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Audit
As registered and approved auditors in the UAE, we provide our services to mainland and free trade zones in the UAE. We are focused on delivering a high-quality audit. The range of audit and assurance services offered by us adds value to the operations of the entity whilst fulfilling our responsibility to report independently to the entity’s shareholders.
Until a few years ago, audits of financial statements in the UAE were largely procedural and for most entities an exercise for license renewal, except for entities with bank facilities. However, developments in the UAE starting with the introduction of Value Added Tax (VAT) and Corporate Tax have significantly transformed the landscape and the importance of audited financial statements. As per Article 20 of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, the Taxable Income of each Taxable Person shall be determined separately, based on adequate, standalone financial statements prepared for financial reporting purposes in accordance with accounting standards accepted in the UAE.
At Hussain Al Shemsi Chartered Accountant , we work with you side-by-side to determine the proper level of service you need based on the unique circumstances of your organization. Whether it’s an audit, review, compilation, special financial analysis, or forecast, the service you require will depend upon many factors. Hussain Al Shemsi will clearly guide you through the myriad of considerations in making this decision.
Our services include the following:
Audit & Assurance
Statutory / External Audit
Retail Sales Audit
Review
Compilation
Assurance Services
Reasons to Conduct Audit
- Compliance: Ensure adherence to laws, regulations, and industry standards, reducing legal and regulatory risks.
- Financial Accuracy: Verify the accuracy and reliability of financial statements, providing stakeholders with confidence in financial reporting.
- Fraud Detection: Uncover fraudulent activities, including misappropriation of funds, embezzlement, or other financial irregularities.
- Internal Control Evaluation: Assess the effectiveness of internal controls, identifying weaknesses and recommending improvements to safeguard assets and prevent fraud.
- Risk Assessment: Analyze potential risks, such as operational, financial, or strategic risks, allowing management to mitigate and manage them effectively.
- Performance Evaluation: Assess departmental and process performance, identifying areas for improvement and enhancing operational efficiency.
- Decision-making Support: Provide reliable information and insights to management, aiding informed decision-making and strategic planning.
- Stakeholder Confidence: Demonstrate transparency and accountability, enhancing stakeholders’ trust, including investors, lenders, and customers.
- Compliance with Contracts: Ensure adherence to contractual agreements with vendors, suppliers, or partners, preventing contract breaches and disputes.
- Continuous Improvement: Promote a culture of continuous improvement by identifying areas of non-compliance, inefficiencies, or weaknesses.
- Due Diligence: Evaluate the financial health, risks, and potential liabilities of a target company during mergers, acquisitions, or partnerships.
- Regulatory Requirements: Meet industry-specific standards and regulations, which may require regular audits.
- Corporate Governance: Support good corporate governance practices, fostering transparency, accountability, and ethical behavior within organizations.
- External Requirements: Meet the requirements of external stakeholders, such as banks, insurers, or government agencies, for funding, insurance coverage, or compliance purposes.
- Risk Mitigation: Identify risks and weaknesses, and implement measures to mitigate those risks and strengthen the control environment.
By conducting regular audits, organizations can ensure compliance, accuracy, and transparency, ultimately leading to improved decision-making, reduced risks, and increased stakeholder confidence.
