A financial audit is a complete examination that is carried out by outside experts for the purpose of checking a company’s financial books, statements, and supporting documents. This is the stage at which the investor is assured that the financial information was accurate and complete and followed all existing laws and formal standards.
The objective of a financial audit is to add credibility to your enterprise in terms of its financial performance and operational reporting. Our systematic assessments of your financial statements act as an eye-opener for management problems, risk identification, and making decisions on company growth and stability.
Our auditors, at Risians Accounting & Tax Consultancy, will blend their technical expertise with thoughts of UAE regulations to facilitate accurate, reasonable, and actionable audit results.
A financial statement is a summary of financial data relating to the company:
Our auditors will ensure that your already compliant statements adhere to UAE accounting standards, International Financial Reporting Standards (IFRS), and any other relevant frameworks for an actual and reliable representation of your financial position.
Our financial audit services cover a variety of statements and reports, including:
Statement Type | Purpose |
Balance Sheet | Shows financial position including assets, liabilities, and equity |
Income Statement | Highlights revenue and expenditure to calculate net profit or loss |
Cash Flow Statement | Tracks changes in cash from operational, investment, and financing activities |
Statement of Changes in Equity | Displays changes in owner equity, profit/loss, dividends, and gains/losses |
Indeed, financial audits ensure trust and transparency in business operations while giving rise to accountability. Some of the benefits are:
The financial audit process is rigorously structured and meticulously practiced at Risians Accounting & Tax Consultancy just to guarantee accuracy, transparency, and absolute compliance in the best conceivable manner as long as the scope allows. Basically, the approach of the process is said to cover the understated significant headings.
Post-examination and audit, we produce a formal written report about findings supported by recommendations aimed at presenting the true and fair view of your company’s financial position and performance.
Further to compliance, the final audit report always includes important operational criticisms and much-needed operational pieces of advice that could lead to an effective internal control system but, more importantly, help management in making intelligent decisions in positioning the company as a successful entity.
At this time, we finish off the audit proceedings and discuss our findings with management, internal and external stakeholders, or regulatory enforcement agencies. In doing so, anyone becoming a direct stakeholder would have the opportunity to question and cross-examine the actions of the audit.
Audit processes are what guarantee that they induce trust in the systems to allow for sustaining any similar business environment for the things mentioned vis-à-vis trade.
Through financial audits and examinations, stakeholders have built trust and reliable information in the area of judgment to state accountability and confidence in their financial decisions. The most significant benefits of financial audits are:
A financial audit is the independent review, by certified auditors, of the financial statements and records of a company to reach avenues of assurance on its accuracy, transparency, and compliance with the regulations of the UAE and International Accounting Standards (IFRS).
Financial audits give your business the protection of being credible. They attest to regulatory conformity, reduce the risk of mistakes or fraud, boost stakeholder confidence, and guide management in making sound decisions for the business.
Certification carries out audits conducted by auditors qualified with deep knowledge of UAE financial regulations, International Financial Reporting Standards (IFRS), and best practices in the industry.
Key financial statements that we audit include:
In addition, we audit VAT reports, Free Zone audit statements, corporate tax reports, excise tax statements, and custom duties & inventory reports.
Financial audits are required for some companies, depending on regulatory obligations, Free Zone authorities, and corporate governance needs. These provide evidence for legal compliance and a basis of trust for stakeholders.
Usually, audits are done once a year, although such periodical audits may also be mandated as outcomes of regulatory obligations, expectations of stakeholders/investors, or management's decision.
The time taken basically depends on the size and complexity of your company's financial records. We make sure that our auditors work with total efficiency within the agreed time frame to provide you with timely, accurate, and quality reports.
Absolutely! We provide a financial audit for businesses of any size, from start-ups and SMEs to multinational corporations, to ensure compliance and provide insights for growth.
Just give a call, write an email, or reach out on our website, and our team will attend to you. We would assess your needs, explain the process, and guide you in the preparation of the required documents to ensure a smooth beginning for your audit.
