Every organization needs audit and assurance services in order to keep an eye on its financial operations. BMS Audit and Assurance Services in the UAE have a strong emphasis on providing clear and methodical financial statement audits in addition to other assurance services, going beyond the simple review and approval of data. These services provide insightful information about your company. Our skilled auditors in the United Arab Emirates carry out accurate, comprehensive, and impartial audits, guaranteeing compliance with legal mandates. Making use of appropriate audit services in the United Arab Emirates guarantees that your company conforms to UAE laws, rules, and accounting standards.
Different Types of Audits
Here are the most common types of audits performed for businesses:
- a) Internal Audit
An internal audit is an independent, impartial assurance and consulting process that aims to enhance and optimize corporate processes. By using a methodical, disciplined approach to assessing and improving the efficacy of risk management, control, and governance procedures, it aids a firm in achieving its goals.
Purpose and Scope of Internal Audit
The purpose and scope of internal audit activities should be broad enough to meet management's needs to achieve its objectives. An internal audit includes:
- Reevaluation of each control and analysis in terms of costs and benefits.
- Reassessment of the existing system of controls to determine alignment with the organization's structure.
- Verification of the reliability and integrity of financial and operational information, and the means used to identify, measure, classify, and report such information.
- Review of asset preservation methods and verification of the existence of assets.
- b) Tax Audit
A tax audit examines the tax returns submitted by an individual or business entity to verify the accuracy of tax information and the resulting income tax payment.
- c) Compliance Audit
A compliance audit examines an entity's or department's policies and procedures to ensure adherence to internal or regulatory standards. It is commonly used in regulated industries or educational institutions.
- d) Construction Audit
A construction audit verifies that the expenses incurred for a particular construction project are fair. Examining contractor contracts, prices paid, permissible overhead expenses, modification orders, and the suitability of project completion are all included in this process.
- e) Financial Audit
A financial audit looks at the accuracy of the data in the financial accounts of a company. It entails examining the books of accounts and other pertinent documents, and it is carried out by an impartial Certified Public Accountant (CPA). The goal is to offer an impartial guarantee that the financial statements depict a "true and fair" picture of the business's financial performance.
- f) Information Systems Audit
This audit reviews the controls over software development, data processing, and access to computer systems. Its goal is to identify issues that could affect the accuracy of IT systems and to ensure unauthorized parties cannot access the data.
- g) Operational Audit
This audit analyzes the goals, planning processes, procedures, and results of a business's operations in detail.
- h) Investigative Audit
This audit examines to find and fix control breaches and to collect evidence if legal action needs to be taken.
Our Audit Process Simplified:
- Client Approaches: The client provides unorganized data.
- BMS Auditing Understands the Business: BMS knows how the business works.
- Plans & Implements the Process: We make plans based on the documents we've looked at, and then put those plans into action.
- Maintains Follow-Ups: We keep checking back regularly to see if things are going as planned, and we make changes if necessary.
- Review the File: We look over the audit file to make sure it follows the laws about auditing in the UAE.
- Generates the Report: Once we've set up the VAT processes, we create the audit report.
Understanding Assurance Services
Analyzing and assessing financial records and accounting entries is part of assurance services. These services, which make sure a business follows norms, regulations, and policies, might be regulatory or compliance-based. They give assurance about the dependability and correctness of financial accounts to both internal and external parties.
Difference Between Audit and Assurance
The main purpose of auditing is to find errors and false statements in the financial records of a company. It entails a careful inspection to guarantee that financial statements are devoid of fraud and significant errors. On the other hand, Assurance goes beyond merely checking the accuracy of financial reports. It aims to improve the quality and reliability of the information presented, providing stakeholders with greater confidence in the financial statements and the company's overall financial health.
Ensure Compliance and Protect Stakeholder Interests with BMS
Need audit and assurance services in the UAE? Contact BMS Dubai. Our certified experts will ensure your company's accounting, auditing, and assurance procedures align with market dynamics, safeguarding stakeholders' interests.
