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

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:

• Limited Liability
• Companies
• Freezone Companies
• Sole Establishment
• Partnership Firms
• Non-Profit Organizations
• Government Organizations

Retail Sales Audit

Hussain Al Shemsi provides Retail Sales Audits to help clients provide financial information related to Sales to Lessor / Shopping Mall Management and supports decision-making with regard to rent.

Review

A review is often acceptable for lenders, investors, and management and serves as a cost-effective means of obtaining a reliable snapshot of company performance.

At Hussain Al Shemsi, we offer review services that include a deeper investigation of the numbers, by applying benchmarking techniques or additional procedures to offer greater feedback on performance.

Compilation

A compilation is an assembly of data in financial statement format.

Our compilation services examine the data in conjunction with business procedures to provide a more robust picture of our client's financial operations.

Assurance services

Agreed upon procedures assurance, internal control assurance, etc.

In addition to financial statements audit, the management or regulators will from time to time require independent assurance for compliance with certain requirements. The Federal Tax Authority will from time to time require an audit report for closing stock of products subject to excise duty.

Our audit team has in-depth knowledge and experience in providing various assurance services, be it agreed-upon procedures, assurance assignments on internal controls implementation, regulatory compliance, etc.