What is Audit & Assurance Services in UAE
Audits are the external review of the financial or business information of a company for various purposes. It is the process in which all the business’s financial records are examined, ensuring that they are accurate and according to the UAE laws and IFRS. Maxims experts have immense knowledge and excellent tactical skills in the field of IFRS (International Financial Reporting Standards). Many of our experts have remarkable experience in solving complex IFRS issues across various framework. We develop tailored solutions based on our clients’ specific IFRS requirements and defined priorities.
Assurance service is the process of analysing. It is used in the assessment of accounting entries and financial records. Assurance service can be compliance-based or regulatory. Assurance service ensures whether a company follows guidelines, rules and policy, and provides internal and external confidence for financial statements. Maxims is the premier provider of complete Audit and Assurance Services in UAE.
Types of Audit & Assurance Services in UAE
With a firm commitment to excellence, our services cover a wide spectrum including external audit, internal audit, due diligence audit, tax audit, operational audit and management audit. Using our expertise and meticulous approach, we ensure that businesses across a range of sectors receive complete and accurate assessments, fostering trust, transparency and compliance in the UAE.
External Audit/ Statutory Audit
This audit is conducted by a third party, such as the accountant, or the tax agency. An external auditor is not connected to your business or any employee in your organization, however, he/she must follow the generally accepted auditing standards (GAAS).
The primary goal of the external audit is to evaluate the accuracy and reliability of the company’s financial records and operations. Once your business is audited, the external auditors resent the audit report ensures that all the client’s data provides a clear picture of the business’s current situation. An external audit is usually conducted once a year so that the company can get the correct and accurate records of the company.
Internal Audit
An internal Audit is an activity that can be performed by outside people or an employee of the company. It comprises an independent and objective examination of all the business’s financial data. This is a critical function to be conducted as it acts as a tool to keep the company on the path of growth and development.
Our internal auditors perform evaluations of a company’s financial and operational processes to identify areas for improvement, ensure compliance with internal policies and regulations, and improve the company’s overall financial performance. An internal audit also adds value to a business by uncovering any fraudulent activity taking place in the business.
Due Diligence Audit
Due Diligence Audit is an investigation Audit or examination of a business or person before signing a contract, or an act with a certain standard of care. During a Due Diligence Audit, the analysis or review could be carried out for a potential objective for the merger, acquisition, privatization, or similar corporate finance transaction, usually by a buyer.
A reasonable investigation is focusing on future material matters and current practices of process and policies. It can be a legal obligation, but the term due diligence will more commonly apply to voluntary investigations. A due diligence process will help the buyers pay more than the actual purchase price or, in the seller’s case, receiving less than a reasonable price.
Tax Audit (Excise/VAT)
A VAT audit is an examination of all the ledgers and trial balances of the company by Approved Tax Agents. These are mostly performed to check if the company has calculated and accurately provided the VAT and to ensure the business complies with all the changes.
Businesses must prepare themselves for the tax audit by the Tax Authorities. Our tax auditors examine a company’s tax records and returns to verify that the company is paying the correct amount of taxes and that their tax returns are accurate and complete. Tax audit analyses the goals, planning approaches, procedures and operational results of the company in terms of tax compliance such as VAT, Excise tax and Corporate tax.
Management Audit
Management Audit is an organized inspection of decisions and actions of the management to study the working. Management audit done by audit firms in UAE includes the evaluation of managerial features such as the organizational objectives, policies, procedures, structure, control, and system in order to check the efficiency or action of the management over the procedures of the company.
Management Audit is the valuation of techniques and policies of a company’s management in the administration and the usage of resources, calculated and strategic planning, and worker as well as organizational enhancement.
Operational Audit
An operational audit is performed by the internal auditor of the entity and can also be outsourced. It basically helps in strengthening the internal controls, reducing the costs and irregularities. Along with the identifying of anomalies in the procedures, it is also the responsibility of the auditor to provide a strategy to overcome the shortcomings of the business which will help the management take effective measures. Even though it isn’t obligatory to get an operational audit performed, it assists in saving social costs.
The user of an operational audit report is usually the management but specifically it targets the process owners or line managers.
Benefits of Audit and Assurance Services for Businesses
✨ A complete company assessment can help you to focus on the Strengths, Weakness, Opportunities and Threats that your business entity holds.
✨ Boosting Credit Rating and Valuation.
✨ Compliance with tax laws and regulations through tax audit services.
✨ Involving auditors in your organization can help you to meet the predetermined business objectives.
✨ Improved financial performance through internal audit services.
✨ Increased stakeholder confidence with reliable financial statement audits.
✨ Compliance with tax laws and regulations through tax audit services.
✨Legal compliance with statutory audit services.
✨ Identification and resolution of potential financial and operational issues.
Why Choose Us
Peace of mind
Our independent and impartial audits provide you with peace of mind knowing that your company’s finances are in good hands.
Comprehensive audit solutions
We offer a range of audit services, including external, internal, financial statement, tax, compliance, and statutory audits, to meet the unique needs of your company.
Customized approach
We understand that every company is different and tailor our audit services to meet your specific needs and requirements.
Access to standard tools and techniques
Our auditors use the latest industry-standard tools and techniques to ensure the accuracy and reliability of your financial statements.
Compliance with laws and regulations
Our tax, compliance, and statutory audit services ensure your company is in compliance with applicable laws and regulations.
Improved financial performance
The expert will help to tackle business issues by following proper Accounting and Auditing guidelines will also assist you to scale up your business.