M006, Omar Mohd Bin Dhaher Bldg, Al Qusais 1, Dubai, U.A.E.
+ 971 4 33393651
NAK Auditing L.L.C offers Financial Statement Audit Services in Dubai that are transparent, regulatory, and accurate in the case of financial reporting to businesses both big and small. NAK uncovers differences under independent and objective analysis, evaluates internal controls and assists in reinforcing risk management practices, as required by the stringent accounting standards in the UAE and local legislation.
Audits contribute towards ensuring the veracity and integrity of the financial statements and as such, the stakeholders will have confidence in the financial status of your company.
NAK Auditing L.L.C provides enhanced audit reports that do not only comply with the requirements of all regulations, but also offer clear and feasible insights to the decision-making process of the business and its enhancement.
The financial statement audit refers to the independent testing of a company’s financial statements and its related disclosures by auditors. It gives an accurate and fair presentation of the company’s financial performance. The report of the auditor accompanies the financial statements when issued to the recipients.
The purpose of a financial audit is to bring credibility to the financial position and performance of a company. With financial audit services, a business can be capable of gaining valuable and worthy insights into the business.
A financial audit assists in the determination of the problems arising in the internal management and vital deep insights that can assist the company to tackle the current and future challenges and risks and make decisions accordingly. NAK Auditing L.L.C is one of the top audit companies in Dubai.
NAK Auditing L.L.C provides financial audit services in UAE through collecting evidence and through establishing a high degree of assurance that the financial audit procedures are being adhered to by all the standards. NAK Auditing L.L.C is providing four financial statement audit services types which are:
1.Balance Sheet
A balance sheet is a financial statement type that describes the financial condition of a company; a balance sheet has three major components:
• Assets
• Liabilities
• Equities
2.Income Statement
An income statement is also referred to as a profit and loss statement which describes the financial performance of the company in terms of net profit or net loss. The two important parts of the income statement are:
• Income
• Expense
3.Cash Flow Statement
The change in cash and bank accounts over time is referred to as a cash flow statement. A cash flow statement encompasses three prominent activities which are:
• Operating activities
• Investing activities
• Financing activities
4.Change in Equity Statement
Statement of changes in equity provides the information of movement in the owner’s equity. It can be calculated by the following items:
• Income statement
• Dividend payment
• Gains or losses
• This allows the auditor to provide an opinion on the financial statements of the company made by the management.
• It’s important that all the financial statements are made according to the accepted accounting policies and statutory requirements. It’s important that the report should reveal all material facts.
1.Planning and risk assessment:
1• We conduct systematic planning of how to conduct the audit by having an intimate understanding of the business and the surrounding environment.
2• We perform a systematic planning of how to conduct the audit by acquiring Firstly, we review and assess the risk of misstatements in the financial report. The audit process is tailor-made entirely depending on the organization and requirements. In the event of high risk, strict accounting procedures shall be implemented, and in the event of low risk, we have relaxed audit procedures. a deep understanding of the business and its surroundings.
2.Internal controls testing:
Internal control is essentially the second stage of a financial statement audit. It is defined as the group of activities and procedures embedded within the system to prevent fraud data in respect of the transactions and assets. Segregation of duties, authorization process and asset safeguarding is the focal point in internal controls. In the event of sound internal control, audit proves shorter and concise while weak internal control systems would necessitate thoroughgoing audit procedures.
High quality and accurate audit of financial statements are required to ensure the confidence of an investor or a shareholder. NAK Auditing L.L.C professional approved auditors in Dubai are dedicated and look for challenges to go deep down and know worthwhile opportunities based on a complete understanding of the nature of business and its processes. To acquire quality and timely financial audit services in Dubai.
Here are some common questions about Financial Audit Services
An independent audit of a company is a financial audit conducted by a certified external auditor of the company, and involves the review of the financial statements of the company to ensure their accuracy and compliance with the International Financial Reporting Standards (IFRS) and other applicable laws in the UAE.
Most businesses, particularly, are required to undergo audits, particularly:
1.UAE Commercial Companies Law companies located on the mainland (Federal Law No. 32 of 2021).
2.Free Zones as mandated by the relevant authorities.
3. Any entity having annual revenues exceeding AED 50 million or Free Zone Persons in taxation.
Financial audits ensure:
1. Compliance with regulation and simplicity in the renewal of trade license.
2.Correct Corporate Tax and VAT.
3. Increased stakeholder and investor confidence.
4. Bank loans and other credit facilities are eligible.
Those companies which fail the statutory audit requirements may encounter:
1. Cancellation or suspension of trade licenses.
2. Monetary fines, punishment, and regulatory penalties.
3. The inability of access to credit and investor trust.
Typically examined reports are:
1. Paperwork incorporating the company and the organization structure.
2. Depreciation and fixed assets schedules.
3.Full bank accounts and lists of cash.
4.Statutory dues and business contracts records.
5. Inventory, payables, receivables and overhead costs.
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