monthly Transactions
- Get Free VAT & ESR Assessment Updating Day To Day Transactions
- Sales
- Purchase
- General Monthly Accounting Reports
- Sales
- Accounts Receivable
- Accounts Payable
- Reconciliation
- Balance Sheet
- Income Statement
- Fixed Asset Register
- Financial Analysis
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Accounting Services – Frequently Asked Questions
FAQ’s
Here are some common questions about Accounting Service.
As an team of chartered accountants in Dubai, we take pride in keeping the financial transactions and records up–to–date and accurate, allowing key decision makers to rely on management reports that bring cost reduction, consolidated accounting processes, and improvement of efficiency and compliance; enabling stakeholders to focus on where it matters.
Our Expertise
- Accounting and Bookkeeping Services
- Online Accounting/Onsite Accounting
- Backlog Accounting
- Accounting Documentation and Compliance
- Accounting System Set–Up and Training
- Budgeting and Forecasting
- Financial Statement Preparation
- Customized MIS Reports
- Vat Compliance and Return Filling
- We think of our clients as our partners, we collaborate with them not as an external firm but as an extended team, adding value to their businesses.
- We currently provide accounting support to more than 250 clients in trading, construction, real estate, healthcare, logistics, and other services.
- Traditionally, it was common for business owners to hire bookkeeping professionals
- To survive in today’s era of competitive markets and industries, a successful business needs to evolve its processes regularly and save or minimize costs and expenses while maintaining product quality. Now, you can outsource such an appalling task: accounts payable processing and focus on running the business. Our competent team of accountants is highly capable to provide accounts payable processing services periodically depending on your needs. Also, trust that the crucial data of your creditors are perfectly safe.
- pers to work in-house but with modern technology, maintaining a local accountant is often unnecessary. For a business, outsourcing is a logical way to cut costs associated with maintaining personnel. This frees up time and money for business owners to focus on increasing their profit margins, rather than getting occupied with the details of managing people and paperwork. Furthermore, outsourcing removes many of the stresses associated with operating a small business – such as meeting tax, invoice, and billing deadlines. In a nutshell, outsourcing your accounting allows for a sense of freedom and flexibility that is not allotted by most traditionally managed businesses.
- Save staffing and payroll costs
- Access a pool of experts and resources
- More time to focus on your business
- Enjoy a stress-free tax season
- Take advantage of the latest technology
- Scale your books with your business
- Reduce the likelihood of errors
- Guaranteed privacy and confidentiality
- Our Expertise:
- Chart of account review and set–up.
- Data entry, including daily transaction recording.
- Frequency of visits will be determined based on the requirement. We can provide daily, weekly, monthly, and quarterly visits.
- Accounts payable and receivables processing.
- Bank Reconciliations
- VAT Compliant Procedures
- Generating MIS Reports
- ● You do not have to take this everyday challenge, so you can focus on where it matters. We will take the extra mile to understand your business, delivering tailor-made solutions if you are looking for bookkeeping firms in Dubai.
- One of the most important facets of an organization is how well the accounts and finance of the company are managed; your financial statements represent your financial performance throughout the year and predict future performance. Important decisions are made based on these financial statements including banks and financial institutions’ lent loans.
- How can we help?
- We design a financial system including drafting a system for accounting procedures and processes – recording of entries, documentation of all transactions, segregation of duties, and bookkeeping.
- We shall set up the accounting procedures and software to carry out all the financial activities appropriately.
- We shall take up the data entry task and update all your accounts regularly depending on the frequency of your transactions.
- Our team will supervise and check from time to time whether the process is being followed accurately. Inefficiencies will be rectified during this procedure.
- Finally we shall prepare your income statement, balance sheet, cash flow statement, and statement of equity. All your reports will be prepared quarterly and annually for regular analysis of your financial performance.
- One of the most important facets of an organization is how well the accounts and finance of the company are managed; your financial statements represent your financial performance throughout the year and predict future performance. Important decisions are made based on these financial statements including banks and financial institutions’ lent loans.
- How can we help?
- We design a financial system including drafting a system for accounting procedures and processes – recording of entries, documentation of all transactions, segregation of duties, and bookkeeping.
- We shall set up the accounting procedures and software to carry out all the financial activities appropriately.
- We shall take up the data entry task and update all your accounts regularly depending on the frequency of your transactions.
- Our team will supervise and check from time to time whether the process is being followed accurately. Inefficiencies will be rectified during this procedure.
- Finally we shall prepare your income statement, balance sheet, cash flow statement, and statement of equity. All your reports will be prepared quarterly and annually for regular analysis of your financial performance.
- The solution is easy; opt for our Accounting Supervision Service. There are several means of committing and hiding a strategically planned fraud in an organization. Taking precautions is the best you can do to avoid incurring huge losses, or even bankruptcy, in the future. One could never know if one of your most trusted members could be cooking your books for personal gain. To avoid losing your life’s hard work and all the efforts you and your team have put into the business, our team will conduct a regular check of your entity. Since we are a third-party firm, no self-interest or self-review threats could cloud our judgment. You can fully trust us to ensure that the entries of your daily transactions, bookkeeping, and financial reporting are being performed honestly and truthfully.
- Don’t despair; sign up for our Updating Backlog Accounts Service. Maintaining proper books of accounts is a real challenge for small & medium enterprises. If your business is registered under commercial company law in UAE, it is compulsory for you to maintain all your financial transaction records in the prescribed format. Our team will help you to prepare books of account from the date of incorporation of business till the current date; as you provide all the necessary supporting documents; consisting of all the original purchase and sales invoices, payment and receipt vouchers, bank statements from the start of business and record of all the checkbooks used during the period. Our team of experts will update all the records in your company’s accounting software. You will be provided with the following financial reports:
- Balance Sheet or Statement of Financial Position
- Statement of Cash Flow
- Details of the Company’s Accounts Receivable
- Details of the Company’s Accounts Payable
- Efficiency Reports
- Calculation of Variances and Output Analysis
- Calculation of Financial Ratios and Analysis
- Calculation of the Break-even Point for the Company
We certainly can. The strongest pillar of your business is your employees; the best way to inspire their productivity is to ensure a healthy working environment that includes salaries being paid on time. Payroll management can become complex if not properly handled as it involves several perquisites and benefits instead of only wage calculation e.g. leave, vacation expense, insurance, medical benefits, etc. Focus where it matters; instead of wasting time researching salaries and wages laws and regulations, sign up with us for Payroll Services.
