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:
- Income Statement
- Balance Sheet
- Statement of cash flows
- Statement of Changes in Equity
- Related notes and schedules thereto
Why Choose ADEPTS
Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.
