Financial statements with an audit report are more than just a compliance requirement; they signal trust, credibility, and financial transparency. Businesses operating in the UAE and Middle East are increasingly utilizing financial audit services to confirm the completeness and correctness of their financial information, to preserve investors’ confidence, and to comply with regulations.
At AMA Audit Tax Advisory, we provide you with quality audited financial statements that are compliant with applicable law and accounting standards, but also add value in the perspectives they bring related to your company’s operations, risk, and opportunities.
Scope of a Financial Statement Audit
A financial statement audit involves a systematic investigation of a company’s principal financial statements, including:
- The balance sheet- analyzing the asset, liability, and equity positions.
- The income statement- analyzing revenues, expenses, and profit calculations.
- The cash flow statement- checking the accuracy of cash inflows and outflows.
- The statement of changes in equity- analyzing changes in ownership and retained earnings position.
The audit will focus on:
- providing assurance that the financial statements are free from material misstatement.
- properly complying with the applicable accounting frameworks (IFRS, local GAAP).
- assessing the adequacy of internal controls and the risk of failure of controls.
- providing a risk analysis and potential fraud indicators.
Regulatory Compliance Benefits of Financial Audits
Justification for a financial audit provides several benefits to compliance and business:
1. Legal Compliance – Satisfy the UAE Ministry of Economy, free zone authority, and tax authority requirements.
2. Investor & Stakeholder Confidence –Assure shareholders, lenders, and partners.
3. Transparency for Mergers & Acquisitions –Supply facts during the transaction.
4. Filing of taxes accurately –Make the appropriate disclosures so you can avoid penalties.
5. Improved Credit quality –Reputation with banks and financial institutions may be improved.
Our Audit Process
Audit Process Steps
1. Initial Consultation & Engagement- Identify the operational scope of the audit and understand the objectives of the audit.
2. Planning & Risk Assessment- Identify the potential risk areas and determine the audit approach.
3. Obtain Evidence- Review records, transactions, and internal controls.
4. Analyzing and Verifying- Work through everything, checking data for consistency and completeness.
5. Reporting & Recommendations- Issue audited financial statement and suggest areas for improvement.
How AMA Audit Tax Advisory Can Help?
At AMA Audit Tax Advisory, we don’t simply provide compliance checks & balances- we provide your business with clarity, insight, and credibility. Below is how we make a difference:
Industry-Specific Experience– We understand your industry, whether you are in commercial construction, retail, healthcare, or financial. We are aware of the associated risks and compliance demands related to its distinct characteristics.
Proactive Risk Identification– Our auditors identify possible indicators of fraud, inadequate internal controls, and inefficient operational processes before they escalate into a bigger problem.
Statutory Compliance– We ensure your financials are compliant with UAE requirements, free zone laws, and international reporting standards.
Efficiency and Minimal Disruption– Our efficient audit method allows you to remain operational without unnecessary interruption while ensuring accurate results.
Post-Audit Strategy– In addition to your audited statements, we provide recommendations for processes to improve your financial reporting.
AMA Audit Tax Advisory provides more than just compliance – we provide confidence – with ACCA, CPA, and CA qualified professionals.
Certifications & Expertise
Our team holds prestigious qualifications that help us ensure international standards of audit quality:
- ACCA (Association of Chartered Certified Accountants)
- CPA (Certified Public Accountant)
- CA (Chartered Accountant)
- CIA (Certified Internal Auditor)
FAQs
Q1: What is the cost of a financial statement audit in the UAE?
There is no fixed price; costs are dependent on the size of the company, its complexity, and the industry. Get in touch with us for an accurate quote.
Q2: How long does the audit process take?
Generally, it can take anywhere between 2 – 6 weeks, depending on your level of preparedness and the quality of your documentation.
Q3: What documents are needed for an audit?
It’s key documents such as the financial statements (IFRS set), general ledger, bank statements, invoices, contracts, and all your tax records, e.g,. VAT submissions, tax returns, etc.
Q4: Is a financial audit required inthe UAE?
Yes, the majority of UAE companies must file audited financial statements on an annual basis to adhere to local laws and free zone regulations.
Q5: Will AMA help with audit preparation?
Absolutely. We provide pre-audit readiness services to help prepare for your audit and ensure compliance.
