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Financial Statements Audit

Ensure Experts Audit your Financial Statements

Adepts Chartered Accountants LLC is one of the most trusted and experienced financial auditors in the United Arab Emirates, providing comprehensive audit services to ensure Clients have their financials presented fairly, accurately, and reliably. Our team of highly skilled professionals perform a thorough assessment of your company’s financial statements, including Balance Sheet, Profit & Loss Account, Cash Flow Statement and related schedules and notes thereto including internal controls and accounting records, with the utmost integrity and transparency.

Goals Of Auditing Financial Statements

Auditing is critical to ensuring the reliability and credibility of a company’s financial statements and financial performance. Public listed companies are required to file annual audit reports with the respective exchanges and authorities, while lenders require financial statements to lend funds. Similarly, suppliers often demand financial statements as a precondition for extending trade credit.
Our goal is to audit an entity’s financial records and provide reasonable assurance that the reported figures are accurate, complete, and free from material misstatement. Adepts Chartered Accountants LLC through its experienced and professional auditors can help develop reliable, transparent information through reviews of internal controls, tests of transactions, analytical procedures, and other methods. By performing these checks, businesses can ensure that all departments accurately report their financial position and performance on an ongoing basis.

Why do you need it?

Financial Statements Audit by Adepts Chartered Accountants LLC is the perfect solution for small and big businesses that want to ensure their financial statements are accurate and compliant. We provide a comprehensive and reliable service that lets business owners make decisions based on said audited Financial Statements. Our team of experienced accountants will thoroughly audit your statement, identify any deviations from or non-compliances with International Financial Reporting Standards (IFRSs), and provide recommendations for accounting adjustments / corrective action.
We also offer ongoing support to help you maintain compliance in the future. Whether you’re just starting out or have been in business for years, Our Audit services can help you achieve financial peace of mind.

Benefits of Auditing Financial Statement

  • Improved accuracy and reliability of financial statements
  • Increased transparency and accountability of a company’s financial performance
  • Detection and prevention of fraud or mismanagement
  • Compliance with legal and regulatory requirements
  • Enhanced credibility and confidence among stakeholders, including investors, creditors, and regulatory authorities
  • Improved internal controls and risk management practices
  • Identification of areas for improvement in financial reporting and business processes.

Process of Audit

The audit process typically includes four steps: planning, execution, reporting, and follow-up.

Planning

During this phase, the auditor will develop an audit plan outlining the audit’s scope and objectives. The plan will also identify the resources that will be required and the timeline for the audit.

Execution
This is when the actual audit work is conducted. The auditor will gather information and perform tests to assess the adequacy of the organization’s controls and accuracy of details of transactions.
Reporting

After the auditors have completed their work, they will prepare a report that contains their findings, audit opinion and recommendations in a standard format and guidelines as set out in International Standards on Auditing (ISAs) by IFAC. The report will be shared with management so that they can make decisions and take actions to improve the organization’s controls and accounting system based on audit report and recommendations from our team of professionals and experts.

Follow-up & Distribution
This is when the auditor checks to see if management has implemented their recommendations included disclosures or passed required adjustment entries. If not, the auditor may take further action, such as escalating the matter to higher levels of management or issuing a formal report.

frequently asked questions

Auditing a company's financial statements gives investors, business owners and other stakeholders confidence in the company's financial information and helps them make smart business decisions.
The Audit financial statement should be audited because it gives its stakeholders confidence that the Financial Statements are audited by an independent auditor, external to the company and how healthy a company's financial position is as a whole and how well the company has performed during the respective year.

The following statements are audited during the engagement:

  1. Income Statement
  2. Balance Sheet
  3. Statement of cash flows
  4. Statement of Changes in Equity
  5. Related notes and schedules thereto
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UAE Law references for Audited Financial Statements requirement?

Audited financial statements are required in the United Arab Emirates (UAE) as per law to ensure transparency and accountability in the financial reporting of companies operating in the country. The requirement for audited financial statements is outlined in several laws and regulations in the UAE, including:
Federal Law No. 2 of 2015 Concerning Commercial Companies (the “Companies Law”) – Article 42 states that “the company shall prepare an annual financial statement, which shall be audited by an auditor licensed by the relevant authority.”
UAE Central Bank Regulation No. 8 of 2018 Concerning the Licensing and Supervision of Auditors – This regulation outlines the requirements and responsibilities of auditors in the UAE, including the requirement to audit financial statements of companies operating in the country.
UAE Securities and Commodities Authority (SCA) Board Resolution No. (11) of 2019 Concerning the Issuance of the Executive Regulations of the Federal Law No. 2 of 2015 Concerning Commercial Companies – This resolution states that the Financial Statements shall be audited by an auditor licensed by the SCA.

These laws and regulations serve as the legal basis for the requirement of audited financial statements in the UAE and provide the framework for the oversight and regulation of auditors in the country.

Adepts Chartered Accountants LLC is a leading and approved auditor of financial statements in UAE. We have a team of experienced professionals who can provide you with an objective assessment of your financial statements. We follow a comprehensive approach to auditing including planning, fieldwork, execution, and report writing and review.
We are committed to providing the highest quality service to our clients. Contact us today to learn more about how we can help you with your next financial statement audit.

Why Choose ADEPTS

Expertise and Experience
Adepts Chartered Accountants has a team of highly qualified and experienced professionals who have extensive knowledge and expertise in financial statement auditing. They are equipped with the latest tools, techniques, and knowledge to provide effective and efficient financial statement auditing services.
Independence and Objectivity
Adepts Chartered Accountants is an independent firm that is not affiliated with the company being audited, which ensures objectivity in their assessment of the financial statements. This independence is critical in maintaining the credibility and reliability of the financial statement auditing process.
Tailored Approach
Adepts Chartered Accountants understands that every company has unique needs and requirements. They take a tailored approach to each financial statement auditing engagement, ensuring that their services are customized to meet the specific needs of each client.
Commitment to Quality
Adepts Chartered Accountants is committed to providing high-quality financial statement auditing services. They employ rigorous testing and review procedures to ensure that the financial statements are accurate and reliable.
Effective Communication
Adepts Chartered Accountants recognizes the importance of effective communication in the financial statement auditing process. They maintain open lines of communication with their clients to ensure that they understand their needs and provide timely and relevant feedback.

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Welcome to Adepts Chartered Accountants a leading professional Audit firm, practicing in Audit and Assurance, Taxation and Advisory services with a cumulative experience of 15 years. Adepts has grown by exceeding clients’ expectations in the provision of professional services.
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