Financial Statement Audit
It has never been more important to have confidence in a financial statements audit. Audit quality is of fundamental importance for maintaining trust in the financial reporting process and the integrity of financial information, specifically in the changing economic and legal environment. That is why HLB HAMT works continually to ensure that the audits of the financial statements are carried out to their highest standards.
We provide financial statements audit services to many clients across UAE and the middle east region. The experience and expertise of our audit team covering all industry segments and service sectors enable us to focus on critical areas of business such as risk, adequacy of internal controls, and potential areas of fraud.
HLB HAMT’s approach includes analysis of business performance against management objectives, evaluation of business processes, assessment of business risks and comparison with industry standards. This approach focuses on understanding all aspects of a client’s business, including areas such as;
- Industry-specific processes
- IT Controls and its management
- Revenue cycle
- Personnel and human resources
- Business processes
- Fixed and working capital management
- Financial reporting controls
Enhancing Your Credibility
Financial statement audit services are one of the major service offerings of HLB HAMT’s professional services to its clients. For many years, HLB HAMT has sought continued excellence in this service – adopting new technologies, implementing new methodologies, and staying at the forefront of current developments, including cyber security, regulatory changes and ISA, and IFRS.
Changes in the regional and global economy are always affecting businesses. So it becomes vital that a trusted firm is next to you to help navigate the economic and accounting issues through the revised and new accounting standards and changing regulatory conditions.
With all our expertise, we, HLB HAMT, offer financial statements audit services to guide you through the uncertainties of change and risk.
HLB HAMT offers a partner-led approach, which is conscious of the need for its clients to provide high-level technical service. Our service is backed up to meet the deadlines, attention to detail and respecting clients’ time and schedules, whether the client is publicly listed, is a privately held company, a not-for-profit entity, a government department or a small entity.
International Best Practice
Adherence to international standards is a prerequisite to providing global quality assurance. As a Quality audit firm in UAE, HLB HAMTensures:
- HLB HAMT is an independent member of HLB International ( a member of the Forum of Firms formed by IFAC that performs transnational audits ) , which sets “best practice” membership requirements and involves the standard-setting boards and committees.
- We are implementing and maintaining an up-to-date “International Audit Manual”. The manual incorporates all applicable International Standards on Auditing (ISA) and International Standards on Quality Control and Management.
- HLB International maintains a global quality assurance program for its independent members. Each member firm undergoes a “quality assurance review” regularly conducted by the Audit working Group of HLB International to ensure the quality of the audit jobs is in line with ISA procedures.
- We are also regularly participating in professional learning programs and events conducted by various professional and statutory bodies, including HLBI, which helps us appraise developments in professional work.
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Frequently Asked Questions
What is general purpose financial statements?
Financial statements that are used by users like creditors, lenders, government, and shareholders are known as general purpose financial statements.
What is special purpose financial statements?
The financial statements prepared only for a specific purpose or users are known as special purpose financial statements. For example, a particular project, based on a cash basis, etc.
What is TCWG “Those charged with Governance.”
Those charged with Governance are the persons accountable for strategic decisions on operation and financial reporting of the entity. In case of a company, usually, the Board of Directors are the TCWG. The board includes non-executive and part-time directors.
What is the difference between TCWG and management?
The management is the executive body for the decision taken by the TCWG. For example, the TCWG is responsible for preparing the financial statements under IFRS but the management actually prepares the financial statements.
What is the Conceptual framework for financial reporting?
“The Conceptual Framework for Financial Reporting “ is the guidance for the objective of, and the concepts for, general purpose financial reporting. This framework includes the following;
- International Financial Reporting Standards (IFRS)
- Statues and regulations such as UAE Federal Decree-Law no. (32) of 2021
- Professional and ethical standards related to the accounting matters
- General industry practices
- Accounting literature
Why are audited financial statements essential?
When we are engaging the auditor to perform an audit on financial statements and give an opinion, it adds credibility to the fiscal health of the company in front of its stakeholders.
Are financial statement audit mandatory in the UAE?
As per Article 27 of Federal Decree-Law no. (32) of 2021, the company needs to get the accounts audited by an independent auditor and produce the audited financial statements prepared in IFRS.
Are IFRS Financial statements mandatory in the UAE?
The companies falling under UAE Federal Decree-Law no. (32) of 2021 DIFC, Nasdaq, ADGM, and Banks under the Central Bank UAE must furnish the audited financial statements with IFRS framework.
How is the financial year of a company determined in the UAE?
As per UAE Federal law, the company’s financial year can be determined by its directors and mentioned in its Articles of Association. Generally, the company’s first financial year shall not exceed 18 (eighteen) months, but at least 6 (six) months, to be calculated from the date of registration of the company. The subsequent financial years shall consist of consecutive periods, each of 12 months commencing directly upon the expiry of the preceding financial year.
What is the retention period for accounting records?
Every company falling under UAE Federal Law shall keep its accounting books in its head office for at least 5 (five) years from the end of the financial year.
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