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08 Jan

Best Services of Financial Audit in United Arab Emirates

Inspire's qualified professionals at various levels of execution of audit assignments make sure the requirements as per International Reporting Standards, Auditing Standards and relevant legal provisions are properly complied with.

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Best Services of Financial Audit in United Arab Emirates

The audit is an independent investigation of the financial information of a company with the purpose to indicate an opinion on the financial statements that represent a true and fair view. Auditing includes checking books of accounts, financial records, and documents with applicable laws and regulations. During the audit engagement, auditors need to collect audit evidence that is appropriate and sufficient. For that, they need to apply various audit procedures. 

Procedures of Audit

  • Audit procedures are the techniques, processes and methods used by the auditors to obtain the audit proof, qualify them to conclude the set audit objective and express their autonomous opinion.

  • Auditors need to design audit procedures to figure out all kinds of risks and ensure that the required audit evidence is obtained sufficiently and appropriately. 

  • Auditors need to make audit plans and strategies before the audit work starts. This help out them to confirm that all areas and risks are addressed in the audit procedures.
  • Audit procedures might be different from client to client and the year to year in which audit is executed.
  • Audit procedures include ‘AEIOU’ (Analytical Procedures, Enquiry and Confirmations, Inspection of material items, Observation, and Recalculation & Reperformance)
  • These audit procedures will depend on different factors. Obtaining and evaluating audit evidence is one of the most essential and critical parts of an audit. Also, it is critical to ensure that the quantity and quality of the audit proof obtained. Auditors also need to look at how the obtained proofs and evidences are related to each other.
  • Most of the information that auditors obtain will be financial. However, it is also crucial for auditors to look at non-financial data.    
  • Audit procedures are performed to test the following in the financial statement:
    • All the transactions have been recorded in the financial statements, which include assets, liabilities, equity, income & expenses.
    • All the transactions have been recorded in the financial statements, which include assets, liabilities, equity, income & expenses.
    • All the transactions have been recorded at their appropriate values/amounts.
    • All the transactions are properly presented and disclosed which are clearly understandable to the users.
    • All the transactions have been recorded at the correct amounts; support documents are available for each transaction.
    • The company has a right to dispose or use of its assets and is obligated to pay off the liabilities.
  •  An audit procedure will be implemented to confirm the existence accuracy of transactions through checking the sample of transactions and its corresponding documents.
  • Closing bank balances shall be confirmed using the bank confirmations or statements provided as of that date.
  • Customer and supplier balances shall be confirmed by using their confirmation as third-party confirmation.
  • Physical inventory verification is one of the methods for inventories held at the end of the period.
  • Auditors may ask about management confirmation for the contingent liabilities at the end of the audit work.
  • The auditor inspects client's sales invoices, supporting documents for the purchases and expenses or can check the payments vouchers for the audit period.
  • The auditor shall recalculate or recompute depreciation calculation or provision for end-of-service benefits.
  • Auditors shall issue their audit reports after they inspect the company’s financial statements and related documents. This includes the auditor’s point of view, financial statement and management report.

Inspire's qualified professionals at various levels of execution of audit assignments make sure the requirements as per International Reporting Standards, Auditing Standards and relevant legal provisions are properly complied with.

Are you looking for Audit Services in UAE? 

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  • Landline: +971 2 5551949, Mobile: +(971) 543353947,  +(971) 504884714

  • info@inspiretaxconsultancy.com

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