Accounting Review Services in UAE

What is Accounting Review?

Accounting review involves providing an independent assessment of the accounts prepared by the client. The objective is to recommend corrections that enhance the reliability of financial information and internal control processes. This service ensures that financial reports comply with relevant accounting standards, providing stakeholders with confidence in financial data.

Objectives of Accounting Review:

• Provide Assurance: Deliver a moderate level of assurance on financial statements, balancing between audits and compilations.
• Identify Modifications: Check for any material modifications needed to meet reporting standards, ensuring accuracy and integrity.
• Enhance transparency: Facilitate transparent financial reporting to bolster trust among stakeholders.

HLB HAMT Accounting Review Process

1. Initial Consultation:
   A comprehensive assessment of specific needs and objectives for the accounting review is conducted to ensure clarity and understanding.
2. Project Setup:
   A dedicated project manager is assigned, and necessary information is gathered. Appropriate systems and software are set up for efficient data collection.
3. Data Collection:
   Relevant financial documents, including ledgers and supporting materials, are requested. The accuracy of these records is verified to ensure completeness.
4. Compliance and Analytical Review:
   Financial statements are evaluated for compliance with International Financial Reporting Standards (IFRS). Analytical procedures identify any discrepancies or issues.
5. Quality Assurance:
   A thorough quality review is performed by senior management to guarantee the accuracy and integrity of financial information. An independent VAT/ Corporate tax compliance review is also included when necessary.
6. Reporting:
   A detailed draft report is prepared, outlining findings and recommendations. This draft is presented for feedback and adjustments as needed.
7. Final Report:
   After incorporating client feedback, the final report is issued, including recommendations for improving financial processes and internal controls.

Benefits of Choosing HLB-HAMT Accounting Review Services

• Efficient Risk Management: Obtain valuable insights into financial processes and internal controls, aiding in risk identification and improvement.
• Error Prevention: Detect errors early to avoid penalties from the Federal Tax Authority (FTA) and other authorities.
• Verification and Compliance: Ensure adherence to IFRS standards and compliance with Corporate Tax (CT) and Value Added Tax (VAT) regulations.
• Enhanced Decision-Making: Provide stakeholders with reliable financial data for informed decision-making.
• Strengthened internal controls: identify weaknesses and inaccuracies to prevent fraud.
• Optimized Cash Flow: Gain clarity on your financial health through accurate financial information.

How Does HLB HAMT Help with Accounting Review Services in Dubai?

• Expertise: Our team includes experienced chartered accountants who specialize in accounting reviews.
• Regular Assessments: Financial records are reviewed monthly, quarterly, or annually, depending on your specific needs.
• Compliance Assurance: We ensure your records comply with International Financial Reporting Standards (IFRS) and local laws.
• UAE Corporate Tax Compliance: Our review process includes verifying that your accounting practices comply with UAE corporate tax regulations to help you avoid any penalties.
• Gap Identification: We identify areas where your accounting practices can improve for greater efficiency.
• Practical Recommendations: Clear advice is provided to enhance operations and improve accuracy in your financial reporting.

Ready to ensure the accuracy of your financial records? Contact HLB HAMT today to learn more about our accounting review services and how we can help your organization succeed!

FAQs about HLB HAMT’s Accounting Review Services

1. What are accounting review services?

   Accounting review services involve checking your financial records and processes to ensure they are accurate and comply with regulations. This helps identify any errors or issues before they become bigger problems.

2. How does HLB HAMT ensure my financial records are correct?

   At HLB HAMT in the UAE, our experienced team reviews your general and sub-ledgers, reconciles bank statements, and checks all transactions to ensure everything is recorded properly and accurately.

3. How often should I have an accounting review?

   We recommend having regular accounting reviews to keep your financial records accurate. This could be monthly, quarterly, or annually, depending on your business needs and size.

4. What happens if issues are found during the review?

   If we find any problems during the review, we will provide recommendations on how to fix them. Our goal is to help you improve your financial processes and ensure compliance.

5. How can I get started with HLB HAMT’s accounting review services?

   Getting started is easy! Just contact us to discuss your needs, and we will set up a plan that works for your business. Our team is ready to assist you!