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.
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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:
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