Approved Financial Auditing Services in Mainland and Freezones in UAE
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All you Need to Know about Auditing Service in UAE
Audit & Assurance is the process of making an analysis of company accounts and verifying data in the financial statements with supporting documents. The audit process also identifies the risk involved in the business operation with regards to the industry and business market. The auditors and audit firms in Dubai, UAE examine the financial process and strategy to enhance the performance and quality of the auditing process of companies in Dubai & UAE.
The term audit usually refers to a financial statement audit. A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent. The audit can be conducted internally by employees of the organization or externally by an outside Certified Chartered Accountant (CA) firm.
Audits performed by outside parties can be extremely helpful in removing any bias in reviewing the state of a company's financials. Financial audits seek to identify if there are any material misstatements in the financial statements. An unqualified, or clean, auditor's opinion provides financial statement users with confidence that the financials are both accurate and complete. External audits, therefore, allow stakeholders to make better, more informed decisions related to the company being audited.
External auditors follow a set of standards different from that of the company or organization hiring them to do the work. The biggest difference between an internal and external audit is the concept of independence of the external auditor. When audits are performed by third parties, the resulting auditor's opinion expressed on items being audited (a company's financials, internal controls, or a system) can be candid and honest without it affecting daily work relationships within the company.
Internal auditors are employed by the company or organization for whom they are performing an audit, and the resulting audit report is given directly to management and the board of directors. Consultant auditors, while not employed internally, use the standards of the company they are auditing as opposed to a separate set of standards. These types of auditors are used when an organization doesn’t have the in-house resources to audit certain parts of their own operations.
International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world.
Due diligence is an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the financial world, due diligence requires an examination of financial records before entering into a proposed transaction with another party.
- Preparing Audit Plan
- Obtaining Information from Client
- Assessing the misstatement Risk
- Performing the test of controls
- Audit Completion
- Report
Why Choose RVG over other Firms ?
One of the Top Auditing Firm in Dubai , United Arab Emirates
RVG always focuses on the Quality of Service Provided to the Client. Rather than the total number of clients, we prefer the count on the satisfied clients .
Approved Auditors
Approved and qualified team of Chartered Accountants.
Budget Friendly Auditing
Our auditing charges are less compared to normal auditing charges in Dubai.
Honesty and Integrety
Being Faithful and Loyal to Clients and thereby having good relationship with them even after our Service
Transparency in Client Relation
We always sustain respect and dignity in our dealings with all clients
24* 7 Client Support
Dedicated Team for Full Time Client Support.
Core Experienced Team
There is a big team behind the screen that will meet any requirements requested by the client.
Financial Statement Audit
Types of Financial Statements
Financial statement audit is an independent examination of an organization’s financial statements by a certified public accountant (CPA) or an accounting firm. The purpose of the audit is to provide assurance that the financial statements are presented fairly and in accordance with generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS). The auditor will review the financial statements, test internal controls, and assess the organization’s compliance with relevant laws and regulations. The auditor will then issue an opinion on the financial statements, which can be unqualified (meaning that the financial statements are free from material misstatements), qualified (meaning that the financial statements are free from material misstatements except for a specific matter), or adverse (meaning that the financial statements are materially misstated).
There are four main types of financial statements:
- Balance Sheet: shows a company’s assets, liabilities, and equity at a specific point in time.
- Income Statement: shows a company’s revenue, expenses, and net income over a specific period of time (usually one year).
- Cash Flow Statement: shows a company’s cash inflows and outflows over a specific period of time (usually one year).
- Statement of Changes in Equity: shows changes in the equity of a company over a specific period of time (usually one year).
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