Farahat & Co. leading audit firm in Abu Dhabi, provides auditing services to businesses of all sizes – small and independent to large MNCs. Regulatory bodies in UAE often request audits; however, they’re not just for ensuring compliance as auditing is also essential for reaching the goals of businesses. Potential investors, financial institutions, and purchasers may require an audit in facilitating a particular transaction that helps in the growth of a business.
Our audit services are tailored to the needs of clients and involve the review and analysis of financial statements and all related business records according to the applicable standards on financial reporting. This allows us to offer clients valuable advice on ways to improve internal controls, provide a better picture of a company’s current financial state, and identify irregularities before they turn into issues.
Our audit team is the reason why we’re one of the leading audit firms in Abu Dhabi. Our certified Auditors in Abu Dhabi and seasoned professionals make use of (GAAS) Generally Accepted Auditing Standards for audit engagements and they adhere to rigorous policies for quality control to provide clients with an opinion that meets high standards.
Organizations thrive when they’re constantly improving, innovating, or creating new products/services and envisioning growth opportunities and new markets. A crucial part of that is an audit, which is a critical resource for assessing and monitoring compliance systems, risk management, and governance.
It is no secret that auditing is complex, requiring diverse skills in internal controls, information technology or security, strategy, operational effectiveness, and risk assessment. For many organizations, it is simply not practical for them to maintain internally the required talent to deliver the necessary levels of independent insight and assurance. Our team puts focus on collaborating with organizations in optimizing performance, maximizing opportunities, and minimizing risk exposure.
There are various types of audit performed in the organizations of Dubai. An internal audit, also known as operational audit gives the organization an assurance with regard to the effectiveness when it comes to internal controls, risk management, and governance in achieving the company’s objectives.
There are different engagements we provide to build confidence and trust in the financial information of an organization, namely:
With a focus that’s specific to every business and industry, our audit procedures are specifically tailored to reporting requirements and business operations of clients. An audit isn’t simply performed for compliance to regulatory or statutory requirements. At Farahat & Co., we also have an audit firm in Dubai that provides audit services in Dubai and the rest of UAE for clients seeking investors, better terms from bankers, additional capital, and/or improvements in operations and finding out what’s primarily lacking in internal control scenarios.
Our certified auditors emphasize areas that are important to businesses and help them in facing challenges with confidence. Our audit team’s skills and expertise cover several different sectors and industries, enabling us to identify and focus on key risk areas, possible areas of fraud, and the adequacy of the company’s internal controls.
Call us today for an initial consultation, and discuss with experts regarding your 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.
The information in a company’s balance sheet is examined to make sure that it is accurate, verifying each item that is recorded.
This consists of an external auditor’s opinions regarding the result of the examination of a company’s financial statements.
The revenues and expenses recorded in the statement are reviewed to ensure the accuracy of each item.
The cash and cash equivalents indicated in the statement are investigated by an auditor, making sure it is precise.
The main differences between internal and external audits are as follows:
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.
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 in risks being underestimated or worse, ignored.