Professional Auditing Services Abu Dhabi | HAAB Accounting and Auditing Company

Auditing

Auditing is an independent, objective assurance and consulting activity. Furthermore it designs to add value and improve an organization’s operations. Furthermore it helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Our audit and assurance practice provides both financial statement verification and integrated audit services. Our goal is to improve financial reporting processes and to comply with International accounting and auditing standards. As one of the best Accounting and Auditing firm we provide the accounting and auditing services done by experienced professionals only. Also our team is well build and with the exceptional qualifications.

We equips with Auditing and Accounting professional associates. They have good experience in interpreting and applying accounting and auditing services, financial reporting standards and other regulatory requirements to give best quality service. All of our engagements go through an independent quality control review by our associate Accounting & Auditing Company. Our associate Accounting & Auditing Company will review the engagement for quality and adherence to accounting and auditing standards also and will issue the Final Audit Report.

Audit Approach

Audit objectives can be achieved by a number of different approaches. The important consideration is to perform the audit as effectively and efficiently as possible. Since all organizations are unique, very few audits can be performed using identical work plans. Our audit process provides a means so that audit effort is placed where audit risks and significance are the greatest. Our planning and coordination of the audit can be divided into five levels:

1: Orientation
2: Planning
3: Systems Review and Testing
4: Audit of Account Balances
5: Review of Preliminary Drafts and Report Submission

Our Auditing Services Includes :

External Audit

An external audit is an examination that an independent accountant conducts . Secondly, this type of audit is most commonly intended to result in a certification of the financial statements of an entity. An audit report covers all the elements relevant to the company’s assets and liabilities conclude the financial position of the company that whether the company is in profit or loss. The audit reports prepared according to the International Financial Reporting Standard (IFRS)

The objectives of an external audit are to determine:

The accuracy and completeness of the client’s accounting records;
Whether the client’s accounting records have been prepared in accordance with the applicable accounting framework; and
Whether the client’s financial statements present fairly its results and financial position.

As one of the top Accounting and Auditing firm we provide the best Audit Report which is attested and authorized by our associate company and the report will be according to the IFRS.

Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. Also this process is to assess and improve the effectiveness of governance, risk management, and control over critical processes. To provide the board and management with information and assurance related to their duties. Unlike external auditors, internal auditors look beyond financial statement reporting risk to consider broader issues such as the organization’s reputation, operational efficiency, strategic growth, its impact on the environment, and the way it treats its employees.

Internal auditing is beneficial for a company in the following ways:

Helps a business to assess its effectiveness and efficiency, and thus serves as a measure of performance analysis.
It can prove as a proactive tool for risk management by detecting any anomalies or inconsistencies in a company’s operations.
Increasing financial reliability and integrity.
Ensuring compliance with laws and statutory regulations.
It can also be an effective tool for identifying fraud and opportunities to commit fraud.

Stock Audit

Stock audit or inventory audit is a term that refers to physical verification of a company or institution’s inventory assets. There are types of stock audits depending on the purpose and every stock audit will require a different approach. Every business institution at least needs to perform a stock audit once a year to update and ensure that the physical stock and the computed stock match. A stock audit helps to correct discrepancies between the physical stock and book stock can be corrected. Stock Audit refers to thorough check of the entire system so that it facilitates Prevention and early Detection of frauds. Professionally qualified and competent person or Internal Auditor or External Auditor performs the Stock Audit.

The main benefits of Stock Audit are

Identification of slow-moving stock, obsolete stock, dead stock, and scrap.
Avoidance of pilferage and fraud.
Instant information of value of inventory.
Cost reduction and bottom-line.
Special arrangements for third party opinion, including for Agent warehouses.
Reduction in gaps in the present inventory management process.

Tax Audit

Tax audit is the official examination or audit of the tax department to the tax return that declares by taxpayers as required by law. It is an exercise that will test their resources and the accuracy of record keeping as well as the filing of tax returns. It is an examination of liability of a taxable person by the Federal Tax Authority (FTA) in UAE.

HAAB Accounting Consultancy as the top accounting and auditing service providers can guide the registrants in UAE. We can review the following areas to ensure that there is no inconsistency with the recorded transactions.

Review the calculation of both output and input taxes are correct.
Ensure that the return prepares with the values properly recorded in the right boxes
Check whether the entire output tax payable to the authority records properly.
Only eligible amount is claimed as input credit
Ensure that you are not drawing any negative attention from FTA by missing the timeframe of tax payment to the government
Check the Accounting software, whether it can generate VAT Reports as mandated by the UAE VAT Law

HAAB Accounting Consultancy as on of the best Accounting and Auditing firm in Trivandrum, India, offers Accounting, Auditing services, as well as Tax Consultancy. We well equipped with Tax Professionals who are highly qualified and well versed with the Indian Tax Laws also. In addition they have the practical implementation of GST and Income Tax in India. Without Doubt, we can say that every business is different from the other. Hence, our services is as per your business needs.