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Farhan Aqil
CA, ACCA, CIA, M.Com, Bsc (Hons.) Partner at Arqaam Global

When VAT was introduced to the UAE in January of 2018, it became vitally important that all companies maintain books and records with complete accuracy to comply with the Federal Tax Authority (FTA) regulations. Our Accounting Team is fully experienced with VAT compliant accounting and bookkeeping practices.

Without well-designed accounting practices firmly in place, a company makes less-informed business decisions—which poses a direct threat to investors, lenders, and stakeholders associated with the company.

At Arqaam Global Chartered Accountants, we assure you that the accounting services we provide will enable you to make informed and timely business decisions throughout your journey to success. Please feel free to contact us so we can discuss your business requirements in detail.

What does an Audit Entail?

The process of an audit is to examine a Company and its records by a Professional Audit Firm which is independent of that Company. The Auditors then present their Audit Report as a result of the audit undertaken. The audited Financial Statements of a Company includes the below mentioned components:

Components of an Audited Financial Statements

1. Director’s Report
2. Auditor’s Report
3. Statement of Financial Position
4. Statement of Profit or Loss & other Comprehensive Income
5. Statement of changes in Equity
6. Statement of Cash Flows
7. Notes to the Financial Statements comprising of significant accounting policies and other disclosures to help the readers better understand the financial figures

The Overall Objective of an Audit

The overall objective of an audit is to form an independent and unbiased opinion on the information presented in the Financial Statements whether that information reflects the true and fair view of the operations of that Company or not. For instance, the Auditors verify and give their opinion on whether the reported revenues, expenses, profit/loss, assets, liabilities and equity are stated at their true and fair values or are there any material misstatements.

Auditors are required professionally to follow ISAs (International Standards on Auditing) while performing the annual financial audit of any Company which are issued by IFAC (International Federation of Accountants) through the IAASB (International Auditing and Assurance Standards Board).

Why do you need an Audit?

Companies have various reasons on why they need their annual financial audit to be performed by external Auditors. We have mentioned some of these reasons below, why a Company needs audited Financial Statements.

Reasons why you need an audit

1. To seek an independent opinion on the truth and fairness of the Financial Statements of a Company by its stakeholders such as shareholders, management, customers and suppliers
2. For submitting to the Government Departments for various reasons
3. To fulfill the requirement of Free Zones in UAE for the license renewal
4. Submission to the banks for renewal of credit facilities
5. To present the audited figures to the buyer or investor in case of a merger or acquisition of a Company

How Arqaam Global can Help!

Arqaam Global has a team of professionally qualified Chartered Accountants who are supervised by experienced and dedicated Partners, all of whom have in-depth experience and knowledge of accounting as well as financial statutory auditing. Our team is well versed with all IFRS (International Financial Reporting Standards) as well as local laws and regulations.

The team of Arqaam Global can help your Company in an excellent way to prepare and arrange your accounts in order to meet the requirements of the statutory audit and to be ready for the Auditors to do their audit. Since our professional staff are experienced in the preparation of accounts for the audit, we can save time, energy and costs for your financial year end audit preparation significantly.

What will we do?

1. Finalization of accounting entries
2. Posting of year end journal entries and adjustments, for example accruals and prepayments
3. Finalization of trial balance
4. Schedules preparation for the following account heads;
a) Fixed assets
b) Intangible assets
c) Investment properties
d) Any other non-current investments such as equity shares
e) Aging analysis of inventories, receivables and payables
f) Geographical analysis of receivables and revenue
g) List of stock and inventories held
h) NRV schedule of inventories
i) Party wise list of receivable and payables
j) Schedules of prepayments, advances and other receivables
k) Gratuity and leave salary calculation schedule as per UAE labor law
l) Schedules of other payables and accrued expenses
m) Month wise analysis of revenue and purchases
n) Bank turnover schedule for revenue
o) Month wise analysis of direct and indirect expenses
5. Preparation of draft Financial Statements in accordance with IFRS (International Financial Reporting Standards)
6. Full co-ordination with external auditors in meeting and providing their audit requirements

We train our staff on the highest professional and ethical standards of accounting and audit preparation, hence our clients always get complete satisfaction from timely statutory audit completion which in turn relieves them from their reporting responsibility within the required timeframe. Our strong emphasis on continuous improvement gives us an edge to provide quality and efficient accounting and audit preparation services to our clients.

Reasons to use our Audit Preparation Services

1. Lack of competent accountant or finance team to prepare for the year end statutory audit
2. Non-existence of accounts for year end audit, for which we can do your accounting through our expert professional accountants
3. Absence of a proper accounting software to generate reports for year end financial audit, for which our experienced consultants can provide you with best accounting software solution
4. Supervision by experienced and dedicated Partners to overlook the whole audit preparation process in order to maximize efficiency
5. Our strategic partnership with UAE’s renowned Audit Firm, being registered with all banks, free zones and government departments of UAE, provides you extra leverage for using our audit preparation services

Arqaam Global deploys the best of its experienced staff to prepare your Company accounts in a shape ready to be audited by the External Auditors in an efficient way so as to get the audited Financial Statements within the deadlines stipulated. Our audit preparation services are priced at affordable and cost competitive levels so that we can provide our clients the best audit preparation experience while making them retain the maximum value derived from using our services.

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