Why Audit?

First of all, for most organizations (for instance companies, larger charities, and clubs) publishing audited accounts once a year is something they must do by law.  But most experts agree that the real value of the audit process goes far beyond ‘ticking a box’.

In fact, having independent and unbiased auditors confirm that an organization’s claims about its financial position, and the process behind these claims, are true and fair is useful for a wide range of reasons, depending on your point of view.  For instance:

Investors and shareholders:  These people own the organization but, in many cases, will not be closely involved in its day to day running.  So, again, an independent audit is very interesting to them, since it provides a trusted second opinion on the organization’s financial statements and, in turn, gives some, insight as to how well it is being run.

Company accountants/Finance Directors: These people are essentially in charge of the finances of the organization being audited and, for them, going through an audit is mostly about confidence and peace of mind.  Having an independent expert poring over your figures might be a little bit uncomfortable at times, but the reward is in making sure that your numbers are true and fair. 

What’s more, most audits these days will look at ‘internal control systems’ as well as the finances.  These systems are usually established through the specific design of computer systems and, for instance, ensure that the authorization of transactions is controlled according to clear rules and policies. Knowing these control systems are sufficiently strong and are working properly is also very reassuring.

Finally, many company accountants and finance directors also value working closely with auditors, believing they can help to solve complex accounting problems, offer world-class advice on issues ranging from governance to business processes and keep them up to date with the latest techniques, rules and regulations. 

Financial analysts:  These people help to determine what an organization’s shares are worth and, therefore, its value as a whole.  They do so by independently analyzing and commenting on its financial position as well as making predictions about its future success.  For financial analysts, audited accounts are a vital tool, since they provide unbiased and independently checked information on which to base their work.

Regulators:  These independent organizations are tasked with overseeing a wide range of industries to ensure individual firms are operating fairly and legally.  They may make use of audited accounts as part of the ongoing monitoring of each firm or to help with more specific investigations.

Other stakeholders: Depending on the organization being audited, the outcome of an audit process may be interesting to a whole range of other stakeholders, such as banks, licensing authorities, customers, general public, and suppliers.

Our Approach:

Our audit approach is a progressive one. We draw on our in-depth knowledge of clients’ businesses to make constructive contributions for improvement. Personal supervision and direct involvement of a partner in the audit is part of the standard protocol. To cut down on un-necessary expenses and costs, we ensure that we have a full working knowledge about our client’s business and activities which in turn automatically reduces the client’s involvement. We don’t just perform an audit, we keep a trained eye out for any strength that is being underutilized or a potential weakness that may do harm in the future.

A customized approach is a key to this objective. We familiarize ourselves with all aspects of our clients’ organization and industry, which in turn translates into a seamless and efficient delivery of compliance.

We can assist in audit required by:

 

  • RERA

  • DAFZA, JAFZA, HAMRIA, RAK and all other Free Zones

  • Banks Facilities

  • Insurance Authority

  • DMCC

  • DIFC

  • Courts

 

Types

  • Statutory Audit and review of annual financial statements

  • Internal audit and review

  • Review of internal controls

  • Due Diligence

  • Agreed upon Procedures

  • Compilation of financial statements and other financial reports

  • Performance and value for money audits

  • Risk assessment and recommendations to management

  • Special purpose audits

  • Regulatory reports

  • IFRS reporting

  • Grant audits

  • Dispute Resolution

  • Forensic Audits and Fraud Investigation

© 2018 by Brainstorm Accounting & Bookkeeping-UAE

info@bsaccountants.ae

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