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Accounting Review

Accounting Review

Farahat & Co. provides expert accounting review solutions throughout the UAE. Businesses operating in the UAE are mandated to maintain comprehensive records of their financial transactions, prepare tax returns, and adhere to corporate obligations by accurately recording all transactions. Our approved and proficient accounting review professionals conduct thorough audits and reviews, guaranteeing the accuracy and credibility of tax filings and financial reports. We excel in top-notch bookkeeping and accounting services in UAE.

What is an accounting review?

  1. Accounting reviews are expert assessments of a business's financial information, operations, and statements carried out by trained accounting professionals or auditing companies. 
  2. It entails a detailed evaluation of financial statements, general entries, ledgers, and financial transactions to ensure their reliability, transparency, and conformity with accounting principles.
  3. In an accounting review, a team of accountants examines financial information to verify the data follows the relevant accounting rules and standards. They evaluate the internal systems, detect shortcomings or gaps, and make suggestions for enhancements.
  4. The goal of performing an accounting review is to deliver an unbiased and fair evaluation of the financial information of a business. It improves the confidence and accuracy of financial data, guarantees that it meets accounting requirements, as well as facilitates responsible choice-making by owners, stakeholders, and other parties involved.
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Accounting review

Commercial Companies Law on Accounting Standards

Federal law no. 2 on commercial companies describes accounting records, company’s accounts, and company’s financial year as follows;

Accounting Records

  • Companies are required to keep accounting records that include accurate transactions that display the company’s financial standing to its shareholders and partners.
  • From the company’s financial year end date, it is required to keep accounting records of at least the last five years at the head office.
  • Companies must keep electronic copies of accounting records.

Company’s Accounts

Accounting Review services in dubai

How Tax Consultants Enhance Your Business?

The following points explain the significance of acquiring an accounting review service in the UAE;

  • Financial Statements Verification

An accounting review service allows you to produce statements with the click of a mouse. As a result, you may go over your finances and resolve any concerns before they arise. Accounting review services allow an unbiased qualified independent auditor to carefully audit companies' financial records to verify correctness, transparency, and conformity to legislative standards. It provides a means to verify that the business's accounting records are correct.

  • Comply with IFRS Standards

Account review services assist businesses in complying with numerous business laws and standards standards. International Financial Reporting Standards or IFRS conformance is critical in accounting. IFRS establishes the guidelines and standards for reporting financial information that businesses have to meet to guarantee that their financial statements are legitimate, in line, and dependable. Failure to comply with IFRS requirements will result in the audit report being required, as well as difficulties with consolidating and access to bank facilities, among other things.

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