Audit & Assurance
- Home
- Services
- Audit & Assurance
Are you looking to grow your business?
Trusted us by over 3,000 local businesses
Audit & Assurance
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, 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.
Audits of financial statements - Statutory / External Audit
How can we help you?
Get in touch with Hussain Al Shemsi Chartered Accountants for expert auditing, accounting, tax, and advisory services in the UAE.
- +971 50 3636231
An audit is the highest level of financial statement service that an audit firm can provide to its client.
At Hussain Al Shemsi, audit goes beyond the numbers to discover what the data reveals in order to guide you through current and future business challenges. Our audit procedure ensures that the financial statements are prepared as per the accepted accounting standards, which properly reflect the profitability, state of affairs, and cash flows of the entity.
Specialized teams are assembled to address the unique needs of different organizational types:
At Hussain Al Shemsi, 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.
- A better understanding of your business finances and cash flow
- Professional guidance for your business planning and forecasting
- Review contracts
- Assist in the preparation of MIS reports.
- Budget preparation & monitoring
- Training and support for your accounting staff
- Improvement of company accounting procedures
- Set up and handle insurance revisions.
- Liaison and negotiation with bankers, attorneys, and other business associates
The examination of financial statement of a company independently is auditing. Auditing helps in preventing errors and fraud while keeping all data in check. Several types of auditing are used to assess the financial records of the company, and the auditing services in Dubai comply with the regulations and maintain the confidence of the management. With the implementation of the Commercial Companies Law and Taxation for Corporations and Businesses in UAE, it is highly imminent to get your accounts audited.
Stronger Internal Controls
Our audit experts begin by thoroughly evaluating your company’s control environment, meticulously assessing processes, systems, and operational workflows to identify weaknesses and implement powerful improvements that enhance efficiency, minimize risks and fraud, and optimize financial management – ensuring your business operates with maximum security, compliance, and performance through our tailored internal control solutions.
Compliance
Meeting the statutory industry requirement is one of the integral reasons behind an audit. Regular auditing ensures that the company meets the updated standard of the industry and is compliant with laws. This impacts the shareholder’s confidence and prevents the organization from paying hefty fines due to poor compliance.
Fraud-Proof Your Business
One of the most significant benefits of a regular audit is the prevention and detection of fraudulent activities within an organization. With regular auditing, no fraud will go undetected, and the company can save itself from irreparable damage. Audits from the best audit firm in UAE is also an effective tool in identifying organizational weaknesses and finding solutions to improve them.
Analyze and Improve
A thorough evaluation of financial accounts enables businesses to identify areas for improvement and implement targeted solutions to strengthen financial health. By recommending strategic cash flow management procedures and operational enhancements, companies can significantly improve their overall performance and sustainability
Precision Budget Planning
Audits provide the critical financial insights needed to develop accurate budgets and cost allocations while identifying risks of data misinterpretation that could harm your company’s reputation—our rigorous auditing process evaluates internal controls, detects potential financial misrepresentation, and delivers actionable insights to strengthen your business decisions and reporting accuracy.
What Is Auditing?
An audit involves an independent examination of a company’s financial records, including accounts, books, documents, and statutory registers, to assess the organization’s true financial position. This process enables professionals to evaluate the current financial systems and verify the accuracy of reported accounting information.
The primary objective is to verify whether the financial statements collectively present a true and fair view of the company’s financial health as of a given date. Auditors must strictly adhere to established accounting standards and regulations while reviewing financial data.
Upon completion, the auditor issues a detailed report outlining their findings, procedures performed, and professional assessment of the business’s financial standing.
