Accounting Review Services
Best Accounting Review Services - Trusted by Clients Accross UAE Landscape
Accounting Review Services in the UAE
Independent, IFRS-aligned checks that catch errors before they become audit findings or FTA penalties.
Farahat & Co. provides independent accounting review services for businesses across the UAE, giving management a structured, professional check on the accuracy and reliability of their financial records before problems reach an audit, a tax filing, or a lender’s desk.
- Independent review standard: our reviews follow the framework set out in International Standard on Review Engagements (ISRE) 2400
- IFRS-aligned reporting: every review checks financial statements against International Financial Reporting Standards
- Full-scope coverage: ledgers, bank reconciliations, VAT records and internal controls are all reviewed together, not in isolation
An accounting review provides businesses with an independent assessment of their financial records, statements, and internal processes, identifying errors, compliance gaps, and areas for improvement before they become bigger problems.
Speak to an Accounting ExpertWhat Is an Accounting Review?
An accounting review is a structured assessment of a business’s financial statements, ledgers, general entries and transaction records, carried out by qualified professionals to verify that financial information is accurate, transparent and prepared in line with applicable accounting standards.
A reviewer performs analytical procedures and makes inquiries about the company’s financial practices, comparing figures against expected trends and industry norms to flag anything that looks inconsistent. This differs from a full audit, which involves detailed transaction-level testing and third-party confirmations, and results in a formal audit opinion. A review provides moderate assurance rather than the reasonable assurance an audit provides, but it is considerably more thorough than a basic bookkeeping compilation.
Accounting Review vs Compilation vs Audit
Businesses often confuse these three levels of financial statement engagement. Each provides a different level of assurance, and understanding the difference helps in choosing the right service for the situation.
| Engagement type | Level of assurance | What it involves | Governing standard |
|---|---|---|---|
| Compilation | No assurance | Financial statements are prepared or organised from records provided by the business, without verification | ISRS 4410 |
| Review | Moderate (limited) assurance | Analytical procedures and inquiries assess whether the financial statements appear reasonable and consistent | ISRE 2400 |
| Audit | Reasonable (high) assurance | Detailed testing, third-party confirmations and evidence-gathering support a formal audit opinion | International Standards on Auditing |
A review sits between the two. It costs less and takes less time than a full audit, but it goes well beyond a simple compilation, making it a practical middle-ground option for businesses that want independent assurance without the scope, cost or time commitment of a statutory audit.
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What an Accounting Review Covers
An accounting review examines the full picture of a business’s financial reporting, not just the headline figures.
- Financial statements: balance sheet, profit and loss statement, and cash flow statement, checked for internal consistency and compliance with IFRS.
- General ledger and journal entries: transaction-level records reviewed for accuracy and correct classification.
- Bank reconciliations: bank statements matched against accounting records to confirm receipts, payments and balances are properly recorded.
- VAT and tax records: VAT returns, invoices and corporate tax documentation checked against underlying transactions for consistency.
- Internal controls: the processes and approval structures a business uses to record and safeguard financial data, assessed for gaps or weaknesses.
The scope can be adjusted depending on the size of the business and the specific reason for the review, whether that is preparing for an audit, applying for financing, or a routine health check.
Our Accounting Review Process
Farahat & Co. follows a structured process for every accounting review engagement, adjusted to the size and complexity of the business.
- Scope and objective assessment — we confirm the purpose of the review, whether it is pre-audit preparation, a lender requirement, or a periodic health check, and define the scope accordingly.
- Document collection — financial statements, ledgers, bank statements, VAT records and supporting documentation are gathered for the period under review.
- Analytical procedures — we compare current figures against prior periods, budgets and industry benchmarks to identify unusual variances.
- Inquiry and verification — we raise questions with management about accounting policies, unusual transactions and internal control processes.
- IFRS and regulatory compliance check — financial statements are checked against IFRS requirements and applicable UAE tax regulations.
- Reporting and recommendations — a report is issued setting out findings, identified gaps, and practical recommendations to improve accuracy and compliance.
Why Businesses Need Accounting Review Services
Regular accounting reviews give businesses an independent, structured assessment of their financial records, helping management stay compliant, identify issues early, and make better-informed decisions.
- Financial statement verification: an independent check confirms records are correct, transparent and prepared in line with applicable standards, giving management and stakeholders confidence in the numbers.
- IFRS compliance: businesses operating in the UAE must prepare financial statements in accordance with IFRS. A review verifies this, reducing the risk of issues during audit or regulatory submission.
- Error identification: mistakes in transaction entries, calculations or bookkeeping processes can attract penalties from the FTA and other regulators. A review catches these before financial statements are submitted.
- Better decision-making: accurate financial data is the foundation of sound business decisions, and a review verifies the reliability of the numbers management and investors rely on.
- Stronger internal controls: a review assesses the effectiveness of a company’s internal control framework, identifying weaknesses and reducing the risk of misstatement or fraud.
- Cash flow visibility: identifying errors and inconsistencies in the underlying records gives businesses clearer visibility over receivables, payables and overall financial health.
When Should a Business Get an Accounting Review?
An accounting review is not only for businesses with obvious financial problems. Several situations call for a proactive review, helping avoid issues before they escalate.
Consider an accounting review if your business is:
- Preparing for an external audit — a review ensures records are accurate and well-organised before auditors begin their work, reducing the risk of findings or delays.
- Applying for a bank loan or credit facility — lenders require reliable financial statements, and a reviewed set of accounts carries more weight than unverified records.
- Onboarding a new investor or partner — investors and incoming partners expect transparency, and a reviewed financial position provides the independent assurance they need.
- Experiencing unexplained discrepancies — if records contain inconsistencies, gaps, or figures that do not reconcile, a review identifies the source and recommends corrective action.
- Filing VAT or corporate tax returns — a review before filing confirms the underlying records are accurate and that returns reflect the true financial position of the business.
- Going through a period of rapid growth — as transaction volumes increase, the risk of errors in financial records grows, and a review helps maintain accuracy during periods of change.
- Changing accounting staff or systems — transitions in finance teams or software are common sources of error, and a review at this stage ensures continuity and record integrity.
Documents Required for an Accounting Review
Standard documentation for an accounting review includes financial statements, general ledger records, bank statements, VAT returns, corporate tax records, invoices, expense records and any other supporting financial documents relevant to the period under review.
- Financial statements: balance sheet, profit and loss statement, and cash flow statement for the review period.
- Ledgers and journals: general ledger, trial balance and journal entries covering all transactions.
- Bank records: bank statements and reconciliation records for all business accounts.
- Tax and VAT documentation: VAT returns, tax invoices, and corporate tax registration and filing records.
- Supporting transaction records: sales invoices, purchase invoices, expense receipts, payroll records and contracts relevant to the period.
Providing complete, organised documentation at the outset shortens the review timeline and reduces the number of follow-up queries during the engagement.
Why Choose Farahat & Co. for Accounting Review Services?
Farahat & Co. has supported businesses across the UAE with professional accounting and bookkeeping services for over 40 years. Our approach is built around each client’s specific needs, delivering accurate, compliant and transparent financial reporting that meets both UAE regulatory requirements and international standards.
- Tailored scope: whether you are a startup or an established business, our accounting review services are structured around your size, industry and reporting requirements.
- Regulatory alignment: all work is carried out in line with UAE legislation, IFRS standards and applicable FTA requirements.
- Qualified professionals: our team brings expertise across financial reporting, internal controls and UAE regulatory frameworks.
- Operational efficiency: outsourcing your accounting review frees up management time and reduces the overhead of running the check internally.
- Established track record: over four decades of experience supporting businesses across multiple sectors with dependable, accurate financial management.
