What is Audit and Assurance Service?
Audit is no more just a number game; it goes beyond reports and approvals that gives the complete picture of a company. It is one of the core services required by any business.
It is the process in which all the financial records of the business are examined ensuring that those records are accurate and according to the UAE laws and International Financial Reporting Standards (IFRS). Thus, it is always suggested that a company should take the assistance of a professional and top audit firm in Dubai
Types of Audit
There are different types of audit which are required by a business. They are as follows:
- Internal Audit
Internal Audit is an activity that can be performed either by outside people or by an employee of the company. It comprises an independent and objective examination of all the financial data of the business.
This is an important function to be conducted as it acts as a tool to keep the company on the path of growth and development. An internal audit also adds value to a business by uncovering any fraudulent activity taking place in the business.
- External Audit
An audit of the company which is conducted by an external party is known as External audit. This third party is not associated with the company in any way and ensures that the auditor prepares the audit report without any bias or any pressure.
The External Audit makes sure that all the client's data provides a clear picture of the business's current situation. An external audit is usually conducted once a year so that the company can get the correct and accurate records of the company.
- Statutory Audit
Often, there are situations in which the government/authorities require an audit of the company to ensure that the business records are accurate. This kind of audit is known as the Statutory Audit.
Here the Company has to submit the audit report to government/concerned authorities and helps the government/authority understand that the business has no fraudulent activity
- VAT Audit
A VAT audit is an examination of all the ledgers and trial balance of the company by Approved Tax Agents.
These are mostly performed to check if the company has calculated and accurately provided the VAT and to ensure that the business is complying with all the changes which have been made.
Why should a Business avail Audit Service?
There is a misconception among people that small businesses do not require Audit. No matter the size of the business, Audit should be conducted for all businesses at regular intervals as the benefits outweigh the disadvantages. It should be kept in mind that that only registered auditors or approved auditors can conduct Audit of a Company in a Free Zone.
Avail best quality Auditing and Accounting services from JAXA
The expert will help to tackle business issues by following proper Accounting and Auditing guidelines will also assist you to scale up your business. JAXA also provides various other services such as Tax Services, Payroll Services, Cash flow forecasting and many more.
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Advantages of Audit & Assurance Services in Dubai
Accomplish Business Objectives
Involving auditors in your organization can help you to meet the predetermined business objectives. Be it internal or external audit, it will help you to fix the company loopholes at any point.
Identifying Risks
It becomes a challenging task to identify the risk at any given point. At the same time, it turns out as an essential process. Auditors in Dubai can help you in this matter by evaluating the company’s financial reports.
Boosting Credit Rating and Valuation
Improving a company’s goodwill becomes a necessity for any business. By availing audit services, you open doors to attract foreign investments, and get the best credit rating, as it shows the financial position of your business.
Assessment
Auditors in UAE can help you to figure out the overall picture of your business. A complete company assessment can help you to focus on the Strengths, Weakness, Opportunities and Threats that your business entity holds.
What we provide
- We ensure that all the records are compliant to the International Financial Reporting Standards (IFRS)
- We are registered and approved auditors in major free zones in Dubai making it easy to conduct audit in the free zone.
- We have an experienced team of over 75+ employees and have an experience of 15+ years.
- Over a decade of quality service has made us one of the most preferred auditing and accounting firms in Dubai.
Process
1
Client Approaches
Unstructured Data is handed over
2
JAXA Understands the Business
JAXA understands the working style and business model
3
Plans & Implements the Process
Planning is initiated on the reviewed docs and audit processes gets implemented
3
Maintains Follow-ups
JAXA makes sure that continuous follow-up is done after a certain interval, and significant changes are made accordingly
5
Reviews the Audit File
JAXA Reviews the audit file and makes sure it is in accordance with UAE Audit Laws
6
Generates Audit Report
Audit report is generated once the VAT processes gets implemented