As a firm, we follow a fundamental approach toward auditing and assurance. Auditing is a recommended process for all business owners, to ensure that their books have been kept in line with International Standards.
Auditors provide an independent assessment of the ‘truth and fairness of financial statements. To give a ‘true and fair view, financial statements must not be materially misstated and must be prepared, in all material respects, in accordance with International Financial Reporting Standards and legal requirements.’
Having your financial statements verified by an external auditor enhances the reliability of the financial statements that are produced by the management of a company and provides more credibility in the business marketplace providing audited accounts offer assurance to shareholders, lenders, creditors, and potential investors, making you more likely to be successful in achieving your goals.
In order to ensure quality audits, we follow certain procedures while performing our work. These include:
- Obtaining necessary permissions from the client before commencing the audit.
- Completing the audit within the stipulated time frame.
- Providing regular updates on the progress of the audit.
- Identifying any issues or problems during the course of the audit.
Benefits of Audit And Assurance
- Avoid Fraudulent Behavior
- Correct Budgeting
- Proper Allocation of Resources
- Enhanced Financial Controls
- Provides Assurance to Stakeholders
Internal Audit
With the increasing range of white-collar crimes, the role of Internal Audit has been growing each year. Internal Audit involves an in-depth examination of not solely accounting records, however, includes different functions like operations, human resources, procurement, etc. Our Internal Audit consultants have in-depth knowledge and vast experience in working with various industries such as healthcare, universities, semi-government organizations, trading business, and service-oriented organizations.
Certification
Our firm specializes in providing certifications pertaining to “At Cost Certificate”, “Revenue Certification”, “Net Worth Certification” and many other certifications. These certifications help our clients fulfill certain objectives pertaining to their organization.
Agreed Upon Procedures
The objective of an agreed-upon procedures engagement is for the auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. As the auditor simply provides a report of the factual findings of agreed-upon procedures, no assurance is expressed.
Instead, users of the report assess for themselves the procedures and findings reported by the auditor and draw their own conclusions from the auditor’s work.The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures, may misinterpret the results.
In Country Value Certificate
The ICV is a certificate that is issued to certified suppliers to evaluate their contribution to the local economy. Certified suppliers will gain advantages during the award of tenders and contracts based on their ICV score. Our firm helps clients in liasing with the ICV Certifying bodies in UAE by document preparation, score calculation, and guiding the clients on methods of improving the ICV Score.
FAQ
What is the difference between internal and external audits?
Internal audits are performed inside the organization and are not disclosed to the public, while external audits are done outside the organization with the scope of showing accounting records.
What do I need to do to prepare?
Our trained professional will contact you as soon as you book an appointment with us. After that, they will take you step by step in understanding the process.
How long will the audit take?
The length of an audit depends on the size, nature, quality of the systems, processes, and controls in situ. An audit will vary long from per week roughly through to a couple of months and involves coming up with fieldwork, and coverage stages. We will give a firmer indication of temporal order throughout our formal engagement, coming up with a scoping method. This can be wherever we tend to sit down with key individuals concerned to outline the scope and needs of the audit.
How do I contact Fincirc International Management?
Office 1209, 12 th Floor, The Regal Tower, Business Bay, Dubai, UAE
Email: inquiry@fincirc.com