Upon opening a business, it is crucial for an organization to get its accounting services managed properly right from the start. As part of our integrated services strategy, Al Saadi & Associates Auditing offers auditing services and regular or on-demand consulting. Additionally, the experienced staff can perform all necessary accounting compilation tasks. We have the ability to generate financial statements according to IFRS (International Financial Reporting Standards).
- An audit helps to identify weaknesses in the accounting systems and enables us to suggest improvements.
- An audit assures directors not involved in the accounting functions on a day-to-day basis that the business is running in accordance with the information they are receiving, and helps reduce the scope for fraud and poor accounting
- An audit facilitates the provision of advice that can have real financial benefits for a business, including how the business is running, what margins can be expected and how these can be achieved.
- An audit will enhance the credibility and reliability of the figures being submitted to prospective purchasers.
- An audit may be advantageous if a company is growing and likely to exceed the turnover threshold in the near future, in order to avoid having to revisit the previous years’ figures, once the threshold has been reached
- An audit adds credibility to published information for employees, customers, suppliers, investors and tax authorities
- An audit provides assurance to shareholders (if they are not directors closely involved in the business) that the figures in the accounts show a true and fair view
An external audit is an independent examination of the financial statements prepared by the organization.
It is usually conducted for statutory purposes and results in an audit opinion about whether the financial statements give a ‘true and fair’ view of the state of affairs of the organization and operations for the period.
Audit of financial statements services includes:
- Preparation of financial statements in accordance with International Financial Reporting Standards (IFRS).
- Critically examining the underlying accounts and processes in accordance of International Standards on Auditing (ISA) using a risk-based approach.
- Performing control testing as a part of the audit process and providing pro-active responses where there is a lack of an adequate & effective control environment.
- Providing reliable input and assurance on the financial statements to the Company’s shareholders and stakeholders.