Financial Statement
Let's Talk
Free Consultation
Let's Talk
Free Consultation
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
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 THE PURPOSE OF FINANCIAL STA TEMENT AUDITS
Elevate Auditing supports your company’s financial statement audit by adding credibility to the reported financial position and performance of the business.
Elevate Auditing supports your company’s financial statement audit by adding credibility to the reported financial position and performance of the business.
WHAT ARE THE OBJECTIVES OF FINANCIAL STA TEMENT 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.
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.
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.
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.
Elevate Auditing focus on the basic principlesgoverning 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!!
