Internal Audit
Financial Statement Audit
Since 20178 Since 2017
- IFRS format
- Accepted by banks
- Approved auditors
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In one line
Whether the accounts give a true and fair view, tested and signed.
Overview
Best Financial Statement Audit Service in UAE
We provide financial statement audit services in the UAE at Vigor Accounting & Taxation, which is mandatory for all companies registered with them and compliance auditors must have visibility on transactions. All companies in the UAE are obliged to audit their accounts according to UAE commercial companies law.
- 5,000+
- Clients served
- 75+
- Professionals in Business Bay
- 8
- years, since 2017
This one is usually asked for after
01
A licence renewal, a bank or a shareholder has asked for audited statements
02
A sale, an investment or a facility is being negotiated
03
The group needs figures it can consolidate with confidence
Why us
Why it matters
Financial Statement Audit: It is an independent examination of the company's financial accounts and records. It aims to present a true and fair view of the financial performance. The accompanying auditor's report guarantees the truth and fairness of these financial statements.
- 01
Why Are Financial Statements Audited?
We, at Vigor Accounting & Taxation ensure a company audit is immaculate which further elevates the creditworthiness of your financial statements. This is crucial for:
- 02
Significance of Financial Statement Audits
Few may think that their company does not require the assistance of a financial statement auditors but actually they are not aware of its significance.
Financial statement audits by nature assist with accomplishing the accompanying objectives
Regulatory Compliance: publicly registered companies file audited yearly reports with regulatory bodies.
Through credit, one can Establish financial support for providing support;
Lender Requirements: For loans from banks essential to produce lender statements.
Supplier trust: Audited financial statements might be requested from suppliers in order to grant trade credit.
A thriving commercial community
Auditor's opinion on Financial Statements: Whether financial statements which are prepared by management reflect a true and fair view of the company, such as whether they comply with accounting standards or statutory requirements
Disclosure of Material Matters: Make sure everything important that needs to be disclosed in a financial report is accounted for.
Quality Enhancement Informs management controls and business processes area of potential improvement
Investor Assurance: High level of confidence that financial statements are not materially misstated.
True and Fair View: Makes certain that financial statements provide the true and fair view of the company’s financial position
Why us
Why Vigor Accounting & Taxation?
Collaborate with Vigor Accounting & Taxation to secure your financial statement audits that align seamlessly with what you want for business and continue adhering compliance standards.
Integrity: We issue independent and genuine reports when performing audits.
Standard Of Care: The Servicer shall exercise at least the same care in handling and accounting for all Cash remitted by or on behalf of any Obligor as it exercises with respect to similar items that belong to itself, TAKE FUNDS AND NOTIFICATION…
Confidentiality : All information given to us is kept absolutely confidential.
Skill and Competence: Our auditors are skilled, well trained to do audits effectively.
Efficiency: We schedule and complete audits in record time.
Why it matters
When financial statement audit is the right call
Whether the accounts give a true and fair view, tested and signed.
We provide financial statement audit services in the UAE at Vigor Accounting & Taxation, which is mandatory for all companies registered with them and compliance auditors must have visibility on transactions. All companies in the UAE are obliged to audit their accounts according to UAE commercial companies law.
- A licence renewal, a bank or a shareholder has asked for audited statements
- A sale, an investment or a facility is being negotiated
- The group needs figures it can consolidate with confidence
How it runs
Audit Process
Companies operating in the DMCC must adhere to strict regulations and provide auditors with accurate and transparent financial information. Concealing or omitting any details is not permitted under DMCC guidelines. The auditing process in DMCC involves several key steps:
Phase 01
Planning and Risk Assessment
Phase 02
Internal Controls Testing
Phase 03
Substantive Procedures
Phase 3 of 3
Substantive Procedures
- We invest time to plan and learn your business, its environment.
- We assess the risk of material misstatement, then design and perform further audit procedures according to this level.
- Internal Control , Assess the risk that significant component deficiencies will not be prevented or detected on a timely basis by those controls that are intended to mitigate such risks.
- The stronger the internal controls, the less detailed the audits are; whereas poor control environments necessitate more intense tests.
- Execute detailed activities over financial statement line items and disclosures which includes, but is not limited to.
- Cash: bankStatements, petty cash and Bank reconciliations.
- Accounts Receivable: Confirm ending balances, evaluate reconciliation statements and test cut-off procedures.
- To perform audit work related to inventory counts, invoice analysis and observations of the client’s physical count of inventories.
- Confirm or Cutting off Testing: Cut-off procedure is tested for accounts payable. Catch it with assets, approve purchases and confirm valuations.
- Sales invoices and confirmationsReview of tenant transactionsRevenue Budgets: Review invoices and similar actions
The deliverable
What lands on the table at the end
An internal audit does not end in an opinion on the accounts. It ends in findings, each one rated, each one already put to the manager who owns it, with a date against the response. That is what makes it a document a board can act on rather than a list of observations.
- Every finding rated, so the board knows what is urgent and what is routine
- Management's response recorded beside the finding, not filed separately
- An owner and a date against each action
- A follow-up that confirms what actually changed
Drawn rather than photographed, and deliberately unreadable: the wording on your report is yours, and an accounting firm printing invented findings on its own website would be a liability.
Internal audit report
Findings and management response · Financial Statement Audit
Opinion
Basis for opinion
Vigor Accounting & Taxation LLC
Registered auditors, Business Bay, Dubai
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Answers
Questions asked before an internal audit starts
The 6 asked most often about Financial Statement Audit.
01Is a financial statement audit mandatory for my company in the UAE?
Most free zone licences require audited financial statements as part of the renewal process, and many mainland companies need one for bank facilities, tenders or group reporting requirements. Whether it applies to you depends on your licence type, jurisdiction and any conditions attached to financing or contracts you hold.
02How much does a financial statement audit cost?
The fee depends on the size of the company, the volume of transactions and the complexity of its accounts, so it is quoted after a proposal following a review of your records. Vigor Accounting & Taxation sets the scope and quote once the entity's structure and reporting needs are understood.
03How long does a financial statement audit take?
Timing depends on the size of the business and the state of its records, ranging from a few days for a small entity with clean books to several weeks for a larger company. The process generally moves through planning and risk assessment, testing of internal controls, and substantive procedures on the figures.
04What happens if I do not submit audited financial statements for licence renewal?
Free zones that require audited accounts as part of renewal will not process the renewal without them, which can leave a licence lapsed and expose the company to associated penalties. The specific requirement and any penalty depend on the free zone authority governing the licence.
05Which documents do I need to provide for the audit?
Auditors typically need bank statements, sales and purchase invoices, payroll records, fixed asset registers, prior year financial statements and relevant contracts, along with the trial balance and general ledger. The exact list depends on the nature of the business and the period under review.
06What does the audit process actually involve?
A financial statement audit moves through three stages: planning and risk assessment to understand the business and identify areas of concern, testing of internal controls to gauge how reliable existing processes are, and substantive procedures that examine transactions and balances directly. The findings are then set out in the audit opinion.
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