Audit and Assurance
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The process of analyzing a company’s accounts and confirming data in financial statements with supporting documentation is known as auditing and assurance. From the point of view of the industry and the business market, the audit process also reveals the risks associated with the business operation. An audit and assurance service are one of the essential services that every business needs to monitor its financial transactions.
More than just a record review and approval process, Beyond View Auditing Services in Dubai, UAE focuses on providing transparent and systematic financial statement audits and other assurance services that provide valuable information about your business. Our professional auditors in Dubai create an accurate, comprehensive and balanced audit to ensure compliance with regulatory requirements. Availing proper auditing services in Dubai will help you ensure that your business complies with UAE laws, regulations and accounting standards.
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What is Auditing and Assurance Services?
An audit is a methodical and sovereign examination of the books, statutory records, documents, accounts, and vouchers of an organization to ascertain the extent to which the financial statements, as well as non-financial revelations, give a true and fair view of the concern. In other words, it is an examination of an existing system, entity or report.
The Assurance service is an analysis process. It is used when reviewing accounting entries and financial records. An assurance service can be compliance-based or regulation-based. The Assurance service make sure that the company complies with guidelines, rules and policies and provides internal and external credibility for financial statements.
Importance of Auditing in Dubai, UAE
Auditing is the independent review of financial statements to prevents mistakes and fraud and to maintain accuracy in the data. The importance varies from the sort of audit carried out, it includes: Third-party assurance on financial statements add confidence to the management that their reports are devoid from material misstatements, therefore they could make decisions and choices quickly. Below are some points regarding the importance of auditing.
Budgeting & Planning: It allows them to be informed about costs and their allocations. By choosing this audited information, budgets can be prepared for future business development.
Identification of Errors and Fraud: Through critical financial scrutiny, we could uncover errors of omission, commission or principle along with intentional fraudulent activities.
Materiality: After a thorough evaluation of your financial accounts, it identifies areas for improvement and new control methods to improve the financial health of the business. They recommend cash flow management strategies and procedures to improve overall company performance.
Credibility: The auditing information enhances the credibility of the owner to invest more in business, resulting in a larger market share.
Conformity: Auditing helps to verify that the financial statements are prepared in accordance with financial standards and rules or laws.
Types of Auditing Services
Companies use auditing services to assure the company’s stakeholders that their financial information is accurate or operating correctly based on guidelines. Our experienced auditors in Beyond View provides our clients with various auditing services in Dubai. Below are the most popular types of auditing services offered by our top-rated audit firm in Dubai, UAE:
- Internal Audit
- External Audit
- Forensic Audit
- Tax Audit
- Cost Audit
- Stock Audit
- Payroll Audit
- IT Audit
- Compliance Audit
- System Audit
- Agreed-upon Procedure Audit
- Financial statement Audit
Internal Audit
Internal auditing is an objective assurance and consulting activity designed to add value and improve business operations. Internal audit helps senior management and the board of directors to analyze and identify threats and risks that will affect the stability and performance of the company. Through an internal audit, the company will be able to overcome risks and threats or at least minimize the effects. Companies can improve their operations by adopting a systematic and disciplined approach that enables them to perform the following functions:
- Identify and manage risks
- Strengthen the management process
- Control and manage corporate affairs Effectively
- Effective internal control
- Strengthening financial reliability and integrity
- Compliance with laws and regulations
- Asset protection and fraud reduction
External Audit
An external audit is a process in which an independent agency examines all of a company’s financial accounts. This audit is often ordered by a court and performed by a third party that has no ties to the company being audited. Like an internal audit, an external audit will provide extensive information about the company that will be useful to shareholders, investors and management. This form of audit will emphasize how the company’s investors and shareholders will benefit from the company and how management can create a strategy for the company’s future. When it comes to external auditing in Dubai, we offer the following service to provide companies with an unbiased and honest overview of their finances.
- Assessing risks and offering vital suggestions and corrective measures.
- Cross-validation of financial records and statements.
- Detailed performance analysis
Forensic Audit
Scams are on the rise in Dubai and other parts of the UAE, and several organizations are falling prey to them. Tracking down these fraudsters can be challenging, but we have to do it regardless.
Forensic audit also known as statutory audit is the process of conducting a detailed investigation into the internal operations of a company. It helps the company in detecting and managing the risks associated with financial crimes, fraud, bribery, embezzlement, misconduct and non-compliance with the law.
Our forensic audit services in the UAE can help you manage and reduce the risk of reputational damage and compliance concerns for your company. we ensure that our valued clients achieve the most significant degree of corporate integrity through comprehensive forensic audit services.
Tax Audit
Tax audit is a procedure carried out by Federal Tax Authority (FTA) to review the tax returns submitted by a business entity or individual to determine whether the tax information and any income tax payments are valid.
When it comes to UAE tax audits, our team of qualified tax professionals can help you prepare your business for FTA tax audits. We have developed a tax audit process that we use to prepare businesses for tax audits:
- Review of the entity’s existing VAT system
- Revision of VAT calculations
- Control of the entity’s VAT return
- Compare the data provided in the VAT return with the data in the entity’s accounting books.
- Review of the output VAT payment made by the accounting entity.
- Overall compliance of the client’s business with the relevant articles of the VAT Act.
Why Contact Beyond View for Auditing Services?
Beyond View is your one-stop solution for all your auditing needs. With a team of certified auditors in Dubai, Beyond View offers a full range of Assurance and auditing services to meet the business needs of clients in this vibrant global environment.
So, if you need Assurance and audit services in Dubai? Contact us. Beyond View’s experts will ensure that your company’s accounting, auditing, and Assurance practices keep pace with market movements and that the stakeholder’s interests are protected well.