Audit and Assurance

External audit is an independent appraisal of the financial statements prepared by the organization. The basic objective of a financial statement audit is to provide an independent or third-party assurance that the management has, in its financial statements, presented a true and fair view of a company’s financial performance.

• Review of financial statements in accordance with International Financial Reporting Standards (IFRS)
• Verification of books of accounts and supporting documentation
• Assessment of internal controls and risk management practices
• Identification of non-compliances with statutory requirements (e.g., VAT, Corporate Tax, ESR, AML)
• Issuance of an independent auditor’s report for regulatory filings
• Assistance during audits by tax authorities or regulators, if required

Internal Audit Service is an independent, objective assurance and consulting activity intended to add value and develop an organization’s operations. Internal Audit helps a business to achieve its objectives by bringing a methodical, meticulous, and disciplined approach to assess and enhance the effectiveness of risk management, control, and governance processes.

Scope of Internal Audit Services

• Review and evaluation of internal controls and operating procedures
• Risk assessment and mitigation strategies
• Compliance review with company policies, laws, and regulations
• Identification of inefficiencies, wastage, and process gaps
• Reporting findings with actionable recommendations to management
• Periodic follow-ups to assess the implementation of audit recommendations
• Advisory on fraud detection, internal policies, and governance improvement

Stock audit, also known as inventory audit, is the process of verifying whether the physical goods available at your store’s warehouse match the results available at the stock registry.

Some of the primary benefits of stock audits are:

• Auditing inventory is directly related to your profit calculation.
• Stock audits can help you improve the financial health of your business.
• Inventory management helps you prevent or identify fraud and/or theft.

Our Inventory verification process includes the following:

• Physical count of the inventory based on different Stock Keeping Unit.
• Marking of the physically verified stock are marked.
• Identification of the obsolete and damaged stock.
• Verifying the supporting documents maintained for the stock items.
• Notifying the variances as per the inventory reflected in books.

A UAE VAT Audit is an in-depth examination of a company’s VAT records, returns, and compliance as per the Federal Tax Authority (FTA) regulations. It ensures that VAT is correctly accounted for, reported, and paid, helping businesses avoid penalties and maintain regulatory compliance.

• Scope of UAE VAT Audit Services Review of VAT returns filed with the FTA Reconciliation of VAT outputs and inputs with financial records
• Verification of VAT treatment on sales, purchases, imports, and exports
• Review of tax invoices, credit notes, and supporting documents
• Identification of errors, non-compliance, or over/understatements
• Advisory on corrective actions and disclosures, if necessary
• Support during FTA audits or tax assessments