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.
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.
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.
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:
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.
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 to risks being underestimated or worse, ignored.