Audit Firm in Sharjah, UAE
Auditing Firms in Sharjah, UAE
Audit firms in Sharjah maintain independence from company directors and management so tests and judgment remain objective. At Farahat & Co., our auditors in Sharjah, Dubai, and Abu Dhabi, UAE determine the extent and type of audit procedures a company requires, depending on the controls and risks they have identified.
Audit procedures may include:
- Asking a broad range of questions to individuals in an organization
- Examination of accounting and financial records, tangible items e.g. plant and equipment, and other documents
- Obtaining written confirmations on certain matters e.g. asking debtors to confirm the amount of debt of an organization
- Making judgments on assumptions or estimates that management made during the preparation of financial reports
- Watching certain procedures or processes being performed
- Testing internal controls of an organization
Leading Audit Firm in Sharjah
As one of the leading audit firms in Sharjah, the firm has helped countless companies in determining the integrity of their financial reporting. The audit of financial statements, quarterly, annually, or on an ad hoc basis, is important even for public or nonprofit companies. Audit adds credibility and accuracy to financial statements.
The importance of hiring seasoned auditors to conduct audits in Sharjah is particularly seen in detecting errors in financial accounts. If bookkeeping hasn’t been put in order or up to date, our auditors make significant contributions to uncovering details.
Quality Audit Services in Sharjah
There are different kinds of audits we provide, depending on the needs and requirements of an organization. A financial audit from the firm determines whether or not the financial statements of an organization accurately represent the financial operations of a business. It makes sure as well that the financial position of that organization is consistent with generally accepted accounting standards. As for a compliance audit, our seasoned professionals check whether a company is functioning according to laws and regulations that materially impact financial statements.
An economy and efficiency audit, on the other hand, is where we measure whether businesses have been efficiently managing resources. Resources can include property, personnel or employees, space, etc. This audit also determines the causes of issues and checks if a company has followed laws and regulations in this regard.
Types of Audit Services Offered
Internal Audit (Operational Audit)
An Internal audit requires a certified internal auditor who reviews and assesses the process of a business — a thorough examination of an organization’s goals, planning processes, procedures, and results of the operations of a business.
External Audit (Financial Audit)
Statutory Audit
Proactive and Seasoned Auditors in Sharjah
Our team of in-house certified auditors provides audit reports following auditing procedures. In reports, clients are given expert opinions on whether a company has passed an audit. Our auditors may take any of the stances below:
- Clean opinion – financial statements and books of a business accurately represent the financial position of a company;
- Adverse opinion – financial records of the business materially misrepresent the financial position of a company;
- Qualified opinion – this is where our auditors in UAE disagree with some parts of a company’s financial records; however, the audit is limited in scope so there’s no definitive conclusion;
- Disclaimer of opinion – with this kind of report, our auditors in Dubai don’t give opinions on particular financial records. If our approved auditors are retained to examine financial statements of the current year, they can use a disclaimer of opinion with prior year financial statements.
Proactive and Seasoned Auditors in Sharjah
Our auditors advise clients on correcting errors that may be in their financial records if they don’t get a clean opinion. Our audit services in Sharjah help businesses plan better for their future by spotting inefficiencies in processes. We also help them remain credible in the eyes of lenders, investors, and shareholders.
If you wish to speak to our auditors, don’t hesitate to call us for a free, no-obligation initial consultation.
A list of Financial Statements used in the Auditing of company accounts is below:
Financial Statement Audit
The review of a company’s financial statements for the organization to have assurance coming from an external auditor that the financial statements are by accounting standards.
Balance Sheet Audit
The information in a company’s balance sheet is examined to make sure that it is accurate, verifying each item that is recorded.
Annual Report Audit
This consists of an external auditor’s opinions regarding the result of the examination of a company’s financial statements.
Profit and Loss Statement Audit
The revenues and expenses recorded in the statement are reviewed to ensure the accuracy of each item.
Cash Flow Statement Audit
The cash and cash equivalents indicated in the statement are investigated by an auditor, making sure it is precise.
Frequently Asked Questions
What’s the Difference Between Internal and External Audit?
The main differences between internal and external audits are as follows:
- Reports from an internal audit are used by company management, whereas reports from an external audit are required by stakeholders, including lenders and creditors.
- An internal audit examines issues that are related to risks and business practices, whereas an external audit examines the financial records of a business, and an external auditor issues expert opinion from the financial report assessment.
What Is the Basic Purpose of an Audit?
A statutory audit is conducted to examine an entity’s financial statements. The objective evaluation allows an expert to provide an opinion on whether financial records present the financial position of the business fairly. An audit also examines whether statements are prepared in the applicable framework, such as IFRS and GAAP.
Why Is It Important to Engage an Independent Audit Firm in Dubai?
It is necessary to engage an independent audit firm in Dubai mainly to ensure objectivity and independence. Without both factors that affect the evaluation of an auditor, an organization may be misled, often resulting to risks being underestimated or worse, ignored.
