What constitutes Audit & Assurance services?

As a leading audit and assurance services provider that has been in practice in the UAE for almost 30 years we are confident that our audit and assurance services will provide a robust and efficient audit with a streamlined focus on key risk areas that offer clients an added level of assurance. As a team our capability to identify latent issues at an early stage helps avoid "surprises". Significant partner and senior team involvement during the audit process enables faster decision making, steering towards constructive, value-added audit findings reports in accordance with ISA 260.

Here are the reasons why we believe, UHY James is a perfect match for your audit requirements:

  • Integrated team of professionals
  • Consultative approach
  • Profound industry expertise
  • Competitive fee commitment
  • Tech-driven solutions
  • Seamless client experience

What are the Audit & Assurance services we provide?

As one among the top audit firms in Dubai supporting clients with independent financial statement audits we follow a well-defined global risk-based audit methodology which is fully compliant with International Standards on Auditing (ISAs) and is subject to a stringent quality control and review process which is based on the International Standard on Quality Control (ISQC) 1 and the IESBA Code of Ethics principles.

Our services include the following:

  • Audits of financial statements (general purpose and/special purpose)
  • IFRS implementation support
  • Interim reviews, and other assurance services such as Agreed-Upon Procedures
  • Regulatory audits as specified by regulatory bodies e.g. RERA audits
  • AML / CTF Regulatory Compliance
  • Information Systems Audit
  • Retail Sales Audit
  • Assurance services (including agreed upon procedures assurance, internal control assurance)

Comprehensive insight into Audit & Assurance services

Until a few years ago, financial statement audits were largely procedural and for most entities a mechanical exercise for licence renewal, except for entities with bank facilities. However, developments in the Middle East region starting with the introduction of Value Added Tax (VAT) in the UAE at the beginning of 2018 have significantly transformed the landscape and the importance of audited financial statements. With Corporate Tax coming into effect for periods starting on or after June 2023, the regulatory environment over the audit of financial statements will get even more stringent.

The increasing complexity of financial reporting also adds further intrigue. The standard setting body, IASB is already playing catch up with the development of standards for reporting on new intangible assets, crypto assets such as Bitcoin etc. The skills requirements for the audit of these complex and evolving items have never been more daunting.

The regulators in the UAE will from time to time require independent assurance for compliance with certain requirements. The Federal Tax Authority will from time to time require an audit report for closing stock of products subject to excise duty. Management will also have ad-hoc requirements in addition to external audits. Our audit team has an in-depth knowledge and experience of providing various assurance services, be it agreed upon procedures, assurance assignments on internal controls implementation, regulatory compliance etc.

Retail Sales Audit reports are categorically prepared to assist clients in providing the financial information to Lessor (eg: shopping malls). The period of the report can be quarterly, half yearly or annually, as per the requirements of the lessor. Retail sales audit reports are issued in line with ISRS 4400 (Engagement to perform agreed upon procedures regarding financial information).

How UHY James can help you with Audit & Assurance services?

Leveraging quality audit and assurance services cement an organization’s conformity to the regulatory environment and boosts the investor’s confidence in implementing their vision. Our team of audit specialists set the pace for a seamless audit by working with the client’s management to establish audit objectives aimed at addressing risk areas, optimizing resources, and efficiently delivering company audited financial statements.

 

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