Audit & Assurance
The audit and assurance landscape is changing. Regulatory requirements, coupled with increased stakeholder demands for greater transparency, are putting more pressure on organizations. As a result, audit and assurance are high on the agenda for many boards.
The companies in UAE require their audits to be completed in line with International Standards of Auditing with accounts being prepared under International Financial Reporting Standards.Most entities registered in the United Arab Emirates are required by law to have their annual financial statements audited.
Statuary audit is mainly required by the shareholders and government for the purposes of taxation and other purposes. It may also be required by banks as part of the banks facilitation agreements.
The main responsibility of statutory auditors is to perform the process of annual statutory audit of the company’s financial accounts, providing opinions if they are an impartial and fair reflection of the company’s financial position. Statutory audit process often deal with the examination and evaluation of internal controls to manage the risks that could possibly affect the financial accounts, to decide if they are working as according to intended plans.
Even though some businesses don’t need to have an audit by law, it makes commercial sense for having an audit, such as getting the best price when it is opportune time to sell the business, keeping banks happy when you need finance, keeping credit insurers and suppliers happy, but most of all, giving you the comfort of knowing that you have strong controls and accurate results.
We work with our clients to ensure that they are able to fulfil their statutory obligations and file audited accounts in a timely manner.Our methodology is designed to deliver national and international standards and all our professionals are guided by the same approach to methodology, processes and documentation. All audit staff undergo frequent and regular training to help ensure their knowledge is as current as possible.
The high quality of communication is a particular feature of J V Thomson's audit process. J V Thomson is confident in the technical abilities of our staff who have the extensive experience and authority to make accounting decisions.