Audit Firms in Dubai : Best Auditing Firms in Dubai : Emirates Chartered Accountants Dubai Firm Profile, Services and Contact Details
Emirates Chartered Accountants
Emirates Chartered Accountants & Its Associate Professional Firms (Emirates Chartered Accountants Group) are ISO 9001-2008 Certified International Chartered Accountants Firms head quartered in Dubai. Being born in the emerging Business Capital of the world, it has gained popularity among the business sector from Small and medium sized companies to the multinational corporate. The timely service complemented with the quality oriented attitude and customer centric approach together equates the firm as the proficient Accounting firms in Dubai UAE.
The inception of Emirates Chartered Accountants Group was marked in the year 2005, backed by a team of highly qualified professionals from Business Management and Chartered Accountancy. Since then, the master brains behind the brand worked on their mission to provide international quality service in the fields of Corporate Audit and Strategic Business Consultancy in UAE. Needless to say, their intense passion in what they did, paved way to their success so far. Also, their keen attitude towards providing the best accounting services stamped them firm on the market. Today, they have taken the confidence of their rich clientele across the world to reach them for assistance in Auditing, Accounting and Management consultancy.
Emirates Chartered Accountants Contact Details
P B No.122957,Dubai,UAE
Office Suite No: 503,
Wasl Business Central,
Near Deira City Centre,
Emirates Chartered Accountants Dubai Location Map
Audit and Assurance Services in Dubai
- Audit and Assurance – the auditing division of Emirates Chartered Accountants Group offers the complete range of Audit and assurance services to meet the business needs of client in this dynamic global environment.
- Due Diligence Audit – Due diligence audit is a careful investigation into the complete financial picture of a company, these audits come before a purchase, merger or other major decision that could negatively influence the finances of one or more businesses.
- Internal Audit – The examination, monitoring and analysis of activities related to a company’s operation, including its business structure, employee behaviour and information systems in order to identify potential threats to the organization’s health and profitability.
- Risk Management – the auditing division of Emirates Chartered Accountants Group offers the complete range of Audit and assurance services to meet the business needs of client in this dynamic global environment.
- Benchmarking – the auditing division of Emirates Chartered Accountants Group offers the complete range of Audit and assurance services to meet the business needs of client in this dynamic global environment.
- Investigation Audit – the auditing division of Emirates Chartered Accountants Group offers the complete range of Audit and assurance services to meet the business needs of client in this dynamic global environment.
- Supply Chain Audit – the auditing division of Emirates Chartered Accountants Group offers the complete range of Audit and assurance services to meet the business needs of client in this dynamic global environment.
- Company Liquidation – Emirates chartered accountants group offers company liquidation services. It is process by which the existence of company is brought to an end. It is also known as winding-up or dissolution of company.
Financial Statement Audit in Dubai
A financial statement audit is an independent appraisal of the financial statements prepared by the organization. The cardinal objective of a financial statement audit is to provide an independent assurance that the management has, in its financial statements, presented a “true and fair” view of a company’s financial performance. The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures. The auditor’s report must accompany the financial statements when they are issued to the intended recipients.
The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business. Similarly, lenders typically require an audit of the financial statements of any entity to which they lend funds. Suppliers may also require audited financial statements before they will be willing to extend trade credit (though usually only when the amount of requested credit is substantial).
Audits have become increasingly common as the complexity of the two primary accounting frameworks, Generally Accepted Accounting Principles and International Financial Reporting Standards, have increased, and because there have been an ongoing series of disclosures of fraudulent reporting by major companies.
The primary stages of an audit are:
- Planning and risk assessment. Involves gaining an understanding of the business and the business environment in which it operates, and using this information to assess whether there may be risks that could impact the financial statements.
- Internal controls testing. Involves the assessment of the effectiveness of an entity’s suite of controls, concentrating on such areas as proper authorization, the safeguarding of assets, and the segregation of duties.
- Substantive procedures. Involves a broad array of procedures, of which a small sampling.
An audit is the most expensive of all the types of examination of financial statements. The least expensive is a compilation, followed by a review. Publicly held entities must have their quarterly financial statements reviewed, in addition to the annual audit.
The manner of appointment, the qualifications and the format of reporting by an external auditor is defined by statute which varies according to jurisdiction of different countries. The auditors must be a member of one of the recognized professional accountancy bodies. The auditors normally address their reports to the shareholders of a corporation or to the owners of the business entity. The auditors are subjected to strict rules to uphold their integrity and to establish independence.
Due Diligence Audit in Dubai
Due diligence is an investigation or examination of a business or person prior to signing a contract, or an act with a certain standard of care. The investigation or examination could be carried out for a potential objective for merger, acquisition, privatization, or similar corporate finance transaction normally by a buyer.
It can be a legal obligation, but the term will more commonly apply to voluntary investigations. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a company which he has targeted or its assets for an acquisition. The theory behind due diligence holds that performing this type of investigation contributes significantly to informed decision making by enhancing the amount and quality of information available to decision makers and by ensuring that this information is systematically used to deliberate in a reflexive manner on the decision at hand and all its costs, benefits, and risks.
Due diligence takes different forms depending on its purpose:
- This can include self due diligence or “reverse due diligence”, i.e. an assessment of a company, usually by a third party on behalf of the company, prior to taking the company to market.
- A reasonable investigation focusing on material future matters.
- An examination being achieved by asking certain key questions, including, how do we buy, how do we structure an acquisition, and how much do we pay?
- An investigation of current practices of process and policies.
- The due diligence process (framework) can be divided into nine distinct areas.
- Compatibility audit – which deals with the strategic components of the transaction and which links/consolidates other audit areas together via a formal valuation in particular to test whether shareholder value will be added.
- Financial audit – where due diligence is required to validate financial statements. The goal of the process is to ensure that all stakeholders associated with a financial endeavor have the information they need to assess risk accurately.
- Macro-environment audit- major external and uncontrollable factors that influence an organization’s decision making, and affect its performance and strategies.
- Legal/environmental audit – evaluations intended to identify environmental compliance and management system implementation gaps, along with related corrective actions
- Marketing audit – is a fundamental part of the marketing planning process. It is conducted at various points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the plan itself.
- Production audit – Verify the production records such as production slips / memos to ensure that the records are properly maintained. Also verify the log books of machinery to check the details of production.
- Management audit. – is a systematic examination of decisions and actions of the management to analyze the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the Company
- Information systems audit – is an examination of the management controls within an Information technology (IT) infrastructure. The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity, and operating effectively to achieve the organization’s goals or objectives. These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.
- Reconciliation audit – relates to audit of various types of reconciliations which includes mainly bank reconciliation. In addition audit of other reconciliations like debtors and creditors reconciliations are also performed in conjunction with a financial statement audit, internal audit, etc.
Internal Audit Service in Dubai
Internal auditing : is an independent, objective assurance and consulting activity intended to add value and develop an organization’s operations. We have most efficient auditors in dubai, uae. It helps an organization achieve its objectives by bringing a methodical, meticulous and disciplined approach to assess and enhance the effectiveness of risk management, control, and governance processes.
Internal Auditors’ roles include supervising, evaluating, investigating and analyzing organizational risk and controls; and reviewing and confirming information and compliance with policies, procedures, and laws. Working together with management, the internal auditors provide assurance that as far as possible risks are significantly reduced and that the organization’s corporate governance is forceful and capable. In addition Internal auditors make recommendations for And, when there is room for improvement, internal auditors make recommendations for augmenting processes, policies, and procedures.”
The scope of internal auditing is broad and wide. It may involve subjects like organization’s governance, risk management and management controls. The efficiency and effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting and compliance with laws and regulations are also part of internal audit scope. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
The Internal Auditing profession evolved steadily with the progress of management science. It is similar in many ways to financial auditing by public accounting firms, quality assurance and banking compliance activities. Some of the audit technique underlying internal auditing is derived from management consulting and public accounting professions.
Internal auditors are not independent of the companies that employ them, but at the same time independence, integrity and objectivity are pre-requisites. Professional internal auditors are to be independent of the business activities they audit. Although internal auditors are part of company management and paid by the company, the primary customer of internal audit activity is the entity charged with oversight of management’s activities.
This independence and objectivity are achieved through the organizational placement and reporting lines of the internal audit department. Internal auditors are required to report functionally to the top management or to the board of directors.
Internal auditing activity also relates to corporate governance which is accomplished primarily through participation in meetings and discussions with members of the Board of Directors. Governance is the policies, processes and structures used by the organization’s leadership to direct activities, achieve objectives, and protect the interests of diverse stakeholder groups in a manner consistent with ethical standards. The internal auditor is often considered one of the “four pillars” of corporate governance, the other pillars being the Board of Directors, management, and the external auditor.
Internal auditors typically issue reports at the end of each audit that summarize their findings, recommendations, and any responses or action plans from management. An audit report may have an executive summary; a body that includes the specific issues or findings identified and related recommendations or action plans; and appendix information such as detailed graphs and charts or process information.
Emirates Chartered Accountants Contact Details
P B No.122957,Dubai,UAE
Office Suite No: 503,
Wasl Business Central,
Near Deira City Centre,